A hike in pay isn't enough to win the labor war

The labor shortage has been eminent throughout the country. Those who lost their jobs during the peak of the pandemic are now highly sought after. Employers are trying really hard to attract new workers as well as sustaining the existing ones. One of the common measures of doing so is by increasing the pay. Retail chains like McDonald's, Chipotle, Walgreens Boots Alliance and Walmart are examples of companies who have increased their worker's pay and base price. Papa John's has even started offering referral bonuses and appreciation bonuses. 

However doing just this might not be enough, especially when competitors come up with newer techniques to attract labor. Some measures adopted by organizations include: supporting career ambitions along with pay raises. The companies are giving out the message that they care about the career growth and ambitions of their employees, by providing guidance and reassessing their tuition reimbursement policies. Focusing on the worker's skills and interests instead of a four-year degree is another trend. Some even go to lengths of guiding their employees to look at personally beneficial 

opportunities even if it is in another company.

Source: CNBC