3 obvious things any company can do to solve the labor shortage
. For many workers, the pay levels seen before the pandemic just won't cut it anymore. The solution is as simple as President Joe Biden put it in June:"Pay them more!"
The pay bump came at a price. FedEx reported $470 million in additional costs linked to higher pay and shipping disruptions. Still, the company expects that pressure to ease in the coming quarters and for the initial investment to be well worth it. CFO Mike Lenz said the higher wages are"here to stay."Solving the labor shortage doesn't just require hiring workers, but keeping them as well.
Companies will need to look at pay and benefits if they want to fully tackle the worker shortage, David Kelly, chief global strategist at JPMorgan, told Insider. While the Omicron variant's spread is once again extending remote work, most companies' long-term plans anticipate a return to the pre-COVID norms of office work and 9-to-5 schedules. FedEx, however, made its systems more flexible for workers, seeking to provide options for those who aren't strictly full-time or part-time. Less"binary" scheduling will help in"navigating labor availability when and where you need it," Lenz said in an earnings call.
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