Staff shortages leading to higher wages: ABN Amro
With most sectors open again after the coronavirus lockdowns, staff shortages are increasing. And that in turn is leading to higher wages in many sectors, ABN Amro economist Piet Rietman found after analyzing the recently concluded collective bargaining agreements and vacancy ads. "I've never seen anything like this," he said to NOS.
Rietman researched incidental wage developments - wage increases outside the collective agreements. So, for example, starting salaries, promotions, or higher wages due to more hours worked.
"In recent years, incidental wage developments of this kind have always been negative on average," he said to the broadcaster. This is because older workers with high salaries retired, while new young workers were appointed at lower salaries and with flexible contracts. "But now the wage development is positive for the first time in seven years." This is an indication that starting salaries are rising and more people are taking a promotion with a pay bump.
This is particularly visible in the hospitality industry, which is facing major staff shortages so employers are willing to pay more to attract and keep staff. In July 2020, the average starting salary in this industry was 10.49 euros per hour. That has now increased to 11.08 euros per hour on average, Rietman said.
According to the economist, the increasing wages is good news across the board. "It means that collectively agreed wages will pick up in the coming years. In anticipation of this, entrepreneurs are already doing what they can to attract people quickly."