Ruth Simon
speaker
180 appearances
4 recordings
1 series
first heard Jul 2017
last heard Dec 2020
Ruth Simon’s voice in public audio — every appearance, attributed to the second.
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Appearances
I talked to one manufacturer yesterday.
in new york who typically gives raises of one and a half to three percent annually and recently over the last three years he's had to give them pay increases of ten percent annually and again basically what these people want is to keep their teams of workers they really value in place and that's very important another thing that i've heard is that sometimes starting pay has gone up for entry-level workers
And that's causing adjustments going up the line.
One of the business owners I talked to said suddenly his workers found out what new entrants were paying and he had to give everybody a raise.
And sometimes this just happens inadvertently.
Some of the businesses I talked to said we didn't really realize what the market was until we had to go out there.
It varies.
Some of the firms I talked to said the economy is good, and therefore I can afford to do it, and I do want to treat my workers fairly.
But as you mentioned, some firms operate with smaller margins.
One of the companies that I talked to felt like they had to give substantial raises to keep their employees from being poached.
but that's forced them to put off purchases of new vehicles and tools.
And so firms have to make trade-offs.
And some firms also that I've talked to said, we're not going to be able to keep up with the very biggest companies, but we do want to try to keep turnover low.
I mean, one of the things you hear from small firms is in a small company, you have an opportunity to do lots of different things.
You may be able to
grow faster, but they still have to keep up in the labor market when it comes to pay.
I think one of the things that was interesting to me was that for younger workers, that's where the biggest pay increases were coming.
I mean, you do see it up and down the line because as you give your younger workers increases, you may have to increase them for older workers.
But one of the things we're seeing now is younger workers are more educated.
They're
Showing 141–160 of 180 · page 8 of 9
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