Two of the most monitored measures of economic health are jobs and wages. While a growing or shrinking economy is easy for economists to measure, the impact on the job market is where most people feel the impacts. A tighter employment market drives up wages, while a slower market leads to wage stagnation. While professional salaries are less impacted in the short run, long term economic changes affect their careers as well.
Every economic policy and tax policy change is framed in the media for its impact on the job market. Some changes have a direct impact, unemployment payments, while others are more indirect, changes in the tax code. While economic growth does impact the job market, it isn’t linear, as smaller and newer firms account for most of the job growth, while older established firms rarely increase employment growth. Industrial policy tends to have more of an impact on established firms, making the ability to influence the job market much smaller.
Our primarily focus is on our client needs, which includes business owners and high net worth individuals. Our high net worth individuals include highly compensated professionals whose careers and salaries result in tax planning needs around retirement planning, real estate investment, and foreign investment opportunities.
We also covers shifts in the 1099 / Independent Contractor market, which is often ignored by the media, but has a major impact on small businesses who often rely more on contract labor than full time staffing. Companies tend to be slower to hire full-time employees and quicker to terminate contractors, so the contractor market is often a leading indicator for economic shifts that will impacts jobs and wages.