Build with Leila Hormozi Don’t Hire Anyone Else Until You Listen To This… | Ep 64
Aug 17, 2023
Rising labor costs and inflation are shaking up the job market. Discover how businesses can adapt to these challenges while attracting and retaining talent. Creative perks and performance-based compensation are essential strategies to stay competitive. Embracing remote work not only boosts productivity but also enhances employee satisfaction. Explore the wage-price spiral and its impact on compensation models. Tune in for valuable insights that can help small businesses thrive amid economic pressures.
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Rising Labor Costs
- The rising cost of labor is a significant issue, often overlooked in discussions about inflation.
- Leila Hormozi finds this interesting as she's witnessed the cost of certain roles increase by 50% in recent years.
Questionable Unemployment Figures
- Official unemployment numbers may not reflect the true state of the job market.
- Leila Hormozi believes that many people are now in different, non-traditional jobs that aren't captured by standard metrics.
Prioritize Top-of-Market Pay
- Pay top of market if you can to retain talent.
- Leila Hormozi emphasizes this as a key strategy, admitting she uses it herself.