For a long time, the business world was a buyers’ market: there were lots of qualified candidates out there, and companies could be choosy about which ones to hire. In recent years, however, that has shifted to a sellers’ market: companies are working hard to attract the attention of a small (and, in some fields, shrinking) pool of top talent. This trend predates the COVID-19 pandemic by at least a few years, but the global crisis accelerated some aspects of it.

Ask yourself these two questions:

• Is my company having a hard time finding the right people to fill our open positions?

• Is my company struggling to keep our great employees on board?

If you answered yes to even one of those, you’re not alone: most organizations are in the same boat right now. This trend isn’t going anywhere for a while, but you can take steps to mitigate it. Actually, you need to take just one very simple step: give employees what they want.

Better Pay

Every company wants employees who believe in and are passionate about the company’s mission, product, or service. Let’s face it, though: most people have jobs because they need paychecks—and belief and passion don’t pay the bills. Money is a significant (if not primary) motivator.

You can’t use yesterday’s salaries as a benchmark for today’s pay rates for the simple reason that times change. The cost of living has gone up. Inflation has gone up. Therefore salaries need to go up, too, in order to keep pace with those increases (and others).

If you want good people, you need to pay good wages. This means paying people what they’re worth. And it means paying people what your competitor would pay them—because if you don’t, your employee will become their employee.

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