Trouble recruiting good employees? Pay up!
One of the biggest challenges employers face is recruiting good employees to round out their teams. In South Florida where we operate, the marketplace for talent is beyond cut throat competitive. There are reasons for this of course, we have a large immigrant population where there is always someone willing to “work for less”. We also have a large percentage of jobs in the low-paying tourist and service industries. Couple these factors with a Republican dominated Legislature which works mostly for the state’s business community and you get a market with an overabundance of low-paying jobs and a healthy supply of labor to sustain it.
The U.S. Bureau of Labor Statistics Occupational Employment data, for the year 2015 show the Orlando-Kissimmee-Sanford metropolitan area had the lowest median pay among the country’s 50 largest employment centers, according to an analysis by FloridaPolitics.com. Miami’s pay rates take the second-lowest spot.
According to the BLS, the average median pay, annualized [meaning workers are assumed to be working full time, all year, at the rates of pay reported to the feds] for all occupations was $31,990 in Miami. Sometimes, in order for you to acquire the best talent available and take your company to the next level- you simply have to pay up for it. And yes, if you pay more than your competitors or above market average for some key positions in your company you will get better results.
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