Thursday, December 22, 2011

Pure economics

One basic rule that you get from reading Adam Smith economics is that an increase in demand of something will increase the price. In this case I'm thinking of labor, it's also a commodity just like gasoline and cell phones. As the economy recovers and hiring increases labor will become more valuable. Employers will have to compete with each other for employees. This means that there will be wage increases over the next few years. I've seen a few indications that it is happening here at least in call centers at least here.

Part of why it is already beginning to be a bit noticeable here where I live is that so many of my former coworkers had to relocate. They didn't really have a choice if they wanted to work, they had to move to another town. Now, here in call center customer service there aren't as many people as there used to be. In fact, I would say that there are half as many. More recently one call center began offering a $500 bonus and another changed job classifications this week. The change in job classification, in this case brings higher wages are indications regarding the value of labor. All in all, it's a positive if you are looking for a job as you'll not only have an easier time finding a job you'll make more money too.

Another thing that comes with an increase in wages is other opportunities that open also. While the company that offers increased wages may not be hiring many businesses nearby will have an increase in openings. For me this means that any place within 3 miles of a business that increases wages there are new opportunities that will be available. So take heart, we've been through the worst of the downturn and it will be getting better. Opportunities will be increasing for the next several years with each year bringing more. Wages for the opportunities will also be increasing.

Sent from my BlackBerry® smartphone, powered by Cricket.

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