At the end of last week, Florida TaxWatch (FTW) released 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.
Florida TaxWatch President and CEO Dominic Calabro weighed in on the report on Friday.
“If businesses have learned anything in the past 18 months, it may be that the status quo is no longer the way. 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. 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,” Calabro said.
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