Business

Is the job market as good as it gets?

South Florida CEOs were asked: The Wall Street Journal recently published an article stating that the job market is now "as good as it gets." Do you agree with this sentiment? Why or why not?
South Florida CEOs were asked: The Wall Street Journal recently published an article stating that the job market is now "as good as it gets." Do you agree with this sentiment? Why or why not? AP file | July 18, 2018

CEOs were asked: The Wall Street Journal recently published an article stating that the job market is now “as good as it gets.” Do you agree with this sentiment? Why or why not?

===

Agreed! Our Business Intelligence Division tracks unemployment, business failures and closures. Many retailers have announced third and fourth quarter closures. Soon, the unemployment figures will reflect those industry closures and layoffs. Rising interest rates are not helping either and cost centers built into businesses are seeing price increases at the wholesale level. Then you have a talent issue followed by an older workforce complaining that they cannot find gainful employment right now. Our fear is, will there be a slow and gradual downtrend or a return to recession that could last for a couple of years?

Jim Angleton, CEO for Aegis FinServ Corp.

==

The job market is strong in South Florida, and I can see it keeping this momentum in the year ahead. With a regional unemployment rate of just under 4 percent, we need to continue to promote opportunities and attract companies to the region. At Cleveland Clinic Florida, we just came off a robust year of growth, and we anticipate another year of hiring to meet the growing demand for our services.

Wael Barsoum, M.D., CEO and president of Cleveland Clinic Florida

==

The job market is tight, which is good for employees, but places additional burdens on employers. We have responded to the challenge by providing programs and incentives that reduce turnover and the need to recruit additional employees. We make Ocean Bank “a great place to work,” not just through salary, but through advancement opportunities, training, corporate wellness programs and other initiatives.

Agostinho Alfonso Macedo, president and CEO of Ocean Bank

==

I disagree. Not until the job market offers everyone equal access to equal pay, will it be “as good as it gets.” Currently, in Miami, women earn an average of 14.2 percent less than men. This is not “as good as it gets.” This is unacceptable. Even more unacceptable is that the gender pay gap has grown over the past 10 years — from 13.9 percent in 2007 to 14.2 percent in 2017. Women across social-economic levels are losing ground in the fight for pay equity — women with less than a high school diploma are earning 31.2 percent less than their male counterparts; the gap between women and men with graduate or professional degrees is 29.8 percent. While unemployment rates may be at an all-time low, this is only one metric to gauge the health of the job market. Until the job market provides equal access with equal pay, there will always be room for improvement.

Chelsea Wilkerson, CEO of Girl Scouts Tropical Florida

==

No, I do not agree with that statement. In almost anything we do, there is room for improvement. Even though the unemployment rate is at a historic low, there are still millions of people not working and a plethora of low paying jobs that keep low-income individuals working two jobs or welfare dependent. As we celebrate this job market, we should also focus on areas of growth, i.e., training, development, and higher education that would yield higher wages and allow more people to maintain a comfortable lifestyle rather than consistently living from paycheck to paycheck.

Dorcas L. Wilcox, CEO of Miami Bridge Youth & Family Services

==

Whether the job market is “as good as it gets” depends on who is considered. There are numerous ZIP codes within South Florida with unemployment rates far above the regional averages, and I would suggest that the economy is not “as good as it gets” for many residents of these ZIP codes. I would further suggest that there are employers in numerous industries (aviation for example) who struggle to find the talent to satisfy their industry demand, and thus they can clearly see that they have further upside and the economy is not “as good as it gets” for them, either. Accordingly, Broward College continues to aggressively strive to ensure that those seeking workforce opportunities have the skills to seize the opportunities that are available in high-demand industries.

Gregory Adam Haile, president of Broward College

==

Thankfully, we have enjoyed one of the longest economic recovery and boom cycles in history — and it is continuing, with South Florida leading the way. There are no guarantees, and no one knows when this cycle will end. There really have been no significant signs of a slowdown, and the job market continues to expand. Despite that, there is a lot of talk about a slowdown and my concern is that we may talk ourselves into one, even if the fundamentals remain solid.

Jorge Gonzalez, president and CEO, City National Bank

==

We have certainly seen an increase in employment rates and labor participation. It remains difficult to find qualified technology talent, and labor participation overall has room to grow.

Louis Hernandez Jr., CEO, of Black Dragon Capital

==

By the numbers, the February United States unemployment rate of 3.8 percent and the January Florida unemployment rate of 3.4 percent are very positive and close to 40-year lows. I remain hopeful that the average wage rates will continue to increase and that the percentage of “new economy” jobs will continue to grow as well.

Paul Singerman, co-chair of Berger Singerman

==

In my opinion, the job market is as good as it can get simply because we have surpassed an equilibrium point of jobs versus people in the workforce looking for jobs. Meaning, there are more jobs than qualified people looking for those jobs. Just like in supply side economic theories, when demand surpasses supply, prices go up. In this case, prices are equal to wages. When capitalistic societies work without government influences or interference, then they work well, and in this case, it creates an unemployment scenario which is as good as it can get.

James “Jimmy” Tate, co-owner and president of TKA-Evolution Apparel and of Tate Capital; co-founder of Tate Development Corp.

==

The history of the labor market refers to the supply and demand for labor, in which employees provide the supply and employers the demand. The job market can grow or shrink depending on the demand for labor and the available supply of workers within the overall economy. Based upon this fact, it can be argued that the job market will never see a moment where it is “as good as it gets.” The job market in America is a direct reflection of where the economy is and where it is headed in the future. As technology changes, the world around it has to also change. The job market is influenced by the level of education, population and available openings. The United States of America is a hub of talent. For this reason, many organizations have identified America as the ideal place to recruit talent and grow their brands

Rashad D. Thomas, vice president of business connect and community outreach for the Miami Super Bowl Host Committee

===

THE MIAMI HERALD CEO ROUNDTABLE IS A WEEKLY FEATURE THAT APPEARS IN BUSINESS MONDAY OF THE MIAMI HERALD. RECENT QUESTIONS HAVE INCLUDED

▪ CEOs split on encouraging marijuana sales in Florida

▪ Unlocking state funds for affordable housing is the right move, CEOS said

▪ CEOs try to lasso healthcare costs, but more needs to be done

▪ CEOs agree that tax breaks are needed to lure businesses to Florida

▪ Technology led to significant changes in 2018 for most CEOs

▪ What are CEOs doing to attract and retain workers?

▪ Most CEOs say salaries will increase in 2019

▪ Most CEOs are in ‘growth mode’ with plans to hire more

▪ CEOs’ 2019 economic forecast offers differing views

▪ How CEOs are trying to attract ‘Generation Z’

▪ Most CEOs say PortMiami should expand more, without hurting the fragile eco-system

▪ Should financial institutions reach more ‘unbanked’ people?

▪ Tech scene throughout South Florida is building momentum

▪ CEOs discuss their top workforce challenges for 2019

▪ The best gift? Even for the most successful people, life is about more than business

▪ Recession ahead? CEOs divided on whether they see signs of one

▪ CEOs: Amazon’s strong look at Miami for HQ2 made the region look hard at itself

Biggest influence on CEOs’ careers? Most say it was a parent

▪ Jobs available? CEOs look at their companies

▪ CEOs keep an eye on Miami’s cost of living

The key to retaining employees? Start with good pay and benefits

▪ Live-work-play? More employees opt to live closer to workplaces

Some CEOs say they’ve raised wages this year

▪ Here are some issues CEOs hope lawmakers keep top-of-mind this election year

CEOs offer varying opinions on higher education

▪ Local firms are doing their part to be more eco-friendly

▪ CEOs are all smiles thanks to local economic boom

Is work-life balance a myth? CEOs share their thoughts

▪ CEOs help employees stsruggling with long commutes

▪ Despite airline woes, CEOs are not changing traveling habits

▪ CEOs have diverse opinions on Trump’s tariffs and other actions

▪ CEOs feel pressure to keep wages competitive

▪ South Florida CEOs say that Miami can sustain David Beckham’s soccer team

▪ CEOs hope common-sense control on assault rifles happens soon

▪ Will Amazon open HQ2 in Miami? Maybe, maybe not, but city’s profile rises, CEOs say

▪ We have much to learn about public transit from other cities, CEOs say

CEOs: Cuban coffee, flexibility and beach picnics help employees balance job demands

CEOs discuss how to deal with extreme views in the workplace

▪ Extra guards, added security measures protect staff and clients

▪ As automation advances, CEOs say humans are still needed

▪ Holiday parties celebrate employees and the year’s successes

These CEOs have zero tolerance for sexual harassment

Will automation change your job? Yes — and no, CEOs say

▪ How CEOs address hostility in the workplace

▪ Good storm planning can stave off disruptions, CEOs find

Storms highlighted serious local issues, CEOs say

▪ Planning, preparation are keys to disaster recovery, CEOs say

▪ CEOs say students who improve certain skills are better prepared for future jobs

▪ Uncertainty about the Affordable Care Act on the minds of CEOs

▪ In a year of challenges, CEOs took risks, learned and grew

▪ CEOs believe community should be involved in making public schools better

▪ Best bosses we ever had inspired, challenged and cared, say South Florida CEOs

▪ South Florida CEOs try to evaluate the nation’s top CEO: President Trump

▪ CEOs’ advice to college students: Network! Internships! Research!

▪ Affordable housing a cause of concern for CEOs

▪ Communication, cool heads key to avoiding public relations nightmares

▪ Meet the new Miami Herald CEO Roundtable

▪ Ahh, the first job. CEOs learned valuable lessons on the bottom rung

▪ It’s getting harder for employees and CEOs to disconnect while on vacation

▪ Florida’s legislators must act on economy and education, CEOs say

Most CEOs provide paid internships, and everyone benefits

Local firms rich in generational immigrants, CEO say, but deportation efforts worry some

Long hours at the office? CEOs say how they avoid burnout

CEOs prefer balance when dealing with a defiant employee

The most important issue facing South Florida this year? CEOs say it’s traffic

Have you been to Cuba? CEOs discuss business and travel opportunities on the island

CEOs discuss their resolutions for the New Year

CEOs: Trump, ugly politics among the biggest surprises of 2016

CEOs’ top request for Trump’s first 100 days: ‘Unity’

CEOs won’t tolerate ugly comments in the workplace

CEOs assess South Florida’s economy for 2017

Did Obamacare hurt your business? South Florida CEOs respond

  Comments