As we are going through one of the worst labor crisis in decades business owners are working hard to attract employees. As outlined in this Case poll:
Stories of burnout abound, whether it’s restaurant owners who’ve had to double as nightshift dishwashers or older employees opting for early retirement. As a result, more business leaders are reassessing — and boosting — their benefits programs. This includes:
Increasing benefits such as health care, childcare, medical leave and sign-on bonuses (28%)
Offering 401K (37%)
Offering upskilling opportunities and training (25%)
Allowing employees to work remotely (33%)
Hispanic and Latino business leaders appear to be leading this benefits revolution: At 62%, they are twice as likely as other business leaders to cite increasing benefits as their talent acquisition strategy for 2022. They’re followed closely behind by Black business leaders (56%). Besides showing a greater interest in enhancing their employee offerings compared with the general population, Black, Hispanic and Latino business leaders are more likely to invest in entrepreneurial training programs to help them run their businesses better.
From a regional perspective, respondents in New York and New Jersey are almost twice as likely as other U.S. leaders to say they are enhancing their benefits programs and 15% more likely to invest in training programs.
Do these major leaps in employee compensation come down to supply and demand? Not entirely. The survey data suggests that changing values are a driving force in the new direction.MANAGE YOUR BUSINESS 2022 Business Leaders Outlook: Confidence breaks through //business.chase.com/resources/manage/blo-2022