Shortage Of Workers Means Higher Retail Prices

Finding an employee to fill the growing number of jobs is difficult. However, finding a qualified employee is like pulling a needle out of a haystack. This year alone The Bureau of Labor Statistics (BLS) reported there is a record high of over 6.7 Million job positions available. People currently employed has increased by as much as 177 thousand in the month of June alone. That number could be higher, but there is a shortage of workers that can fill the positions. Initially, there weren’t enough jobs for employers to keep people employed. Now, however, we have the exact opposite, no people to fill the jobs.

One of the businesses getting hit the hardest is trucking companies. What does this mean? It looks like the employer will have to make their company more enticing to the potential employee. Ultimately, to get a qualified employee for the job, an employer will have to compete with other employers to get the prime employee. Pay increases, incentives, and training will have to be offered by an employer to keep up and maintain the growth in business.

Shortage Of Workers Causing Businesses to Crumble

When an employee ends up getting the agreed upon position, with a decided upon wage or incentives, it will look great at first, until the cost of everything else goes up. That’s how it ultimately works. Employers will raise income standards to get qualified employees. Businesses will have to raise their wholesale customer’s prices to pay their employees the increase. Then, the cost of all retail purchased items increases in price to accommodate the employee pay increase. The employee/consumer pays more for the items with the extra money they thought they would be able to keep in their paycheck. It’s a nice little circle. As prices rise, your money buys less.