We’re seeing an accelerated wage increase in the labor market for the first quarter of 2016, according to the ADP Workforce Vitality Report. The freshly released report shows year-over-year wages grew substantially for job holders in the first quarter of 2016, rising from 4.1 percent in the previous quarter to the current 4.6 percent.
This may be a signal that continued employment growth is leading to a smaller pool of available talent, in turn motivating employers to increase wages to retain experienced workers. This wage growth was evident in almost all industries and in all age groups among full-time workers. Employers appear to be reacting to a tightening labor market by boosting wages to retain talent.
Should you be more competitive with your employee compensation to retain talent?
To learn more, view the full report and more information at http://workforcereport.adp.com/.