Will Workers Retain the Upper Hand Over Employers in 2022?
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Here's your Money Briefing for Monday, December 27th. I'm J.R. Whalen for The Wall Street Journal. A year ago, a lot of us thought we'd be back at the office full-time by now, with staffing back at pre-pandemic levels. Instead, not only are most of us still working from home, but record numbers of employees have quit their jobs in search of higher salaries.
How did the jobs gap and mass quits shape the 2021 labor market?
And as we've talked about a lot this year, that means companies are looking to fill millions of open positions.
As long as the stock market's up and unemployment's low, you're going to see that companies are going to bend over backwards to do whatever they can to attract people.
But for how long? On today's show, we'll talk with Tom Gimbel, CEO of the LaSalle Network staffing firm, about what the labor market will look like in 2022. That's after the break.
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One of the biggest trends affecting people's finances in 2021 was the jobs gap. There are millions more job openings than there are people to fill them. That's put power in the hands of workers. So what can we expect in 2022? Here to talk about it is Tom Gimbel, CEO of the LaSalle Network staffing firm. Tom, thanks so much for being here.
Great to be with you, J.R.
So, Tom, a year ago, the feeling among employers was after six to eight months of lockdowns and working from home, companies were going to be able to define their culture in 2021 and not let employees dictate where they want to work. Where does that balance of power stand going into 2022?
Well, very differently 90 days ago than it is today with the Omicron strand and what's going on. There's a lot of unknown. And what a lot of companies have done now is they've pushed back and they've sent everybody home for the rest of December and hoping that this will unfold in a more positive light. I'm really confident in the fact that companies really ebb and flow with employee wants. and that you know we we look at things as a mass employment situation but it's really not that way and that companies look at at individual situations and jr is going to be allowed to do x because he has this skill set and tom's not going to be allowed to do y because he doesn't have that skill set And I think companies realize right now that we are in this finite moment where the economy is going gangbusters and companies can make a lot of money and take market share and roll out new products.
And they're willing to invest in their people in order to do that. Because they don't know if it'll last 18 months or three years. And so what we're seeing is companies are willing to truly go crazy for good talent and let the tail wag the dog a little bit right now. The smart employee realizes that, takes advantage of it where they can, but doesn't abuse the relationship.
You know, in addition to the rapid rise of the Omicron variant, something else that caught a lot of people by surprise this year was the great resignation, the record number of people leaving their jobs for better pay or a better work flexibility.
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