Paychex’s Post

The November 2023 announcement of a nearly 10% rise in the National Living Wage has sent ripples through Britain’s economy and workforce. As a recruitment agency working with both employers and job seekers across industries, Cogent Staffing wants to ensure our clients and candidates understand these changes. In our latest blog, we’ve outlined exactly what the new minimum wage means in monetary terms, which age groups are impacted, plus considerations for payroll budgeting and career planning. Learn more about what the National Living Wage increase means for you, here: https://lnkd.in/e6Z5Cr_r   #NationalLivingWage #NLWIncrease

The Empire State (NY) didn’t show any sign of reluctance in normalizing a $1 increase in the hourly wage rate. It’s the first annual hike to reach a $16/hr minimum wage while NYC is expected to hit a $17/hr mark by 2026. It was evident considering NY’s economic reputation all over the US that it was going to start the trend and have other states follow along. The prosperous state really knows how to move the needle and get things up and running. Coming out of recession, the state has clearly learned a lesson and wouldn’t go about repeating its mistakes. New York alongside other 22 states impacted around 10M workers in the beginning of 2024 from a major shift in wage rate while the federal wage remains $7.25 since 2009. The alleged reason behind this generosity is labor shortages in the wake of pandemic as per The Wall Street Journal. The remaining 38 cities/counties will soon enter the bandwagon as per the Economic Policy Institute. Although facing backlash from Uber, DoorDash, and others of the like, Seattle tends to follow NYC's footsteps and sets a pay floor for gig workers. #minimumwage #newyork #laborshortages #wages #pandemic 𝙁𝙤𝙡𝙡𝙤𝙬 𝙢𝙚 𝙛𝙤𝙧 𝙢𝙤𝙧𝙚 𝙘𝙤𝙣𝙩𝙚𝙣𝙩 𝙡𝙞𝙠𝙚 𝙩𝙝𝙚 𝙤𝙣𝙚 𝙖𝙗𝙤𝙫𝙚 ⤴ 𝘾𝙤𝙢𝙢𝙚𝙣𝙩 𝙩𝙤 𝙨𝙝𝙖𝙧𝙚 𝙮𝙤𝙪𝙧 𝙩𝙝𝙤𝙪𝙜𝙝𝙩𝙨. 𝙈𝙖𝙠𝙚 𝙨𝙪𝙧𝙚 𝙩𝙤 𝙝𝙞𝙩 𝙩𝙝𝙚 𝙧𝙚𝙥𝙤𝙨𝙩 𝙗𝙪𝙩𝙩𝙤𝙣 𝙩𝙤 𝙨𝙥𝙧𝙚𝙖𝙙 𝙖𝙬𝙖𝙧𝙚𝙣𝙚𝙨𝙨.

🥇 #SeattleNews: Leading small biz hourly earnings growth The May Paychex Small Business Employment Watch reports that #Seattle ranks as the top U.S. metro for small business hourly earnings growth for the third month in a row. Seattle Metropolitan Chamber of Commerce To see how jobs and wage statistics in the #EmeraldCity compare to the other top 20 metros, read the full release at the link in the comments. #SmallBusiness #EmploymentTrends #JobGrowth #SeattleJobs

Here is a map outlining the average wage in each county in Q3 of 2023. Understanding the average wages in different counties across the USA is key to making informed career decisions. It directly impacts your earning potential and standard of living. By considering this data, you can gauge the competitiveness of job offers in various locations and ensure that your salary aligns with the local economy. This knowledge empowers you to negotiate effectively and choose opportunities that support your financial goals and lifestyle.

📈 #SeattleNews: Still #1 in small biz hourly earnings growth The April Paychex Small Business Employment Watch showed hourly workers in #Seattle continue to lead the nation in hourly earnings growth, ranking as the #1 metro for the second month in a row. Seattle Metropolitan Chamber of Commerce To see how jobs and wage statistics in the #EmeraldCity stack up against the other top 20 metros by population, read the full release at the link in the comments. #SmallBusiness #EmploymentTrends #JobGrowth #SeattleJobs

What's been the real impact of the April National Living Wage rise on businesses across the UK? Join David Whitfield and Victoria Milford for a webinar on the 23rd July to find out. All the details you need just here 👇 https://bit.ly/3LsTPSt #NationalLivingWage #UKBusiness #Webinar

Connecticut's hourly minimum wage increased 4.6% to $15.69. The economic landscape across the US has seen significant changes in recent years, leading to challenges for many people to afford basic necessities like food AND housing. Along with household formation, inflation, and wage stagnation, many are finding it difficult to make ends meet. Even jobs that pay less than the state's median income of $122,897 can be insufficient to cover the cost of living. For instance, in Stamford, a wage of $49.29/hour is required to rent a two-bedroom apartment, which is a significant challenge for many individuals and families. Let's join together to end hunger for our neighbors. https://lnkd.in/eZP5N3c6

🌟 My Take on This Policy Proposal 🕒 As I reflect on the opposition party's proposal to keep the economy running 24/7, I find myself considering the implications, especially regarding fair hourly pay. 💰 It's an intriguing concept – an economy that never sleeps. But for it to truly benefit everyone, we must ensure that hourly rates align with the extended operational hours. Fair compensation is key. 📈 My stance is clear: Let's not just talk about round-the-clock economic activity; let's ensure it comes with fair wages for every hour worked. It's about upholding fairness and dignity in the workplace. What's your perspective on this proposal? Share your thoughts, and let's discuss how we can create a future where prosperity is inclusive and just. #FairWages #EconomicEquality #24HourEconomy 🌐

On this episode of Behind The Numbers, C&W Deputy Chief Economist Rebecca Rockey explores the importance of this diffusion index number from the Bureau of Labor Statistics, alongside labor force entrant growth and payroll job gains, for occupiers and investors alike.

63.8% is our #cwbtn number of the week. Join Rebecca Rockey as she explores the importance of this diffusion index number from the Bureau of Labor Statistics, alongside labor force entrant growth and payroll job gains, for occupiers and investors alike. #usjobs #usecomony #cre #usjobsreport