TAMPA, Fla. – As the Russian attack on Ukraine continues to impact global economies, former Deputy Chief of Staff and White House Liaison to the U.S. Small Business Administration (SBA) Matt Becker is urging employers to consider the impacts of Russia’s invasion of Ukraine and the effects it is having on their local job market.
According to Becker, one thing that will undoubtedly impact hiring, if it hasn’t already, will be the soaring price of fuel globally and skyrocketing inflation domestically.
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For example, on Mar. 11, the U.S. saw the highest recorded average price for regular unleaded fuel at $4.331, according to the American Automobile Association (AAA). A more than 70-cent increase compared to the month previous, Becker says the crude oil market has become more volatile largely due to the invasion of Ukraine and the sanctions on Russia that subsequently followed. As a result, conditions are changing for employees and the labor market in general.
Russian Sanctions
“The sanctions placed on Russia have resulted in much higher gas prices and higher gas prices mean people are less willing to spend money to commute to work,” says Becker, who also owns Pridestaff, a national staffing agency. “With gas prices still above $4 per gallon, remote work is a very attractive solution to this issue and a large factor for job-seekers weighing the benefits of employment opportunities.”
While the U.S. is much less oil-dependent today than in previous years, shipping products across the country still depends on oil and when the price per barrel goes up, the cost of supplies goes up, largely impacting 99 percent of the population, said Becker.
With supply chain issues already wreaking havoc on the U.S. economy due to shutdowns related to COVID-19, the war in Ukraine and sanctions on Russia have further increased inflation. In addition to gas prices increasing, cooling and heating homes is becoming more expensive.
In 2021, the average nominal retail electricity price paid by U.S. residential electric customers rose at the fastest rate since 2008, increasing 4.3% from 2020 to 13.72 cents per kilowatt-hour, according to the U.S. Energy Information Administration (EIA).
Energy Secretary Jennifer Granholm said on Wednesday the White House will make available nearly $3.2 billion from the bipartisan infrastructure law to help Americans lower home energy costs.
Maintaining Mental Health
According to Becker, companies who implement fully remote or hybrid positions, as well as mental health benefits, will make themselves more attractive to prospective employees looking to put their minds and wallets at ease.
“Businesses that fail to oblige their future workforce with the resources and assistance they need are at risk of dwindling their workforce pipeline,” said Becker. “More than salary and paid time off, this new wave of job-seekers care more about health benefits that allow them to maintain their mental, and ultimately financial, wellbeing.”
For many, permanently remote positions provide a significant improvement to work-life balance. A FlexJobs survey found that 70 percent of respondents said a permanent remote job would have a considerable positive impact on their mental health. That same survey also found that 44 percent of respondents say they know at least one person who has quit or is planning to quit their job because employers are requiring them to work from the office.
About Matt Becker:
Prior to starting PrideStaff, Matt was the Chief Operating Officer for the 2012 Tampa Bay Host Committee for the Republican National Convention where he managed the day-to-day operations of the Host Committee. Matt moved to Florida in 2006 and spent five years working as a private banker in southern Pinellas County for Regions Bank. Earlier in his career, Matt served in the Administration of President George W. Bush at the U.S. Small Business Administration (SBA) and finished his service as the Deputy Chief of Staff and White House Liaison. In this role, he had program management responsibilities and led the recruitment and interviewing of all political appointments to the SBA.
