May 2024 - National & Local Employment Data Update

Matt’s Take on Current Conditions: “We have seen a slight increase in hiring in Tampa Bay. Businesses are, for the moment, more open to hiring and investing in great talent. While this recent shift may or may not continue, it is still a welcome development for the many individuals we see who are looking to start, or grow, their careers.”

Key Updates – National News Impacting Employment/Hiring

·?51% of job candidates say they have abandoned a recruitment process in the past because of poor communication from the employer or recruiter. More than 34% have walked away because the recruiting process was taking too long, and 31% walked away because the role did not offer remote or flexible work options. (Criterion Corp)

·?52% of job seekers said they have declined a job offer because of poor experience with a potential employer during the hiring process. (Careerplug)

·?The top three reasons candidates withdrew from the hiring process are: time being disrespected due to poor communication, never receiving feedback, the process taking too long, and the salary not meeting their expectations. (SHRM)

·?40% of workers say they rely on side jobs to make ends meet. 66% of candidates who have ghosted a new employer did so because they found a job with higher wages or better benefits. (CareerBulilder)

·?1 in 4 Americans fear losing their jobs this year. 25% are concerned about the job market and 22% believe they work in an unstable business or industry. (StudyFinds)

·?ADP has found that job-changers pay gains rose a whopping 10% last month. (ADP Employment Report)

·?“Job openings on Main Street are now in line with the levels before the pandemic,“ said NFIB Chief Economist Bill Dunkelberg. “Even with the slowdown in openings, the small business labor market remains tight, and owners continue to compete to retain and recruit employees.” (NFIB)

·?In the first quarter of 2024 the percentage of jobs available as hybrid (for over $100,000 paying roles) fell by 40%. The availability of remote work fell 33%. (Ladders)

·?NEW U.S. Department of Labor rule on salaried workers: Effective July 1, 2024, the salary threshold will increase to the equivalent of an annual salary of $43,888 and increase to $58,656 on Jan. 1, 2025.?(Wage and Hour)

?Local Data Impacting the Jobs/Employment Market

·?In the state of Florida that are currently 80 unemployed people per 100 jobs (FL Chamber)

·?Tampa Bay MSA unemployment rate is 3.4%; Hillsborough County – 3.4%; Pasco – 3.9%; Pinellas County – 3.1% (Florida Commerce)

·?Costs rose 3.7% in Tampa Bay over the last year. Inflation in the region has been consistently higher than the national average, now at 3.5%. (Tampa Bay Times)

·?A family of four with 2 kids in childcare must earn AT LEAST $82,348 to make ends meet. (USF)

Monthly Average Wage Update for The Tampa Bay Area

Business Owners and Leaders:

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At PrideStaff, our mission is to deliver the value that "matters most" to our clients. Simply put, we custom tailor our services to you and your objectives. We want to help you, so feel free to contact us if you are struggling to hire, or keep, the talent in your business.

Contact Us:

Tampa Office - 813-560-8780

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https://www.pridestaff.com/hire-pridestaff/

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