Companies are cutting salaries for new hires as workers' pay expectations hit record highs
Publishing timestamp: 2023-08-25 12:17:20
Summary
As the job market cools and companies become more cautious with hiring, the big signing bonuses and high salaries that new hires once enjoyed are dwindling. Wages for new hires are now 5% lower than they were in July 2022, and nearly half of employers surveyed have reduced pay for recent job openings. However, job seekers' wage expectations have hit record highs. The disconnect between companies and new hires is fueled by inflation, the lasting effects of remote work and the "great resignation," and a decrease in competition for talent. Companies are also pumping the brakes on hiring due to concerns about a possible recession or downturn.
Sentiment: NEGATIVE
Tickers: ZIP,
Keywords: personnel, ziprecruiter inc, labor economy,