Florida TaxWatch: Remote work, ‘Great Resignation’ and other changes in state’s workforce
Florida TaxWatch recently released its Florida Workforce Update, a commentary on the shifts in Florida’s workforce since the COVID-19 pandemic. It outlines the status of remote work, women in the labor force, and the “Great Resignation,” a term coined in May 2021 to describe unusually high quit rates, or the number of employees leaving a job by their own volition as a percentage of total employment.Quit rates typically have an inverse relationship with unemployment levels. These employees are not leaving the workforce, but rather transitioning from one job to another, often a better one.
Florida’s economy has experienced a strong rebound and significant growth over the last few years, thanks in large part to leadership’s strategic, forward-thinking pandemic response. As noted in the report, however, the state has witnessed drastic changes to the dynamic of its workforce, presenting new opportunities like normalizing remote work, as well as challenges, such as securing women’s place in the workforce.
Today, in contrast to record low unemployment levels, Floridians are still quitting their jobs at considerably high rates — a trend impacting the leisure and hospitality industry in particular — which indicates the “Great Resignation” is far from over and employees will continue to have the upper hand over employers.
Having said that, there’s no question that employers will need to adapt their business operations, including establishing new routines and expectations, in order to attract and retain talent. Looking ahead, Florida TaxWatch encourages the state to monitor and evaluate these businesses’ actions and the evolving nature of its workforce to ensure the economy and (in turn) taxpayers can succeed.
Continue reading at Florida Times-Union
Source: Florida TaxWatch: Remote work, ‘Great Resignation’ and other changes in state’s workforce
Florida TaxWatch: Remote work, ‘Great Resignation’ and other changes in state’s workforce
