July 2024 - National and Local Employment Update

Matt’s Take on Current Conditions: “The last time the prime age labor force participation rate was this high (83.7%), was February of 2002. The challenge to hiring right now is that businesses believe they are hiring employees off the sidelines of the economy. Usually, that is not the case. When a company is going after the best talent for their business, the candidate experience is significant. If a business does not prioritize the search, they are likely going to lose their top candidate. If a candidate makes a decision to change jobs, they want to do it immediately and will not wait for you.”

Key Updates – National News Impacting Employment/Hiring

·?“Despite rising to 62.7% in March and remaining constant in April, we project the labor force participation rate to start declining in the second quarter of this year. In the longer term, demographic transformation will be the main driver of the labor supply.” (Deloitte )

·?72% of employees are choosing to stay with their employers. Of that, 47% cite pay as a reason to stay, 41% say job security, and 35% say health benefits. (WTW )

·?Overall 60% of owners reported hiring or trying to hire in June. Of those trying to hire, 85% reported few or no qualified applicants for the positions they were trying to fill. (NFIB )

·?71% of survey respondents (job seekers) said they lied about their background or experience in a phone interview. (resumetemplates )

·?As of May of 2024, 62.3% of all job postings were for full time positions, which has been flat, part time roles however are roughly 10% above pre-pandemic levels. (Indeed Hiring Lab )

·?Since 2010, countries that have increased GDP fastest have done so primarily by adding more workers rather than by improving productivity. (Mckinsey )

·?56% of managers surveyed care more about the growth of their in-office employees as opposed to their hybrid/remote employees. (Resumebuilder )

·?ADP is reporting the year over year national pay gains for job-stayers was 4.9% in June, the pay gain for job changers slowed to 7.7%. Florida’s median year over year annual pay change is also at 4.9% (ADP )

Local Data Impacting the Jobs/Employment Market

·?73.1% of respondents to the Florida Chamber survey indicated they had difficulty recruiting qualified applicants for roles. (Florida Workforce Needs Study 2.0 )

·?The Tampa metro area gained 21,100 new private sector jobs over the year in May 2024, increasing by 1.5% (Florida Jobs )

·?Year over year the hourly earnings of Florida employees rose by 3.37%, 9th nationally. (Paychex )

· Florida is almost at a 1 to 1 ratio of open jobs vs unemployed individuals. Currently there are 397,799 open roles, with 361,000 unemployed people. (Florida Scorecard )

Monthly Salary Ranges for Selected Occupations in the Tampa MSA

Business Owners and Leaders:

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