A Department of Labor report showed there were 11.2 million job openings as of July, suggesting employees may have the upper hand in the labor market. Other positive metrics for workers include a historically high number of voluntary quits and a low layoff rate, but workers could potentially lose their negotiating edge as the Federal Reserve keeps working to address inflation.

Labor union approval has hit its highest mark since 1965, with 71% of Americans voicing their approval in a recent Gallup survey. Union members cited better pay, benefits and improved representation as the top reasons to join a union.

The FAST Recovery Act, which has been passed by the California Senate and is still to be signed by Gov. Gavin Newsom, would enable a new council of workers, government officials and company representatives to set a $22 minimum state wage for the fast food industry starting in 2023. The legislation would cover chains with more than 100 sites, such as McDonald's, Chipotle and Starbucks.

Raytheon is teaming up with the nonprofit Girls Who Code to establish a leadership academy for college students in STEM and create a pathway for jobs after graduation. "The Leadership Academy aims to provide students from historically underrepresented groups with increased exposure to tech careers by empowering them with a supportive community of peers and professional development opportunities," according to the company.

Some leaders of the past focused on extrinsic rewards such as money or power, but modern leaders have evolved as they manage an era of increased employee agency and sensitive social issues that may need to be addressed, says former Medtronic CEO Bill George, co-author of "True North: Emerging Leader Edition." "Today's leaders have gone from self-interest to really trying to build a great organization and they know how to ... empower people to do it and align them around a common mission and values," George says in this interview with Scott Eblin.