Some nurses in Minnesota are demanding triple pay for their hours while travel nurses are being utilized. Members of the Minnesota Nurse Association (672 to be exact) filed a petition with hospital management at six Mayo Clinic facilities. Wage fairness and retention bonuses were also listed. A $4,000 bonus was also requested to be paid every three months that nurses remain on the job. With nurses quitting at a record rate due to being overworked, more of these demands may be on the horizon.
In the midst of a competitive employment landscape, executive roles saw a 35% increase in 2021 when looking at CXO job listings (ranging from CEO, CHRO, CFO, CTO, CAO, etc). Listings for CTO roles were the most common, which may be correlated to the rise in digital and direct-to-consumer strategies in the past year. Almost half were for CFOs and Chief Operating Officers.
Speaking of the C-suite, the number of females in the ranks of CEO and CFO hit a record high in 2021 when compared with 2020. Of 693 sitting CEOs, 6.9% were female and of 678 FCOs, 15.1% were. As well, the number of Black CFOs came close to doubling in 2021 growing from 12 to 20. Asian and Indian female CFOs declined slightly (from 40 to 39) and Hispanic CEOs stayed at 14. This is the first time in three years that the CFO role was more ethnically and racially diverse than CEOs. However, white men still make up 89.6% of the C-suite roles and across race, 88.8% of executives are men.
LinkedIn has proved to me ‘mission critical’ for many in the job market over the past 2 years. Revenue at the company has increased 37% year over year to $3.53 billion. Growth is noted to have been due to advertising demand in its marketing solution business (with an increase of 43% year over year) and by an improving job market…specifically in its talent solutions business.
“We are experiencing a Great Reshuffle across the labor market, as more people in more places than ever rethink how, where, and why they work,” said Satya Nadella, chairman and CEO of LinkedIn parent company Microsoft Corp. in call with investors. “In this new economy, LinkedIn has become mission critical to connect creators with their communities, job seekers with employers, learners with skills, and sellers with buyers.”
While salary is ranked high on the list for those considering their next job, company atmosphere and career opportunities round out the top 3. Just over half (53%) of candidates listed salary as their top consideration. Work atmosphere came in second with 36% of workers listing it, and career development ranked third, listed by 25%.
The Business Conditions Survey by the National Association for Business Economics expects business conditions in the U.S. to remain strong. Over half of respondents (65%) have experienced an increase in sales during Q4 2021. In spite of this, labor shortages were still named as an issue as 57% reported skilled labor shortage increases (up from 47% in October). Just over a quarter (26%) of those responding stated they were not experiencing a labor shortage.
For those listing a labor shortage as a top concern, 21% are expecting to see a leveling off in Q3 and Q4 of this year – another 29% believe these shortages will continue past the year 2023. A commonly listed bi-product of the shortage, 68% stated that wages increases (zero respondents said wages decreased).
Travel nurse demand increases as the labor shortage marches on. Hospitals in the south are having a hard time in particular and are leveraging a variety of tactics to attract talent. Some travel nurses are being offered $3,000-$6.000 each week, depending on their area of expertise/specialty. As a comparison, registered nurses in Mississippi earn around $1,250 per week. Regardless of the pay perks, many nurses are taking a step back due to burnout and exhaustion.
The global supply chain continues to be strained, impacting salary increases as businesses continue to be forced to pay more for labor. This especially is true with service workers, as they are most at risk of contracting COVID so are the most concerned regarding coming back to work. In addition to the virus, capacity and logistic challenges play a part.
Until next week,
Erin and Team BountyJobs