Despite rising layoffs and hiring freezes, Americans entering the job market aren’t settling for a slim paycheck, especially when looking for new positions.
Malte Mueller | Getty Images
According to a Federal Reserve Bank of New York survey, the lowest wage respondents would accept for a new role was $73,667, an increase from the previously recorded number of $72,873 in July.
The new bar is the highest number since the series began, according to the report.
Additionally, the increase in salary expectations was most prominent in individuals under the age of 45, which could be an indicator of younger workers participating in the “great resignation” and seeking better opportunities with higher pay and more flexibility.
Related: Heads Up, Employers: Your New Hires Want $73,000 A Year
However, the number of workers looking for new roles actually decreased in November.
The percentage of those seeking a new role in the four weeks prior to taking the survey decreased from 24.7% in July to 18.8% in November, with overall job satisfaction improving.
Based on the data, workers are expecting higher starting salaries, but fewer people are actively searching for new roles.
Related: How to Make More Money, Retain the Best Employees and Grow Your Business — All at the Same Time
These Friends Use an Underrated Strategy to Run a Charcuterie Side Hustle That’s on Track to Make at Least $80,000 in December
I’m a Business News Editor, and Even I Fell Victim to an Online Scam That Cost Me $300
Switching to a 4-Day Workweek Sounds Like a Great Idea. But Could It Actually Make Burnout Worse?
What Is Lensa AI? And Does It Pose Privacy and Ethical Concerns?
This Artist Who Made More Than $1 Million Teaching Online Classes Breaks Down How to Earn Big in 2023
Here’s Why You Should Drink Coffee Before You Nap
Regional Favorites and National Companies Topped the Ranking of America’s Top Restaurant Chains for 2023. Did Your Go-To Make the List?