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Record: Compensation costs soar with vacancies

October 19, 2018 --


By NFIB,

A record net 37 percent of owners reported raising overall compensation in hopes of hiring and retaining employees in the tight labor market, according to NFIB’s monthly jobs report, released today. This surpasses the previous record of a net 35 percent in May 2018. The competition for qualified workers is pushing up compensation as there are more job openings than job seekers.

“There is extraordinary competition for workers in this historically tight labor market. Small business owners are investing more in their employees to attract and keep qualified workers,” said NFIB President and CEO Juanita D. Duggan. “Thanks to the recent tax cuts and regulatory reform, owners are able and comfortable investing more in their employees and businesses which further strengthens the economy.”



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