Getting Ahead of Rising Labor Costs

March 1, 2022

Companies risk losing the ability to deliver quality to their customers if they don’t fundamentally rethink how to evolve their business model to incorporate higher labor costs. This article not only schools us on the economic gears that have been in play for decades, but also gives insight to the failures of traditional compensation benchmarking. Working conditions, pay, and benefits need to fundamentally change in order to ensure a long-run labor supply and stable business models. Many people are content to work in front-line roles for years and even their entire working lives. Think about call center representatives, retail store professionals, airline cabin crew, and in-store professionals at many of the world’s largest financial institutions, for example—those who represent a large majority of the workers in some of the industries that P&C serves. The real challenge—and opportunity—is to make front-line roles attractive day to day, month to month, and for years on end, which is why much of our work incorporates continual learning & development, improving the physical work environment, nurturing constructive organizational culture, and communications. Please reach out to me to learn more about what we’re accomplishing for our clients and what we can do together for your organization.

Read the full article, here.

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