Even as the labor market and economy incrementally cool off, workers still say they won’t take a new job that pays below $70,000.
A July survey from the Federal Reserve Bank of New York tracks workers’ expectations and the wages they’re currently being paid. The survey finds that the reservation wage — the lowest average wage survey respondents would accept for a new role — came in at $72,873.
That’s well above the $68,954 workers said they needed to be offered in July 2021 and just a dash below the series high of $73,283 in March 2022. In other words, workers still say that employers need to offer them wages well above pre-pandemic pay to get them on board — something that employers say has been a consistent challenge, with anecdotal stories of labor shortages still popping up across the economy.
That doesn’t mean that workers are necessarily getting paid that much, though. According to the survey, the average full-time job offer wage received in the past four months was $60,764, a slight downtick from March 2022’s average offer of $64,104.
Even as the economy seems to slow, the numbers show that……
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Rising Dough
Why are people accepting jobs at less pay than they were a couple of months back?
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Because people all over the country still need to pay to live. They cant just wait for such a long time just for the wages to get higher, they may still have their home, family, car, and bills to pay for along with all the other necessities. Obviously with this all in mind, it makes sense that people will still take jobs with lower pay than they hope for.
Agreed! Some people also see it as a way to get their foot in the door at a company and hope they will get a raise from what they initially wanted. It also could be a way to gain experience to get a higher-paying job. Most workers are no longer staying tied down to companies as used to be the case in the past, and now float around more to gain experience and higher pay.
People are applying for jobs that pay a lot less they were aiming for a couple months back because people need money. People still need to pay to live everyday and because of inflation things are getting more and more expensive by the day and people can’t just wait now for higher paying jobs. They need jobs as soon as possible to be able to pay for simple things like bills and groceries.