The pandemic will continue to change the way we work
Work has changed due to the pandemic. Changes have occurred in areas that seem logical, but changes are also occurring in areas that were not directly affected.
Restaurant employment has seen a massive exodus of workers. The attrition of these jobs seemed logical.
Surprisingly, law firms are struggling to retain staff and attract new talent, according to the 2022 State of the Legal Market Report.
Lawyers are well-educated, work in offices, and have work environments quite similar to other professions and many other trades. The pandemic has caused us to take a second look at how we live our lives with the conclusion that change is needed.
According to the report, one strategy used by law firm employers was to raise salaries and offer retention bonuses. It should work. Money can be a great motivator. Surprisingly, this didn’t fix the problem.
When the pandemic started, office staff switched to working from home. This offered greater flexibility. Start working early, then walk the dog. Work until lunch and stop working earlier than usual.
Technology has evolved. You can now be connected to your office without being physically there. It has completely reshaped the way work can be done.
The importance of the report is that the change in attitude towards employment has not only occurred in the areas that we had anticipated. Now is a good time to pay attention to the changing employment environment.
The times are changing.
Peter Watson, of Watson Investments MBA, CFP®, RFP, CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted by www.watsoninvestments.com.