Ongoing talent shortage expected to continue driving wages – giving small businesses more budget headaches
"Small businesses are telling us that rising wages continue to be a top concern. And since the cost of living keeps inflation high, expect the ongoing competition for labor to elevate wages indefinitely."
- Andrew Crapuchettes, CEO of RedBalloon (Moscow, Idaho) - The Consumer Price Index for April was published by the Bureau of Labor Statistics on Wednesday morning showing a 0.4% increase after only increasing 0.1% in March. Over the last 12 months, all items index increased 4.9% before seasonal adjustment.
"Small businesses are telling us that rising wages continue to be a top concern," said RedBalloon CEO and labor market data and analytics pioneer Andrew Crapuchettes. "And since the cost of living keeps inflation high, expect the ongoing competition for labor to elevate wages indefinitely."
For businesses that can’t keep up with rising wages, they may struggle to retain talent. And according to a recent groundbreaking RedBalloon report, employers who are desperate to hire to fill positions may pay dearly for hiring hastily.
“A bad hire impacts workplace culture like a match to dynamite,” said Andrew Crapuchettes, CEO of RedBalloon. “But businesses are falling into the ‘availability fallacy’, as HR teams increasingly overlook fatal flaws in the only available applicants in this tight labor market.”
Read more on the RedBalloon Blog. If you would like to schedule an interview with Andrew Crapuchettes, contact Isaac Lopez at (208) 997 – 8013 or firstname.lastname@example.org.
Founded In 2021, RedBalloon has quickly become America’s largest connector of employers and employees who prioritize a positive workplace culture free from the divisiveness of cancel-culture mandates. RedBalloon CEO Andrew Crapuchettes is a longtime business leader, entrepreneur, and innovator who has founded several successful tech companies and is widely considered a global pioneer in the development and use of labor market data analytics – an industry he helped found over 20 years ago.