Job Seekers Beware: The 5 Game-Changing Factors You MUST Know
Understanding the labor market today is more crucial than ever. With the recent unemployment rate at a low 3.9 percent, it may seem like the economy is thriving. However, a deeper look reveals that not all jobs created are of high quality. The changing nature of work, diminishing employer-sponsored benefits, and the rise of low-wage jobs have made employees more vulnerable. So, what makes a job ‘good’?
Livable Wages: The Foundation of Economic Security
Livable wages are fundamental to a thriving labor market. They allow employees to cover their basic needs, ensuring they can live securely without having to choose between essential expenses. Higher wages also contribute to economic security and encourage saving for retirement. Furthermore, livable wages positively influence worker and family health, financial security, and child outcomes.
From a business perspective, providing livable wages makes sense. Studies have shown that wage increases and improved health benefits boost worker morale, reduce wage inequality, and decrease employee turnover.
Training and Advancement Opportunities
Training and advancement opportunities are crucial for ensuring economic mobility. Jobs that offer promotion potential and training not only benefit and motivate individual employees but also strengthen the overall workforce through human capital investment.
Employees with advancement opportunities tend to feel more satisfied with their workplace and can apply their new skills to advance within their organization or in a new job. Firms with a longer career ladder and significant wage growth are better at retaining employees.
Balancing Work and Life
Flexibility in scheduling, including control over the number of hours and start and finish times, allows employees to better manage their personal and professional lives. This flexibility can accommodate personal and family responsibilities, erratic commutes, and even other jobs, contributing to economic stability.
Flexible and predictable scheduling can also benefit employers by reducing staff turnover and increasing profitability.
Employer-Provided Benefits
Employer-provided benefits such as paid leave, health care, and retirement contributions create a support network for employees. Jobs that offer these benefits promote employees’ productivity, labor force attachment, health, and well-being. Private health insurance is also correlated with longer life expectancy for adults and a range of positive child health outcomes.
Offering good benefits can also benefit businesses. Studies have found that employer-provided benefits, among other factors, are linked to higher job satisfaction and reduced turnover.
Safe and Supportive Workplace
A safe and supportive workplace protects workers from injuries, physical harm, discrimination, and abuse. Government regulations and business standards affect employee health, job performance, and long-term earnings following injury.
Keeping employees safe also makes business sense. Injuries can slow productivity, reduce workplace morale, harm stakeholder value, and damage public opinion of the company.
The Path to Quality Employment
Businesses can create more good jobs by paying decent wages, providing benefits to all workers, offering advancement opportunities, scheduling hours in advance for workers to plan accordingly, and ensuring a safe and healthy workplace. These factors can have positive effects for both workers and businesses. If employers fail to consider worker health and well-being, policy options can serve as a nudge. Job quality matters for workers, employers, and their families, and it should be a focus of the employment growth discussion.
