The workforce has gone through a tremendous shift, and if businesses don’t evolve their talent strategy, they risk falling behind.But how do you know which inflation approaches are most effective? To help organizations more strategically address sourcing and retaining talent in today’s high-inflation landscape, Magnit analyzed billions of data points to uncover key trends and insights for our “Fall 2022 Labor Market Report.
Here’s a look at three potential strategies for combatting the impact of inflation related to your flexible workforce, and what the data reveals about the effectiveness of each one:Pay rates typically increase over time due to supply and demand factors, market changes, inflation or skills shortages. To help offset rising costs, one approach is torather than venturing into the market for a new hire.
On the benefits side, workers with higher benefit elections exhibit lower voluntary term rates. For example, a 10% increase in participation rates is associated with an 8.7-day increase in average assignment length. Since many organizations have historically deprioritized benefits for their flexible workforces, this may present an opportunity to improve worker experience and retention.
These results remain even when a population outlier such as New York, with a population of 8.5 million, is removed from the data sets. Therefore, it’s recommended that inflation-specific business strategies consider alternate factors like teams with high flight risks or mission-critical skills rather than location.The state of the current global economy remains highly volatile, with stock markets fluctuating, the euro and U.S.
To get more of the latest information, findings and data-backed insights on the labor market and different ways you can navigate it while maintaining business continuity, download our comprehensive “
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Nearly 40 years of $1.50 hot dogs: Why Costco's famous deal is inflation-proof - Something OffbeatThe retailer Costco has famously sold its hot dog and soda combo for $1.50 for nearly 40 years. In fact, the big box store's founder, Jim Sinegal, reportedly once told the company’s current CEO Craig Jelinek, “If you raise the (price of the) effing hot dog, I will kill you.” Now, Costco's competitor Sam's Club is offering the same deal for $1.38 in an effort to ease the burden on consumers. As inflation causes the prices of other commodities to rise, does the cheap hot dog combo really make an impact on consumers' bottom line? Chris Thornberg, the founder of Beacon Economics, joins Mike Rogers to get to the root cause of inflation, discuss retail strategy, and yes... hot dogs.
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Chicago's Sheldon Heights Food Pantry fighting hunger for 44 years: 'They make sure you got enough'The volunteers at the Sheldon Heights Food Pantry in Chicago's Roseland community have been helping fight hunger for more than 40 years.
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Christmas trees could cost you up to 20% more this year amid inflationWith higher prices impacting just about everything these days, it should come as no surprise to learn you can add Christmas trees to the list. Not if you own acreage up north. Every year it’s the same story 🙄 next year same thing shortage of trees = higher prices Not if you use the same tree you've had the last 5yrs.
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UK consumer spending fails to keep pace with inflation: surveysBritish consumer spending ticked up last month at a rate that greatly lagged behind inflation, according to surveys on Tuesday that underscored the pressure on household budgets ahead of the Christmas holidays. How about inflation can't cater to consumers? Why does this sound like it's our fault lol. Econ 101. sillywokes Well if wages don’t grow at the same rate as inflation, then of course spending won’t be at the same pace.
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Stocks slide as strong data suggests Fed has difficult fight ahead against inflationStocks closed broadly lower on Wall Street and Treasury yields rose Monday after surprisingly strong economic reports highlighted the Federal Reserve's difficult fight against inflation. Funny no word on TWITTER GATE…..RADIO SILENCE ON MUSK DROPPING INTERNAL EMAILS ON SUPPRESSING NEWS!
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