Florida’s New Minimum Wage Increase
In November of 2020, Floridian voters approved a gradual increase to the state’s minimum wage. Until September 29th, the minimum wage per hour was $10.00. As of September 30th, the rate goes to $11.00 per hour. Increases are mandated by the state constitutional amendment passed by voters, and are to occur at a rate of $1.00 per hour each year until reaching $15.00 per hour on September 30, 2026.
What Does The New Minimum Wage Increase Mean For Employers?
What does this mean to employers? Hiring at $11.00 per hour as a floor or starting rate is uncommon in the current high employment job market. Unemployment in Florida was reported in August 2022 by the U.S. Department of Labor at just 2.7%.
Basically, out of 100 employable people, there are just 3 available. This has driven the starting wage for unskilled labor to record highs. Florida is a big state, and depending on a number of factors such as relative cost of living, urban versus rural, and available labor by industry sector, different areas of the state drive their own prevailing starting rate of pay.
Employers in competitive employment environments and industries are using creative measures to entice the available employees to their door. Working from home is with employers to stay, and pursuing jobs offering this accommodation is a growing trend among employees. Many employers are becoming painfully aware of the employee’s need to find the nebulous work-life balance. The availability of benefits continues to drive an employee’s level of job satisfaction in this balance, and in addition to health insurance, dental and life, employees increasingly value benefits like pet insurance, employee assistance plans, and of course, 401(k) retirement plans.
Employer’s seeking a more competitive edge in this challenging workforce market are increasingly turning to professional employer organizations for a single source of all things HR. In addition, professional employer organizations, known commonly as PEOs, help keep business owners from spending valuable time on administration and from incurring potential liability for compliance related functions that can be transferred to the PEO. It has been shown that employers using a PEO are able to grow faster and remain profitable more so than their peers by using a PEO.
Contact Sam Bond Benefit Group Today
As an independent agent working on behalf of business owners exploring employee benefit options, Samantha Bond Richman has spent over 32 years working with employers to find the best solution to their needs to support the employees they need to attract, retain, and motivate. Information is available, and phone calls are welcome. Call 877-4BOND-20 today to learn more about PEO options or visit www.peo-agent.com
