September 2024 - National & Local Employment Update

Matt’s Take on Current Conditions: “On the good news front it is Pumpkin Spiced Latte season!!! On the not so positive front, candidates and businesses are still in a hiring standoff. As we move closer to the $15 minimum wage in 2026 for Florida, wage expectations continue to rise for entry level applicants. If you are paying below $18 an hour for entry level candidates, you are at high risk for employee turnover. Even if you have experienced employees at $18 an hour, you are at risk for employee turnover as wages have continued to rise.

Key Updates – National News Impacting Employment/Hiring

·??72% of employee respondents to a McKinsey survey cited goal setting as a strong motivator. However, what is just as important is how the goals are set. Employees tended to be more motivated and perceive the goals as fair when they are involved in the process and the goals were updated throughout the year to align with team and company priorities. (Mckinsey)

·??National hiring is down 7.9% in July of 2024 vs July 2023. (LinkedIn)

·??Only 39% of new hires are “very satisfied” with their new job, a decline from 47%. (ZipRecruiter)

·??46% of job seekers are using ChatGPT to write their resumes and/or cover letters (Resume Builder)

·?More than 70% of Americans believe offering a four-day 40-hour workweek, limiting the amount of work employers are expected to perform outside of the workday and offering mental health days, would increase employee wellbeing. Additionally, only 41% of workers believe companies should take a stance on current events, a drop of 7% since 2022.? (Bentley-Gallup )

·?Globally employee engagement has reverted to pre-pandemic levels, sitting at 71%. The biggest drivers of employee engagement are: Confidence in leaders, the company being a great place for me to make a contribution to my development, and the leaders have communicated a vision that motivates me. (cultureamp)

·?The proportion of individuals who reported searching for a job in the last 4 weeks rose to 28.4% an increase from 19.4% in July 2023, the highest reading since March 2014. (Federal Reserve Bank of New York)

Local Data Impacting the Jobs/Employment Market

·?Tampa saw a 3.43% hourly pay growth in July, one of the largest hourly earnings growths tracked by Paychex. (Paychex)

·?The Tampa Bay MSA unemployment rate for July of 2024 is still only at?3.8% up from 3.2%? in July of 2023. (Florida Insight)

·?All 24 metro areas in Florida had over the year job gains in July. Miami was first at +38,300 jobs, Orlando was second at +27,100 jobs, and in third place was Tampa at +26,200 jobs. (FloridaJobs.com)?

Monthly Salary Ranges For Selected Occupations In The Tampa Bay MSA?

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