A record number of workers have been quitting and switching jobs over the past year. Dubbed “The Great Resignation,” this big quit has helped some workers gain more money, power, and benefits. But benefits are now revealing themselves to be few and far between as 26 percent of job switchers surveyed by Joblist in June said they regret quitting their last job and 42 percent of them said their new roles aren’t living up to their expectations.
As only certain workers have gained any bargaining power, and even though the lowest-wage workers have seen raises, inflation has mostly canceled out these gains. In fact, only leisure and hospitality workers have seen inflation-adjusted wages climb since January 2021 – and other workers are stuck with weakened buying power as prices soar faster than their salaries.
What happened?
When millions of workers quit their jobs, this gave them power. But the power only comes from how desperate a company is to fill the roles of these workers – and that pressure on employers seems to be easing up as more people are shuffling around jobs and settling into new roles.
Only an “elite set” of workers actually improved their work lives by landing remote positions, higher pay, and more flexibility. These people typically fall into categories like desk jobs, particularly software engineers, who have better benefits and get paid in the top 10 to 15 percent of the income scale.
Where is this headed?
Basically, you can demand more from a job, but only if two factors occur. The first occurrence is that your employer would have a hard time replacing you, particularly for the salary you were earning. The other factor is if your employer knows you can walk away and be successful, they will probably have a hard time letting you walk out the door. But these types of situations are a lot more common with highly-educated, high-income workers. Entry-level jobs are quickly being filled with the rising cost of inflation causing job-quitters to find new positions.
On top of that, since having an income is a necessity, employers will always have a lot of power in the United States. In a nation that doesn’t guarantee access to shelter, medicine, or food, many prospective job switchers have to settle for whatever job they can get in order to make ends meet. This also gives employers more power over working conditions, including uncertain weekly scheduling and making employees sign non-compete agreements. And due to the lack of competition between companies, workers are making 15 to 20 percent less than they would in a perfectly competitive labor market according to the Department of Treasury.
At the end of the day, employers know that worker demand for higher wages will only go so far – and many are willing to leave roles vacant until more people realize that.
However, on a positive note, we’re seeing more and more positive innovations in the space of labor organizing. Although union membership is still low, union-elected petitions filed in the fiscal year 2022 have already surpassed all of those filed in 2021. Workers are definitely still organizing, but their plans may not come to fruition as quickly as they would like.
How can companies save money on new hires?
As the job market is still experiencing some drastic changes, it’s important to look into cost-saving practices as you onboard new employees. As new employees are hired in various positions across all industries, there has been a need to “re-skill” most of the workers that have decided to switch career paths.
This has caused a surge in online and in-person training classes and a need to equip new workspaces with upgraded technology. If you’re looking to try out some of the latest technology in order to entice new hires to stay while saving money rather than purchasing new equipment – look into technology rentals. Tech equipment rentals are popular for job fairs, exit surveys, training classes, and much, much more.
Some of the most popular equipment that is rented for these types of instances are laptops (like Chromebooks, Windows laptops, or Macbooks) and tablets (typically iPads) — for training classes or for new hires to complete their required paperwork or registration online together. Equipment rentals can be used for any aspect of your office or temporary event (like a job fair, trade show, or convention).
Not only will a technology rental from Rentacomputer.com ensure that you have all of the equipment you need, but you’ll also have additional options when it comes to product selection, configuration before your rental begins, help setting up from our qualified technicians, troubleshooting any problems along the way from those experienced with job fairs, and the option of extending your rental period or expanding your rental options.
Consider the value of all of the time you can save by using Rentacomputer.com’s installation services. Add on the costs you’re saving by renting instead of buying equipment, the logistics of equipment storage, repair costs, and depreciation – and you won’t believe the value of our service.
Still looking for more ways to save money on new hires? Here are a few last-minute tips:
- Promote from within – Do you already have a trusted group of individuals working for you? If your staff has been with you for a while, look for skills your employees already have and try to expand upon them. Oftentimes employees can be just a training course or certification class away from filling a more important role in your company.
- Use Employee Referrals – If you’re looking to fill a position, consider asking your employees to refer anyone who they think may be a good fit. Since they already work for you, they’ll be able to give your potential applicants an accurate description of what it’s like to work there.
- Prove accurate and specific job descriptions – Qualified candidates don’t typically apply for roles that have vague job descriptions – and in the modern age, this includes disclosing salary, any benefits, and other perks of joining your company. On top of that, be as straightforward as possible with what the job entails, otherwise you’ll find yourself looking for another applicant in a short period of time.
- Advertise competitive salaries – You can research the competitive market average in your region based on the industry and position in which you’re hiring. Make sure you state a specific salary range. After all, you will have more responses from potential applicants trying to fill the role if the financial side of things is competitive.
- Hire contract workers – While you’ll always need permanent staff for some jobs, it isn’t necessary for every project. For short-term projects, contract workers can save you money on payroll, and you can mitigate any risks associated with wrong hires by working with a recruiter.
- Ask a recruitment agency for help – If hiring is taking up too much time, consider using a recruitment agency to free up your managers’ time. These agencies can assist you with every stage of interviewing and negotiations.
Rentacomputer.com – A Trusted Rental Partner
Are you looking for a technology rental provider that you can trust? Rentacomputer.com has been in business for over 30 years – and we can back that up with positive reviews on Google, referrals from our accounting executives and certificates of insurance for events of all sizes, and educated employment of technicians.
When you rent from us, you not only get the best equipment but also top-of-the-line support from qualified tech travel agents with years of experience in the technology rental and event production field. Our agents coordinate all the logistics of delivery and installation and can have techs on call to troubleshoot and fix any problems that may arise with your rental technology. Our account manager Randy Moore specializes in exhibitor rentals like laptops, tablets, smartphones, internet hotspots, accessory rentals, and much more. Randy will gladly handle any questions you may have in regards to rentals to make your event exhibition easier. Contact Randy today at 1-800-736-8772 ext. 225 or fill out a fast, easy online quote form today.
Visit our PC & AV Rental Pricing Factors page to find out about our pricing estimates.
Do you need help setting up your office, job fair, exit survey, or another event? Our technology travel agents are experienced in dealing with a variety of events from small to large and can assist you with a variety of equipment rentals and marketing options that come with them. Just request a fast, easy rental quote and one of our representatives will get back to you shortly via the communication method of your choice.
Our technicians handle everything from configuration and testing to delivery, set up, troubleshooting, tear down, and returns. Get a quote for your event technology rental needs today. Contact us today for a hassle-free rental.
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