Key Points:
- The average “reservation wage” for job switching increased to $78,645 in Q2 2023.
- Reservation wage refers to the minimum salary offer someone is willing to accept when switching jobs.
- This increase shows that workers are becoming more selective in their job choices and demanding higher salaries.
- A growing economy and a tight job market could be contributing factors to this rise in reservation wages.
Hot take:
Looks like employees are not settling for anything less than what they think they deserve! With the average “reservation wage” hitting $78,645, it’s clear that people are becoming more confident in their ability to find better job opportunities and are willing to hold out for bigger paychecks. So, if you want to attract top talent, you better make sure your salary offers are up to par, because the competition is fierce!
Original article: https://www.cnbc.com/2023/08/21/american-workers-are-demanding-almost-80000-a-year-to-take-a-new-job.html