Wage Growth: The Last Employer Holdout to Attract Candidates

With job openings at a 17-year high, competition for ideal candidates is fierce. The best candidates for your open roles are likely already employed, making passive candidates the topic du jour.

To combat these challenges, employers have thrown everything but the kitchen sink at candidates to attract them to their roles over those of their competitors. Unlimited paid time off? Of course! Paid parental leave? Sure, and how about we extend it too? Let’s throw in flexible schedules and wellness classes to round out that work-life balance. Still not enough? Okay, we’ll top that off with school tuition reimbursement for those pesky school loans that are weighing you down, and finance education to help with your ongoing financial stress.

While these perks may have helped get that stellar candidate’s foot in the door, this dynamic of severely low unemployment combined with a historically high job open rate continues with no immediate end in sight.

Employers will do well to zero in on one lever many have been avoiding pulling: the almighty salary increase.

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