The Wall Street JournalThe Wall Street Journal

The bidding war for workers is over

By Te-Ping Chen

22 Aug 2023 · 5 min read

informed Summary

  1. Pay for new hires is decreasing after years of significant salary increases, with many companies now offering less than they did just months ago. This is due to a cooling job market and businesses becoming more cautious in their hiring.

Pay for new hires is starting to shrivel after years of hefty salary bumps, requiring workers to reset what financial gains to expect from switching to a new job.

Wages, especially for people who changed jobs, climbed in recent years as companies competed for workers to fill pandemic-induced labor shortages. Now, as the job market cools and businesses become more cautious in their hiring, many companies are paying new recruits less than they did just months ago—in some cases, much less.

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