U.S. companies are facing a "new era" in which fewer people are entering the workforce and pressure to pay higher salaries may become permanent, said Microsoft Corp.'s President Brad Smith.
One source of what Smith called "greater economic turbulence" are tumbling population growth rates in the United States, Europe, China, and Japan, said Smith, citing United Nations data. "That helps explain part of why you can have low growth and a labor shortage . . . at the same time. There just aren't as many people entering the workforce," said Smith.
Competing for limited workers, Microsoft recently boosted pay at the same time as it slowed hiring, company officials said.
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