Julia Carpenter

speaker

3,850 appearances 71 recordings 1 series first heard Oct 2019 last heard Sep 2024

Julia Carpenter’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Raises Offered to Workers to Switch Jobs Are Shrinking · 3 May 2023 podcast

And that pressure is lessened now. matched

They're not willing to pay those high premiums. matched

And workers are also realizing that they don't have the leverage they once had. matched

So according to wage tracking data from the Federal Reserve Bank of Atlanta, the typical job switcher earned an 8.4% raise in August 2022. matched

And in March of this year, wage growth for job switchers had fallen around 7.3%. matched

So part of it is that the so-called quits rate, which measures how many people voluntarily leave employment, has fallen to 2.6% in February. matched

So that's down from that 2021 high, the high of 3%. matched

That's data from the Bureau of Labor Statistics. matched

I think a lot of people remember all the headlines about the great resignation, and they remember seeing in job listings or talking with friends that employers were paying these huge premiums in an attempt to lure new talent. matched

And that's not happening as much anymore. matched

We're seeing the power shift back to the employer. matched

That's, again, speaking to this lessened pressure that employers are feeling. matched

They felt this huge pressure previously to keep new talent, to recruit new talent. matched

And that pressure is lessened now. matched

They're not willing to pay those high premiums. matched

And workers are also realizing that they don't have the leverage they once had. matched

People probably feel this in their own wallets, but inflation is sort of eating away at many pay raises. matched

It's not going as far as it once did. matched

We're in an unsettled market right now with fears of a potential recession. matched

So people don't want to trade off that disruption of changing jobs or doing it more than once for a pay raise that may or may not be there. matched

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