Data compiled by ZipRecruiter showed that 35% of US workers who started a new job in the second quarter took a pay cut. And of 2,000 employers, nearly half said they’re lowering salaries for …
, salaries for new recruits are dwindling as companies are no longer competing to fill pandemic-induced labor shortages.
The other half, meanwhile, traded pay for nonmonetary improvement, with about 27% of workers taking less stressful jobs while 10.5% opted for a new position with remote work and 13.8% of new hires took a position with more career growth potential. These wages, however, are below the average “reservation wage” — or the minimum acceptable salary offer required for workers to switch jobs — American workers said they’d accept in the Fed’s latest survey of consumer expectations.
Those who don’t have a degree indicated they would not accept a salary below $63,300, the Fed’s survey showed.
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