Salary Expectations Reach a Historic High — And The Increase Comes Mostly From This Demographic
According to a survey by the New York Federal Reserve Bank, the increase in salary expectations is the highest it's ever been since the series began.
By Madeline Garfinkle •
Despite rising layoffs and hiring freezes, Americans entering the job market aren't settling for a slim paycheck, especially when looking for new positions.
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
