The laws of supply and demand ALWAYS work. Ask yourself this: how many applicants would you have if your job paid $200 per hour? If the answer isn't zero, then you don't have a labor shortage, you have a price problem. There is little or no demand for jobs that pay what your job is paying. If your company can afford to pay more and still make a profit, then do it and get more applicants. If it can't, then there are some hard choices ahead. It's a signal that the market doesn't value your product highly enough to make it work.
The laws of supply and demand ALWAYS work. Ask yourself this: how many applicants would you have if your job paid $200 per hour? If the answer isn't zero, then you don't have a labor shortage, you have a price problem. There is little or no demand for jobs that pay what your job is paying. If your company can afford to pay more and still make a profit, then do it and get more applicants. If it can't, then there are some hard choices ahead. It's a signal that the market doesn't value your product highly enough to make it work.
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