Why it pays a lot less to switch jobs right now: ‘That new-hire glow is fading’
Publishing timestamp: 2023-11-17 10:04:42
Summary
The article discusses how new hires are experiencing a significant decrease in pay growth compared to previous years. Factors such as lower quit rates, increasing labor supply, and falling worker demand are contributing to this trend. Industries like finance and technology have been particularly affected. Jobseekers are facing lower salaries and fewer negotiation opportunities. Employers are being vague about pay discussions and are hesitant to give pay raises to new hires. Some employers are offering low-cost benefits instead of higher pay to attract talent. The article suggests that the job market is cooling down, leading to less panic and more leverage for employers in hiring decisions.
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Keywords: united states, labor economy, korn ferry, personnel,
Source: https://www.cnbc.com/2023/11/17/why-it-pays-a-lot-less-to-switch-jobs-right-now.html