Demographic Shifts, Inflation, and their Impact on the Labor Market: Learn More about how BLS Compensation Measures Can Assist HR Leaders Make Better Decisions
Given national demographic trends, a shrinking labor supply, and increasing demand for high quality workers learn how businesses can use available statistics from The Bureau of Labor Statistics (BLS) to develop better workforce strategies. A declining labor force impacts an employer’s ability to fill jobs in demand. See from our “Occupational Employment and Wage Statistics –OEWS” database current wage rates for over 800 occupation titles in the economy and for nearly 600 areas including metropolitan areas representing the Bellows Falls, VT and Keene, NH areas. HR professionals are adapting to attract and retain a declining supply of workers to fill positions. Our National Compensation Survey (NCS) statistics program provides data on compensation trends (e.g. wage rate changes by area, industry and occupation), benefit costs by these same breakouts, and benefit provisions. Employers can not only see how market wages are trending to keep pace with inflation, but, can also see what others in their region or industry are offering to attract and retain employees besides wages/salaries (e.g. paid leave benefits, health insurance, retirement, and other incentives). Retaining employees is also paramount to avoid costs to staff positions or offset expenses from incurring injuries on the job. Our Occupational Requirements Survey (ORS) provides job-related data. Learn what types of demands and conditions are required across workplace functions. These data assist with developing recruitment plans for certain roles reflecting the duties and training required by candidates to fill available positions. See how the baby boomer mass exodus from the labor market impacts on projected job growth by occupation and industry from our Employment Projections program.
Key Take Aways
- Knowing how to access benchmark wage figures by area and industry can assist with establishing competitive pay plans
- Knowing how labor costs are trending in certain sectors can assist with assessing business costs and planning budgets
- Knowing more about workplace benefits provisions and costs can assist with developing cost effective strategies for assembling competitive compensation packages to attract higher quality workers
- See what workers face on the job in terms of physical demands or environmental exposures to develop cost effective safety and health programs for your workforce
- See what jobs and skills will be in demand over time to help businesses better prepare hiring and training strategies for the future.
- Learn how to access these data from the BLS public web site efficiently, all free of charge.
Tim Consedine serves as the Regional Economist for the Federal Bureau of Labor Statistics (BLS) New England Information Office located in Boston, MA. He has served within the Economic Analysis and Information (EA&I) branch of the Bureau since June, 2002. Prior to joining the branch he served as an economist within the Division of Labor Force Statistics of the Bureau’s Headquarters located in Washington, DC. Mr. Consedine’s research concerns the changing patterns emerging within the U.S. labor market and analyses of the New England regional economy. He has published articles summarizing annual employment and unemployment data with particular focus on industry employment trends occurring within New England. Mr. Consedine’s recent research has focused on shifts in high-tech employment and wage trends in Massachusetts. Mr. Consedine serves a valuable resource to assist major media personnel and others who have questions on the Bureau’s varied published data products including those referencing employment, wages, and prices. He also holds two Master’s Degrees in Law and Public Policy and Applied Economics both from Northeastern University.
The Richards Group is a local, family-owned & independent Commercial Insurance, Employee Benefits, and Retirement Planning Services firm founded in 1867. While TRG has grown since then, our commitment to exceptional service and creative solutions remains the cornerstone of our business model. Our team of nearly 150 insurance professionals serves clients throughout Vermont, New Hampshire, and Massachusetts. At TRG, we believe the best business partnerships are personal. What matters to you, matters to us. We’re here to help you find solutions, not just answers.
As Vermont and New Hampshire’s largest independent agency, TRG works with a comprehensive network of insurance carriers. This enables us to offer a broad selection of the best, most competitively priced solutions. Our unique approach to every client relationship is based on the simple principal that you deserve more than a one-size-fits-all policy or plan. We’ll work as a partner to find the best solutions and cost. We are dedicated to providing you with proactive solutions, exceptional service, and unparalleled advocacy so you get peace of mind.
· Greater Monadnock SHRM is certified by SHRM as a Preferred Provider to offer Professional Development Credits (PDCs) for SHRM-CP or SHRM-SCP, and this program has been registered for 1 PDC in the SHRM Body of Competency & Knowledge™ (SHRM BoCK™).
· Programs are submitted for 1 General HR Credit Hour toward PHR, SPHR, and GPHR certification through the Human Resources Certification Institute.
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