Tom Gimbel
speaker
667 appearances
10 recordings
1 series
first heard Jul 2018
last heard Dec 2023
Tom Gimbel’s voice in public audio — every appearance, attributed to the second.
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Appearances
WSJ Your Money Briefing · What Should Workers Expect in the Job Market for 2024? · 27 Dec 2023
podcast
Companies are going to look at people who are a proven commodity working for them already, and they're going to give wage increases.
But when you're hiring people from the outside, what used to be two, three years ago, 15, 20, 30% increases, that's not going to happen anymore.
And more companies are expected to make use of AI.
When you talk about the economy and the jobs market, we look at where wages are at.
And what we've seen over the past few years was a quasi-artificial inflation based on municipalities in certain cities and states paying hourly wages that were so much higher.
during COVID, and they couldn't go back on that.
So on the hourly basis, they've jumped up so much, they're not going to keep doing that.
On the white-collar side and salaries in that area, it's now become more of an employer's market again, more of a traditional market.
We're seeing companies do larger rifts, reduction in force and layoffs, and that puts the ball back in the employer's hands when it comes to salaries.
Our survey showed that compensation requirements was the number one challenge that companies faced, meaning employees wanted more money than companies were willing to pay.
And that's going to change tremendously.
90% of the companies we surveyed plan to increase wages in 2024.
However, half of that by no more than 5%.
So what we're seeing is that companies are going to look at people who are a proven commodity working for them already
and they're going to give wage increases.
They're going to give salary increases.
But when you're hiring people from the outside, what used to be two, three years ago, 15, 20, 30% increases, that's not going to happen anymore because the unemployment number with more people coming into the pool is going to drop that.
How will benefits work into that equation?
the insurance from a benefit standpoint are always there.
And those, while they keep going up, it's not something that you can really take away from and say, we're not going to offer health insurance anymore.
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