At the height of the "great resignation," many new hires could expect to double their salaries or receive generous sign-on bonuses.
But landing a new job today doesn't pay off like it did only a year ago.
Lower quit rates, increasing labor supply and falling worker demand could all be to blame for slowing wage growth this year, says Nela Richardson, chief economist at ADP.
Some industries have been hit harder than others: For new hires in finance, pay growth has been at a "literal standstill" since July, says Richardson.
As Richardson cautions: "That new-hire glow — contentment fueled largely by big pay increases — is fading fast."
Persons:
Nela Richardson, Richardson, Jobseekers, Chris Cicconi, Cicconi, Aerin Paulo, Paulo, I've
Organizations:
ADP
Locations:
Lower, U.S, Montreal, Connecticut