March 2024 - Mid Month Employment Update

The Leadership Corner – Your Pulse on Employment

February Median Year over Year Annual Pay Change was up 5.1% nationally, and up 5.6% in Florida (ADP Pay Insights)

There are still more open roles than unemployed individuals in the state of Florida. For every 100 available jobs, there are only 84 unemployed individuals. (Florida Chamber of Commerce)

Wallethub ranked the top states with people in the most financial distress. Florida ranked 20th overall, but 12th in the category of “People with Accounts in Distress”

Employee experience is also linked to decreased turnover. SHRM research?shows that 42% of employees that are experiencing negative work culture think about leaving their jobs. Meanwhile, only 9% of employees who are experiencing positive work culture consider leaving. (SHRM)

About 51% of 1,000 people surveyed by iCIMS reported they are “considering” looking for a new job this year. Of those who will job hunt in 2024, their top reason is a higher salary. Meanwhile, 60% of people said they are expecting to get a promotion in 2024, and 50% of them will look for a new job if they do not receive this expected promotion this year. (HR Executive)

2/3rds of employees have one foot out the door due to changing job hunting motivators. AWI data finds that nearly three-quarters of employees (71%) say they struggle to pay their bills or must budget carefully to meet their needs. (The HR Director)

*Per a 2019 Gallup survey, it said that the cost of replacing an individual employee can range from ? to 2 times the employee’s annual salary. (Gallup)

Heard In the Interview – Comments from Employees Looking for Work

“Even though I just graduated from high school, I will not work for less than $16 an hour.”

?“Yeah, I really don’t want to put any physical effort into a role, but I can put social effort into a role.”

Follow up on a client interview: “It was disrespectful to make me wait 20 minutes after the start time of my interview and not apologize for it. I get that things pop up, but I will not work for that company due to their lack of respect for me.”

Newsflash – National Employment News Floridians Should Know

New York - New York bans employers from requiring the disclosure of personal social media login credentials. Took effect March 12, 2024. (National Law Review)

Federal - There is a new 6-part test to determine if workers are truly independent contractors or employees. New rule stared March 11, 2024 (Federal Register)????? ?

Indeed Hiring Lab - The employment-to-population ratio for workers ages 25 to 54 increased in February and is now reversing the decline we saw at the end of last year....the participation rate for prime-age women jumped for the second straight month by 0.3%. (Indeed Hiring Lab)

Business Owners and Leaders:

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