With 2022 fast approaching, what’s in store for the economy in the new year?
Guy Williams, president of Gulf Coast Bank & Trust, told Newell Normand on WWL Radio that one trend he expects to continue for the next few months is the ongoing worker shortage.
“We’re still having a challenge of employers hiring employees,” Williams said. “And that’s not likely to get better because people that have been on the fence are now deciding this is a good time to resign and go ahead and retire if they have that option.”
But early-than-expected retirements aside, Williams said there’s another trend at play.
“The other thing that’s happening is people are suddenly taking this opportunity to look and say, ‘I’ve never really liked what I’m doing, and I’m going to go take a different job,’” he posited, adding that it’s a monkeywrench that employers aren’t prepared for
“Usually as people get into the new year with new year’s resolutions, that’s a time of starting over, making new objectives,” Williams said. “So there’s a genuine fear by HR professionals that more people will switch jobs and do something they like better.
“Now that’s great for the individuals,” he continued, “but for people who are trying to fill difficult jobs, it means that pay is going to have to go up again. Remember we used to have that ‘Fight for 15.’ Well, that’s obsolete.”
Williams said that the reanalyzing of job prospects could very well cause continued wage inflation for employers.
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