Companies can't complain that they have a hard time finding employees after they've spent more than a decade reducing workers' slice of the pie.
The majority of companies have the money to boost compensation. Corporate profits rebounded before the recession ended, eclipsed pre-recessionary levels within months and. But hundreds of millions of individual decisions made by organizations over the last couple decades have skewed toward giving employees smaller slices of the pies.
Through the last century, there was an assumption that policymakers could rely on an unwritten social contract to boost workers’ wages when the economy got humming and labor got scarce. Washington would try to dial interest rates to spark growth without excessive inflation; employers would pass profits along to workers. That’s no longer the case.
“Our mandate, as you know, is maximum employment and we try to take that to heart,” replied the nation’s chief banker. “Our tool for trying to achieve that is monetary policy. We’re at a 50-year-low in unemployment. There are many other issues in the country. You’ve some of them. Honestly, to achieve some of the things you’re talking about, we need other tools. The Fed can’t affect every social problem, as you well know.
There is no good substitute for a corporate philosophy that puts its employees’ happiness and wealth on par with its returns to investors.
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