Do employers plan to increase staffing levels? Is hiring hampered by a lack of qualified candidates? Are wage cost pressures mounting? These are the types of questions that Federal Reserve economists grapple with when trying to gauge labor market conditions. To better understand what is happening in our local labor market, the Atlanta Fed conducted a poll of its business contacts from May 9 through May 20. The survey asked firms across the Southeast about their hiring plans, availability of qualified candidates for openings, hiring standards, employee retention and ability to attract new hires, associated wage trends, part-time staff, and outlook for growth. We received more than 450 responses, representing a wide variety of business types.
May 2016 Survey Participant Characteristics (click to view)
Interestingly, several participants at our spring Human Capital Advisory Council meeting noted that attracting and retaining employees has become less about the wage and more about nonwage benefits including healthcare, flexible scheduling, time off, opportunities for development, higher pay later, and more employee engagement.
Note that commonly cited reasons for shifting the workforce toward more part-time in the future include managing spikes in demand, attracting new employees, the Fair Labor Standards Act, and the Affordable Care Act.
Whitney Mancuso
Senior Economic Research Analyst
Shalini Patel
Director, Regional Economic Information Network