The Society for Human Resource Management, SHRM, just posted two warnings. For the first time, productivity dropped for five consecutive quarters . Meanwhile, compensation rates reached their highest level since the 2008 financial crisis .
Together, these factors might send finance managers and stockholders swooning. While SHRM makes no connection between them and recent stock market stagnation, they send reassurance.
For inefficiency, SHRM points not to hybrid work itself, but to its poor implementation. They also point to high turnover and adoption of technology.
For compensation, they point to tight labor markets. They add that life sciences has increased compensation at the highest rates. However, they note that 2023 projections look to slow from 2022’s peaks.
For suppliers to our industry, the effect of these trends is not yet clear. We continue to enjoy a robust industry which finds ways to overcome many obstacles. Yet while it’s unclear if veterinary hospitals are less efficient, we’ve seen spikes in compensation. These rising cost are offset by rate increases. Will those efficiency losses and wage pressures catch up with us?
Jeff Santosuosso
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