Moreover, for job switchers, wages have increased every month since March 2021, further demonstrating the ongoing economic benefits for employees leaving for higher-paying positions. Nationally, job switchers saw wages rise by eight percent year-over-year, compared to just under six percent among workers who stayed in their current positions. It’s safe to say that the business and employment spaces have taken a new path in the wake of the pandemic.”Īccording to FTW, the “Great Resignation” has significantly impacted those considering changing careers. “Businesses must continue to adjust to the shifting preferences of both current and prospective employees, considering questions of workplace flexibility, work-life balance, and other non-financial incentives. While these pay gains have been eroded by inflation somewhat, they are a pronounced feature of today’s economy, and can be expected to maintain that status in 2022.
“Here in Florida, where there’s a greater demand for restaurants, bars, and lodging, the Accommodation and Food Services sector alone has experienced wage growth of 28.4 percent since early 2020. In fact, in December 2021, national data showed that wage growth was 4.4 percent higher than it was a year prior, and the average hourly wage was $31.53. The COVID-19 pandemic created a tight labor market and led to what’s now known as the ‘Great Resignation.’ Companies across all sectors have been forced to pursue creative options to attract and retain talent, including offering higher pay for many workers. Calabro said, “If businesses have learned anything in the past 18 months, it may be that the status quo is no longer the way. Tallahassee, Fla. – Today, Florida TaxWatch (FTW) is releasing an economic commentary entitled Wage Growth and Talent Attraction in the Pandemic Labor Market. The report presents wage growth as a result of companies’ recent efforts to attract and retain talent and analyzes the economic complexities surrounding this economic trend.įlorida TaxWatch President and CEO Dominic M.
Categories: Releases Florida TaxWatch Releases Report Analyzing Wage Growth During the COVID-19 Pandemic
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