Modern Hiring Wisdom: Edition 8
Welcome back to Modern Hiring Wisdom. In this edition, we're diving into the latest changes impacting California businesses. From the slowdown in U.S. hiring to new state wage laws and compliance regulations, 2024 is proving to be a challenging year as it comes to a close. Discover how these shifts affect your business and explore practical strategies to adapt and thrive. Plus, we highlight the significant updates to the Private Attorneys General Act (PAGA) and discuss how fractional leadership can provide the specialized guidance you need in uncertain times. Ready to stay ahead of the curve? Read on for essential insights and expert advice.
You’ve seen all the scary headlines by now: U.S. hiring has significantly slowed, and it’s unclear yet how exactly we should react to the news.
The July 2024 U.S. jobs report revealed the addition of 114,000 jobs, falling short of the expected 176,000 and marking a significant slowdown in the labor market. The unemployment rate nudged higher to 4.3% from 4.1% in June, reflecting a challenging economic environment. Key sectors such as healthcare, social assistance, and construction experienced job growth, but overall gains were insufficient to meet projections, hinting at a broader economic cooling.
Wage growth also decelerated, with average hourly earnings increasing by 3.9% year-over-year, down from 4.1% in May. This slower wage growth aligns with the Federal Reserve's efforts to moderate inflation, which eased to 3% in June from 3.3% in May. The labor force participation rate saw a slight uptick to 62.6%, suggesting more people are entering the job market despite the slower employment growth. These mixed signals indicate that while the job market remains resilient, it faces headwinds that could impact future economic policy decisions
Now more than ever, finding talent or career opportunities by yourself is a difficult journey. If you need help with either, be sure to reach out to FORTIS today.
A sampling of wisdom and news from the FORTIS Resource Partners blog.
The California Conundrum: Navigating New Wage, Leave, and Compliance Laws and Their Impact on Business
California businesses are facing a wave of new wage and compliance laws in 2024 that have altered the employment landscape. From statewide minimum wage hikes to industry-specific pay raises and new leave policies, these changes present a multifaceted challenge for employers. For example, the reform of the Private Attorneys General Act, known as "New PAGA," introduces critical updates that could impact how businesses handle compliance issues.
How are you handling these legislative changes? If you’re in need of strategies that can help your business adapt, this article contains essential insights and actionable steps to stay ahead of regulatory shifts. Don't miss out on understanding the full impact and how to ensure your business thrives amidst these changes.
The Wheel of Modern Leadership Part 6: Personal & Professional Development
Unlock the secrets to thriving in both personal and professional realms with "The Wheel of Modern Leadership: Part Six." This article explores the core of effective leadership, emphasizing the importance of self-responsibility and the pursuit of continuous learning. Discover how embracing feedback, learning from peers, and committing to self-care can prevent burnout and foster long-term success.
Ready to elevate your leadership game? This piece offers practical advice on balancing personal development with professional growth, ensuring you stay motivated and resilient.
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Fractional Leadership: An Executive Life Raft in Troubled Times?
As mentioned above, we seem to be kicking off August with a major dose of economic uncertainty. In times like these, you need specialized leadership that can adapt to changing headwinds in the market. What better scenario to bring in a fractional executive to usher your business toward a soft landing?
We’ve been getting similar results for clients across Southern California—and we can do the same for you. Visit our website to learn more about our fractional leadership offering. When you’re ready to find your next fractional leader, let’s talk.
Thanks to everyone who’s downloaded our first-ever salary guide already. The feedback we’ve received has been enlightening and encouraging. If you haven’t gotten your copy yet, we encourage you to do so now. Even though the end of 2024 is fast approaching, there’s still time to benefit from the data and insights we’ve compiled.
We created this guide for business owners and professionals all across California—including Orange County, Los Angeles, San Diego, Northern California, and Inland Empire. We designed it to be a comprehensive resource to help you navigate the complex landscape of compensation and hiring trends in the finance, accounting, and human resources sectors.
Salary Guide Highlights
Think of it as a roadmap for navigating California’s unique world of work. Whether you’re a business leader looking to refine your compensation strategy or a professional seeking to understand your worth in the market, we hope this resource gives you the clarity and direction you seek. The 2025 edition will be out before year’s end, but in the here and now, these insights can help drive your business forward.
“Success is peace of mind, which is a direct result of self-satisfaction in knowing you made the effort to become the best you are capable of becoming."
- John Wooden
At FORTIS, we're committed to helping businesses and professionals navigate the ever-changing landscape of work in California. Whether you're seeking top talent, exploring new leadership models, or looking to understand your worth in the market, we're here to support you every step of the way. Don't forget to download our 2024 Salary Guide and follow us on LinkedIn for more updates and insights. Until next time, stay strong and stay focused on your goals.
Co-Founder @ solace | connecting growing businesses with fractional executives and talent
3 个月Agreed that fractional executives can be a life raft, but not only that — they can be *the* addition to a leadership team that breaks the threshold for growth / leaving status quo in the past!