Americans Trim Wage Expectations When Seeking New Jobs, NY Fed Study Finds
According to recently published data, residents of the United States have begun to lower their wage expectations when searching for new employment. A survey conducted by the New York Federal Reserve (NY Fed) shows that many Americans now prefer more flexible working conditions and are willing to accept lower salaries than before. This shift is driven by several factors, including rising worker mortality, increasing costs of living, and changes in the labor market.
The survey results indicated that in September 2023, the average monthly salary that workers expect from a new job dropped to $73,000. This is $2,000 less than in previous months. At the same time, the number of people willing to accept job offers with lower wages has also increased, indicating that Americans are adapting to current market conditions.
Economists note that this trend may reflect a change in consumer psychology. People are starting to realize that high-paying jobs might be less stable amid an unstable economic situation. Furthermore, the desire for flexible schedules and remote work has also contributed to the decrease in wage demands, as many workers are willing to compromise on their financial expectations for a more comfortable work-life balance.
The NY Fed survey also showed that workers are contemplating other aspects of job offers, such as health, safety conditions, and opportunities for career growth. Factors that were previously considered secondary are now playing a more significant role in employment decisions. This transition could impact employers' strategies for hiring and retaining talent in a changing labor market.
Analysts emphasize that with this change in workers' expectations, companies may face challenges in attracting qualified candidates. As a result, employers might request additional benefits, such as increased flexibility in work schedules or additional health and wellness offerings. Over time, this could lead to an overall improvement in working conditions and a more attentive approach to employee needs.
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