For those of us who lived through the dark days of 2008 and 2009, it’s hard to shake the memories of the battering we all took. Like kids who once touched the hot stove, we are reluctant to look around and note that the economy has improved. It’s almost as if letting ourselves think about the improvement will get us burned again.
The fact of the matter is the bad times are in the past. Our offices first noticed the change in 2010 as the catering business in the wine country began to recover and people once again were willing to spring for big events. Things began a steady recovery from that summer 5 years ago. Still, today it’s hard to shake the bleak memories and believe the last 5 years weren’t really a dream.
Another fact is people who started their careers within the last 5 years don’t have the same memories. Add to them those who are able to shake free of the past and mix it all with the largest number of job openings in 14 years, and you have a sudden rush of employees headed out the door to greener pastures.
If your view of the economic landscape is still darkened by grim memories, and you are in a position to decide on your company’s compensation, the chances are your still in the 2% raise mindset. Be warned! Today’s employment market is owned by the sellers. If you want to keep your talent, think about opening your wallet.
Here’s an article detailing the new normal.