In 2021, labor shortages were the biggest obstacle hitting hospital CEOs. This marks the first time since 2004 that financial challenges fell from being the #1 challenge.
More than half, 63%, of employees have reported a lack of pay transparency from employers, according to a recent survey. On top of that, workers aren’t comfortable asking any questions about it. Of those that did ask (49%), half said their manager couldn’t come up with an answer to fully fulfill the question to their liking.
The TechServe Alliance, the national trade association of the IT and engineering staffing and solutions industry, reported that the IT sector increased by only 4,000 jobs in January. That’s an increase of .08%, for more than 5.4 million jobs total. Even though 467,000 total jobs were added across industries, technology-related job increases were at a standstill. When looking at yearly growth, IT employment has risen 2.35% since January 2021 (adding 124,400 IT workers).
Base wages have increased 14.5% within private-sector establishments due to the Covid-19 pandemic, per the U.S. Bureau of Labor Statistics. Accommodation, food services, retail trade, healthcare and social assistance, and manufacturing all increased base wages at a clip quicker than what was standard.
Supply chain issues abound with 61% of companies reporting their hiring standards have been negatively affected due to the obstacle. Company growth is expected to slow due to these issues – 56% of companies say they’ve had to relax their hiring requirements due to supply chain delays. Another 32% say they’ve added staff directly to handle logistics and supply chain issues.
The demand for nurses is so high that smaller hospitals are finding it hard to compete. Some organizations are offering bonuses to the tune of $40,000 to get nursing talent in the door. Some smaller hospitals just can’t keep up and are falling behind in filling their nursing gaps.
The New York Salary Law is on its way – beginning May 15, businesses with 4+ employees will be required to post minimum and maximum salary information in job ads. Contract workers, freelancers, and interns are also covered by this law.
Until next week,
Erin
