During the covid pandemic-19, thousands of American workers made the decision to change of employment motivated by better wages and working conditions, a trend known as ‘The Great Renunciation’.
However, little was known about what was the desired average figure for which employees were willing to change jobs.
According to a recent survey by the Federal Reserve Bank of New York, people in 2022 seek an annual payment of at least $73,000 dollars to leave your current position for a new one.
This is a figure greater than $68,954 dollars expected by workers in 2021.
However, the average full-time offer salary received in the last four months is $60,764 Dollars . Although it also registered a slight increase compared to the same month of 2022, when the salary was $58,469 dollars.
According to the survey , higher salary expectations were more marked among younger employees, male workers and university graduates; based on responses from more than 1,000 people, which included employed and unemployed .
Almost a quarter of those who responded to the survey said that they had looked for a new job in the last four weeks, slightly more than a year ago, according to the New York Federal Reserve.
Those most likely to seek new jobs were under 45 years old and with university education.
The survey also showed that almost 57% of workers are satisfied with their salaries. Non-salary benefits seem to be improving slightly as more employers offer incentives such as free lunches, remote work and other non-monetary benefits to attract talent.
That’s a big increase from the end of 2020, when approximately 18% were testing the labor market.
The transition rate to a different employer decreased from 5.9% in July 2021 to 4.1%. This decline was more pronounced for women and for respondents with annual household income less than $60,000 Dollars.
Employees are also increasingly more selective about their place of work.
A tight labor market, as well as historical inflation, which is raising the cost of living, is driving workers’ demand for higher wages. Moving to a new job is often the best way to secure a significant pay raise.
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