Rising Wages in the Face of the Great Resignation
Could 2022 be the year for higher wages? According to this CPI inflation calculator, what you could buy for $1.00 in 2009 would cost about $1.32 as of December 2021, which suggests about a 32% cost of living increase while the federal minimum wage has remained stagnant at a mere $7.25. In other words, if you typically spent $75.00 during grocery trips in 2009, purchasing those same items would probably take closer to $99.03 these days, but if you make minimum wage, you aren’t earning more money to cover that gap.
While a $15 minimum wage has been a hot topic for quite a few years now, the “Great Resignation” could be the exact event needed to finally launch wages higher. The job market is truly feeling the effects of supply and demand in terms of labor. Although many workers want to see improved work environments as well, higher compensation does quite a bit to minimize the labor shortage.
According to this article from the Center for American Progress, “despite losing a greater percentage of jobs at the start of the pandemic, states that guarantee higher wages for low-income workers are on pace to surpass their pre-COVID-19 leisure and hospitality employment levels months before the lower-wage states.”
If you’re looking for better wages and/or a better work environment, we’re AtWork for YOU! We have great jobs available across the country. Visit atwork.com/locations to find an office near you!