Despite talks of a looming recession, workers are in command of one of the hottest labor markets in generations, with ample job openings available and unprecedented voluntary departures—a trend that is not going anywhere for the foreseeable future.
Just look at the facts: job openings far exceed the number of people looking for work by nearly 2-to-1, 4.2 million workers quit their jobs in July alone, and 52% of Gen Z and millennials are considering changing employers this year.
To remain competitive and attract and retain top talent, business leaders are not only deploying off-cycle and larger-than-usual bumps in pay for workers, but providing new perks including free subscriptions to exercise classes, new espresso machines in office kitchens, and unlimited paid time off.
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