re: Compaines that are raising there pay rates

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It's gonna be a sweet down turn, for the businesses that know how to keep working capital in there pocket and not have so much over head. In turn I can offer higher wages than the competitors4-10 dollars an hour more per position. This in turn allows me to take good employees from you and people ultimately go back to work over time, we will have stacks of applications. The business that don't give raises over the next 2-3years will go under are have large cutbacks to keep there heads up. Lack of employees cause this, and you have to much over head to compete with me. :) check mate.. This is how you beat inflation, because it's never going down to pre covid. So it's either they adjust are go by by. Q Minimum wage is none existed today, and if someone is paying it, your not supposed to raise a family on it.

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Given that he's a welder from LA, I think he made himself reasonably clear.

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No he didn’t. Is he trying to pass off that “employees that pay higher salaries will ultimately have better employees” as some sore of magical insight into business?

No shite, companies that don’t reward productive employees over the next 2 years will lose them. Does he think that no company is providing raises right now?

As far as keeping overhead down, freaking every company in every industry is doing that after COVID. They are seeing that all of these HR reps, administrative assistants, hell even accountants are not needed in the numbers they once were staffed at. Everyone is right sizing. Look at tech, most of the people getting laid off were not coders, investor relations, sales people, or even most managers. They were these fluff jobs that may make work more fun (or not) but ultimately did Jack shite for the bottom line.

What was posted in this OP was not some new insight nor even a strategy that’s known, just not adopted. Literally every fricking company is cutting overhead to pay high performers better and provide financial performance bonuses.