It’s time to ask for that bonus | Opinion
In the age of inflation, you are effectively taking a pay cut without a bonus. You lose buying power every time an item on your shopping list goes up faster than your wages, which is basically every time. The average wage in the Dallas area rose 5.3% for the 12 months ending this September, according to the U.S. Labor Department, significantly lagging the national inflation rate of 8.2%. Still, that means just to maintain his or her standard of living, the average worker would need a 3% raise.
“Companies have been willing to pay additional compensation and bonuses to retain employees,” said Thomas Vick, regional director at the human-resource consulting firm Robert Half. “One of the biggest reasons … is the term the ‘Great Resignation.’ I’ve heard it better described as the ‘Great Reshuffle.’ ”
That leaves the ratio of job openings to job seekers at a historic level, with roughly two job openings for every unemployed person, according to the Labor Department. Everyone is short-handed, from burger joints to oil wells. For the employee, this means closing the door on one job may leave lots of open doors to consider. For the employer, it means bending over backwards for employees.
For now, Dallas is not feeling any recessionary effects, Vick said. While there have been very publicly discussed layoffs from local employers such as Microsoft and others, Vick does not see a layoff trend, at least not in Dallas.The population here is still expanding, while employers are in a diversified range of industries, he said. Cities like Houston with a concentration on oil or gas, or technology, like Austin, are more prone to boom-and-bust business cycles.
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