Arete Coach Podcast 1074 Severin Sorensen "Navigating Labor Scarcity and Wage Inflation"
Arete Coach: The Art & Science of Executive Coaching
Arete Coach Podcast
5.0 • 1.2K Ratings
🗓️ 16 May 2022
⏱️ 33 minutes
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Summary
This is episode 1074 of the Arete Coach Podcast with host Severin Sorensen, and wherein we revisit 'The Great Resignation" thread and explore navigating labor scarcity and wage inflation.
There are two times as many open positions as there identified unemployed workers to fill the positions. A scarcity of labor is impacting wages, worker sentiment, and compensation. In this episode we explore 10 pockets to find more talent today; and 9 ways to pay your employees higher wages from your internal company resources. We discuss incentives, compensation, gainsharing, and qualities of great places to work.
This is the second episode on the Great Resignation, and those desiring more information are encouraged to listen to episode 1050 of the Arete Coach Podcast with host Severin Sorensen, and we explore 'The Great Resignation or The Turning Away From, and Turning To… Trend" was released on 11/29/21.
The Arete Coach Podcast seeks to explore the art and science of executive coaching. You can find out more about this podcast at aretecoach.io.
This episode was produced on May 15, 2022.
Copyright © 2022 by Arete Coach™ LLC. All rights reserved.
Transcript
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| 0:00.0 | This is the Articouge podcast with Severin Swanson, with an episode that revisits the great resignation |
| 0:06.2 | and explores labor scarcity, wage inflation, and where to find new employee candidates now. |
| 0:12.8 | This session was recorded on May 15, 2022 via Zoom video. |
| 0:19.0 | You are listening to Severin Swanson, executive coach and curator of the Articouge podcast, |
| 0:24.4 | where we explore excellence in the art and science of executive coaching. |
| 0:28.3 | In this episode, we revisit the topic of the great resignation, labor scarcity, |
| 0:35.7 | wage inflation, and what to do when you can find no more workers. |
| 0:40.7 | Last fall, we recorded an episode of the Articouge podcast on November 28, 2021. |
| 0:47.6 | It was episode 1050. We talked at length about the great recession, |
| 0:52.6 | what it was, the roots, and the strategies to become one of the best places to work. |
| 0:57.9 | At this topic interest you, I encourage you to go back and listen to episode 1050. |
| 1:04.4 | Internally, as we track our listener metrics, we have noted an increased interest in this topic, |
| 1:10.4 | and we thought it would be a great idea to update our listeners with new information and insights |
| 1:15.0 | on this topic of the great resignation, particularly dealing with wage inflation |
| 1:19.7 | and where to find workers now. In today's episode, we revisit the current labor data, |
| 1:26.5 | and point to some facts about the labor market that seem most important now. |
| 1:30.3 | Namely, we have run out of addressable labor for our current hiring needs. |
| 1:35.5 | So the question is begged, where can we find pockets of talent to hire now? |
| 1:40.3 | In this episode, I'll suggest 10 places to find more talent for your company, |
| 1:44.7 | and eight of these places to look are beyond the still-away hire. |
| 1:49.8 | Lastly, we'll explore how can we retain our best employees and pay them more. |
| 1:55.6 | I'll suggest nine ways to pay your employees more money from your own budget, |
... |
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