Labor costs are up 4.2%, the biggest gain in 20 years, so employees are becoming an expensive option.
This think piece is designed to get you to reconsider your “who does the work” options
Yes, we are experiencing an extremely rare event where employee costs are soaring while, at the same time, workforce productivity is actually decreasing. Employee costs have been increasing rapidly over the last two years for various reasons. Including pay raises, increased vacation and family leaves, added benefits including mental health and the reduced work hours resulting from work/life balance, and reduced workweek initiatives.