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The labor market has rebounded, and gets harder still

Axios is reporting on the bounce-back of advanced economies – it’s fast, far faster than the 2008 financial crisis.     Moody’s released data graphing the recovery, with Canada and Australia above their Q1 2020 positions, Europe and the UK nearly there, and the US and Japan just slightly behind.   The lagging US is attributed to lingering COVID worries, while the UK and Euro area are ahead based on their approach, using fiscal relief to keep workers attached to the job market — instead of paying unemployment benefits to workers.

And in another Axios piece, it appears salaries and benefits are going up to keep workers.   Apple is reportedly paying $180,000 in stock to retain top employees, while Amazon (as previously reported) is more than doubling max base pay to $350,000.   Also, the investment banks have issued some of the largest bonus payouts in a decade.     Delving further into the Apple news, even their retail employees are getting more benefits, including doubling paid sick days, adding vacation days, and options for emergency backup care for children or elderly family members, even for part-time employees.  

In that context, Protocol is reporting on “pandemic parenting gaps.”  Recruiters are reporting this new career gap due to the pandemic and how the stigma of a career gap, in general, is fading.   79% of hiring managers today say they would hire a candidate with a career gap on their resume.

Why do we care?

This is the state of play.    I’m particularly intrigued by the shift to reading career experience.    With the great resignation attributed to changing priorities outside of work, it’s encouraging to see employers accept what was generally considered non-traditional or even unattractive.  Then again, scarcity may be at play too.  

Savvy owners, employers, and managers are considering these factors on their own retention plays.