4. Wages And More On The Rise
Dr. Mary Kelly, a PhD economist and leadership advisor, shared great insight about what to expect in the coming year’s economy.
According to the Society for Human Resource Management, Human Resource managers should expect a 3% increase in wages across all sectors. In high demand jobs such as health care, elderly care, and physical therapy, expect wage increases to be higher.
We’ll also see wages likely increase in engineering, drone technology, and virtual reality. Wages have been stagnant for a few years, and with the unemployment rate at almost record low of 4.1% of the labor force, employers will feel pressure to adjust compensation to attract and retain quality workers.
As we’ve seen in recent years, large organizations will see health care costs rise by more than 6% from 2017 to 2018. . At the same time, coverage is declining. Smart employers are looking at their health care plans now to minimize the financial increase while improving cost transparency to help drive down future costs.
Talented employees seek salary, benefits, flexibility, and autonomy. Smart companies know that flexibility and autonomy might beat out just pure compensation for many employees.
Altman, I. (2018). The Top 10 Business Trends That Will Drive Success In 2018. Retrieved from https://www.forbes.com/sites/ianaltman/2017/12/05/the-top-business-trends-that-will-drive-success-in-2018/#3038465701ad
