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GTE Financial, a Tampa-based credit union with $2.09 billion in total assets, has responded to record-low unemployment levels by raising its minimum wage to $16 per hour — nearly double the state minimum wage of $8.46 per hour.
In a press release, the credit union’s chief talent officer, Jasiel Legon, says the move is intended to help it “secure top talent” as the booming economy makes it tougher for businesses to recruit and retain employees. It’s also a response to the national living wage movement, calling on a variety of businesses to raise the minimum wage.
In that respect, GTE Financial has already staked out a position of influence, says Legon, also senior vice president at the credit union.
“In 2015, we became a pioneer and leader in the country to increase the minimum entry wage to $15,” he states in the release. “We are proud to continue to raise the bar in salary and total rewards.”
The credit union has good reason to be making itself more attractive to the state’s dwindling number of job seekers. According to the U.S. Bureau of Labor Statistics, over the past six months, Florida’s unemployment rate has held steady between 3.3% and 3.4% — by far the lowest in more than a decade.
And the Tampa Bay area has been outperforming that rate significantly, with unemployment dipping as low as 2.9% in October and November last year, though the number ticked back up to 3.9% in January.
“Further increasing our starting salary allows GTE to be a leader in the marketplace to attract and retain top talent,” Legon states in the release.
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