Job offers come with smaller salaries than 2023: Report
- The job market has cooled
- Leading to a power switch with companies now holding leverage
- Both blue-collar and white-collar jobs have seen salaries drop
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(NewsNation) — Salaries for both white and blue-collar workers are changing, but not in the way employees would desire.
The Wall Street Journal reports job seekers are seeing roles at $175,000-200,000 in 2023 now listed for tens of thousands of dollars less.
Citing recruiters and advisors, the Journal says companies are shifting vacancies to lower-cost cities or opting to list roles as contactor roles; which are inherently lower paid.
The outlet says the job market is cooling; meaning there is a greater power shift, with employers now possessing greater leverage.
“A lot of companies are thinking they can get away with paying a cheaper salary because they know us job seekers are desperate,” Eric Joondeph, a 31-year-old looking for a customer-experience role, told WSJ.
“Most people we interview are seeing lower salaries,” Jill Hernstat, chief executive of Hernstat & Co., said to the outlet. “Hiring managers know they are more in control now.”
According to a New York Federal Reserve survey, more people are looking for jobs and are unhappier with wages and benefits at their current workplace compared to 2023.
“The proportion of individuals who reported searching for a job in the past four weeks increased to 28.4% from 19.4% in July 2023,” the survey said.
