the gig economy ( under the table ); many Baby Boomers didn ’ t return to work ; and others decided to stay home and watch the kids . Beaulieu stressed that employees , not employers , have the power and culture in the workplace and retention are key factors to survival . He also pointed out that millennials want philanthropy as a part of the business where they are employed and that opportunities for skills growth and advancement are critical .
Beaulieu also shared that the Consumer Price Index ( CPI ) and inflation rates in 2024 will be higher . Both are monetarypolicy shaped and are impacted by labor shortages , community escalators , and driven by government fiscal-policy . He also noted that deficits weaken dollars and the war in Ukraine influences prices . He advised that corporations should stay aggressive regarding investments . Beaulieu noted that long-term inflation is here and that growing profit margins requires trumpeting your competitive advantages and utilizing other inflation strategies , such as changing your corporate culture and investing in automation to help address labor shortages .
The Chambers ’ economist relayed that by 2030 , Florida will be home to 3.5 million more people and there will be a need for 1.62 million more jobs . The state will have 50 million annual visitors and there will be 3 million more drivers on the road . A recent survey by the Florida Chamber showed that 77 percent of respondents thought Florida was on the right track ; 5 percent thought Florida was headed in the wrong direction and 18 percent were unsure . Likewise , 87 percent were optimistic about the Florida economy . Additionally , voter registration statewide is currently 36 percent Republican , 35.2 percent Democrat and
28.8 % are NPA . Republicans hold a 100K advantage over Democrats .
Perhaps the optimism shared by poll respondents is a reflection of the 46K new start-ups in March 2022 and the income migration that is occurring in our state . Moreover , Florida lost 1.3M jobs since April 2020 but has since recovered 156K jobs more than was available in April 2020 . Abernathy mentioned dropping fertility rates ( 30 %) and less immigrants ( 70 %) impact future workforce supply . Working age population has declined and quit rates the last ten years have been increasing .
Interestingly , Florida ranks 6th for manufacturing growth and the 4th fastest in technology growth , with Florida ranked 6th overall and 15th for women in technology jobs . Abernathy pointed out that the future of work should be to focus on trade jobs and with the current talent shortfall , training , retention and recruitment are key , as is engagement with potential workers — thus , have a strategy for recruitment . It is important to offer flexibility for workers to work remotely or a hybrid of home and office . Employees will cost more as wages increase and inflation impacts the bottom line .
Lastly , tips for finding talent , include avoid “ ghosting ” by applicants ; partner with middle schools and high schools and identify needs working with community colleges . Explore second-chance hiring , forge partnership with Department of Corrections and transitioning veterans . By establishing these relationships , you can gain commitments and identify mutual benefits .
JUNE 2022 • DITCHMEN 9