Vanessa Fuhrmans
speaker
458 appearances
8 recordings
1 series
first heard Feb 2020
last heard Oct 2024
Vanessa Fuhrmans’s voice in public audio — every appearance, attributed to the second.
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Appearances
And that has all really settled down.
So people now are no longer leaving their jobs like they used to for presumably better jobs.
And companies have really slowed down the hiring.
And that means the
that they don't have to offer the same incentives and more money to lure workers.
And they also don't have to pay bigger raises to keep workers to stay.
Where the market is really shifting a lot in terms of money is with new hires.
Because as we know, once you are in a job, you earn a salary, those salaries don't tend to go back down.
It's a question of managing the raises.
And that's one percentage point here, two percentage points there, or working with...
freezing or holding bonuses steady or even cutting the bonus.
But when someone is coming into a job for the first time, for instance, from a survey that ZipRecruiter did, not even 60% of people who switched to a new job recently were getting more money for that job.
And back at the end of 2023, at least 70% of people were getting a better salary.
But they're being more judicious with those bonuses and those merit raises.
And they may be just simply offering less money than they were offering when they were advertising for the same job two years ago.
And we're seeing that in those fields that were really in high demand, like technology, finance.
That's all kind of slowed down.
Some companies that have multiple offices in different cities and even countries might be looking to place people who were previously in a high-cost city or high-cost country.
They might be trying to fill that position as it opens up in a lower-cost city.
We spoke with one CEO who referred to it pretty bluntly as geographic arbitrage.
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