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5 Labor Trends We Should All Understand

work force, industry

TIME/Money recently published an article titled “5 Trends Reshaping The U.S. Labor Market Today”, and I think it’s a topic everyone – whether you’re a manager or hourly employee – should be aware of.

Here’s a quick look at the trends, with a few key points from the article:

1. Wage Growth

Wage growth hit 2.6% for the past year in June, the highest level since the Great Recession – but the numbers vary based on interest. The lowest paying jobs are seeing the greatest growth.

2. Salary Transparency/Pay Equity

Equal pay has become a major issue in our country. As the article states, “on average, women still make significantly less than men, at all levels, regardless of experience, education, or hours put in at the office.”

3. Parental Leave Policies

More companies are realizing they need to offer paid parental leave.

4. Freelancers/Gig Economy

Did you know over 53 million Americans work as freelancers?! This demographic is expected to raise to 40% of the workforce by 2020.

5. Restructuring the Work Week

Whether it’s working from home or adjusting the standard 9-to-5 workday, more companies are getting more flexible on this topic.

Get more insight into each of these 5 trends and what they really mean for you here.