2022 Labor Market Outlook: Get Ready for Employment Boom

“Without data you’re just another person with an opinion.”

                                                               W. Edwards Deming

The current job market has rebounded from its pandemic-induced slump with remarkable speed and formidable force. Amid labor shortages and rapid wage growth, HR departments get creative in order to fill vacancies. What lies ahead and what to expect in 2022? To answer these questions, we offer the following webinar content.

This presentation will examine employment statistics that exhibits changes in the U.S. employment trends and explore human resources practices that need immediate re-adjustments to match labor market transformation.

Key Learning Points:

1. In this session attendees will examine how 2022 employment outlook, wage increases, and industry shifts change labor markets and demand for labor.
2. Attendees will examine pay practices that have been affected by recent changes, transformation of labor force composition, and inconsistent wage inflations.
3. Attendees will learn how labor statistics can help them to adjust HR practices and improve retention.

Studies used in this presentation:

Economist Magazine, Feb4,2022. “Will the employment boom reshape American business?”

BLS DOL 2022 Statistical reports and ECI tables.

Downes P.E. 2014. Employee reactions to pay dispersion: A typology of existing research, Patrick E. Downes, Daejeong Choi. The University of Iowa, The University of Melbourne, Australia

Gomez R. 2002. Salary compression and team performance: evidence from the National Hockey League. Z. Betriebswirtschaft 4:203–20

Gupta N, Conroy SA, Delery JE.2012. The many faces of pay variation. Hum. Resour. Manag. Rev. 22:100–15

Gupta N, Shaw JD. 2014.Employee compensation: the neglected area of HRM research. Hum. Resour. Manag. Rev. 24:1–4 Deloitte “Perspectives on family-owned businesses. Governance and Succession Planning, 2014, Deloitte

McGraw, K. O., 1978, “The Detrimental Effects of Reward on Performance: A Literature

Review and a Prediction Model,” in The Hidden Costs of Reward, ed. by M. R. Lepper,

and D. Greene. Lawrence Erlbaum Associates, Hillsdale, NJ.

Medoff J, Abraham K. 1980.Experience, performance, and earnings. Q. J. Econ. 95:703–36

Messersmith JG, Guthrie JP, JiYY, Lee JY. 2011. Executive turnover: the influence of dispersion and other pay system characteristics. J. Appl. Psychol. 96:457–69

Milkovich GT, Newman JM,Gerhart B. 2011. Compensation. New York: McGraw-Hill. 10th ed.

Shearer, B., 2004, “Piece Rates, Fixed Wages and Incentives: Evidence from a Field Experiment,” The Review of Economic Studies, 71(2), 513–534.

Yanadori, Y., and J. H. Marler, 2006, “Compensation strategy: does business strategy influence compensation in high-technology firms?,” Strategic Management Journal,27(6),559–570.

Hellmann, T., and V. Thiele,2011, “Incentives and Innovation: A Multi-tasking Approach, ”American Economic Journal: Microeconomics, 3, 78–128.

Holmstrom, B., and P. Milgrom,1987, “Aggregation and Linearity in the Provision of Intertemporal Incentives,”Econometrica, 55(2), 303–328.

Kohn, A., 1993, Punished by rewards: the trouble with gold stars, incentive plans, A’s, praise, and other bribes. Houghton Mifflin Co., Boston.

Lazear, E. P., 2000,“Performance Pay and Productivity,” The American Economic Review, 90(5),1346–1361.

Wallace, M., and Fay C. 1983,“Compensation Theory and Practice, SWC-Management Series, 2nd Ed, Boston MA

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About CPS HR Consulting

CPS HR Consulting is a self-supporting public agency providing a full range of integrated HR solutions to government and nonprofit clients across the country.  Our strategic approach to increasing the effectiveness of human resources results in improved organizational performance for our clients.  We have a deep expertise and unmatched perspective in guiding our clients in the areas of organizational strategy, recruitment and selection, classification and compensation, and training and development.