Red-hot inflation puts wage growth in focus.
The number of job switchers reporting wage gains has expanded while the number of job stayers reporting wage gains actually contracted as inflation exacts its toll, according to Thursday findings from the Pew Research Center.
At the same time, only 47% of people staying at their job experienced real wage gains in the same April 2021-March 2022 period, down from 54% the previous 12 months. Approximately half of job switchers were making roughly 10% more than they were a year ago after wages were adjusted for inflation — that matters given that inflation rose 9.1% on the year in June.
Contrary to the long-lasting gripes about work ethic that are buzzing around again, it may just be that many people see the fatter paychecks elsewhere. Low pay was the top reason why people left their jobs in 2021, a February Pew survey noted. That’s the second consecutive quarterly decline, heating up the debate about whether the country is in a recession or, at least, heading for one.
Serious and casual job searchers hoping for better paychecks elsewhere should remember a couple things about their job hunt, experts say. For one thing, don’t underestimate the power of a good-looking resume and enthusiastic, well-written cover letter, says Martha Coven, author of Writing on the Job.
The negotiation Negotiating salary comes with an array of considerations, according to Indeed.com. That includes research on going rates and geography to account for cost of living.
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