Name: Switching Jobs for Better Pay Is Getting Harder
Uploaded: 2023-08-30T15:27:00Z
Duration: 6 min 10 s
Description: After years of luring new workers with hefty pay increases and bonuses, many companies are reversing that trend. WSJ’s Te-Ping Chen joins host J.R. Whalen to discuss why employers are reducing salaries for new recruits and what it means for job seekers. Illustration: Matt Chase

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After years of luring new workers with hefty pay increases and bonuses, many companies are reversing that trend. WSJ’s Te-Ping Chen joins host J.R. Whalen to discuss why employers are reducing salaries for new recruits and what it means for job seekers. Illustration: Matt Chase

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Switching Jobs for Better Pay Is Getting Harder

JR: Here's "Your Money Briefing" for Wednesday, August 30th, I'm JR Whalen for the Wall Street Journal. Those steep pay raises companies have been offering to new hires for the past several years are coming back down to Earth. Wall Street Journal reporter, Te-Ping Chen looked into this reversal of fortune and she joins me now. So Te-Ping, remind us why were companies offering such hefty salaries and bonuses for new workers over the past couple of years?

Te-Ping: Well, during the pandemic we had a lot of disruption obviously in the labor market and a lot of workers wound up sitting on the sidelines and companies really having to compete pretty fiercely in order to get folk through the door. This also happened to coincide with the time that a lot of companies need to hire quickly, ramp back up after the worst of the pandemic and these sorts of forces combining to really create a condition in which companies were doling out huge pay raises in order to sometimes poach workers or bring people off the sidelines. And it became a really intense bidding war almost an auction mentality at times.

JR: Yeah, it seemed like every week we were talking about the great resignation.

Te-Ping: Yeah, absolutely. So it was a time when we saw enormous raises being offered in many cases, huge signing bonuses and others and other perks like remote work, et cetera.

JR: So why are many companies reversing course and what kind of turnaround are we talking about?

Te-Ping: Well, especially after we saw the layoffs really ripple through techs starting last year, a lot of companies across sectors have become much more cautious in their hiring. A lot of companies just looking around and sensing potential economic headwinds over the last few quarters and thinking, okay, well we have to be more conservative here. Sometimes that looks like layoffs, and in other cases as our story reports it also looks like pay cuts for new hires.

JR: Are some kinds of jobs seeing steeper drops than others?

Te-Ping: We're seeing a lot of these declines happen especially in professional services and in the tech sector. We are also seeing it across others as well. So certainly not exclusively something that's happening with professional jobs but more concentrated there I would say.

JR: But other industries where new workers are still being offered pay bumps?

Te-Ping: There are, the government is one sector where and also nonprofits where we have seen some growth. It's not necessarily just industry specific that we're seeing for certain in really in demand roles, in whatever industry, you are still seeing pay bumps, absolutely. And for others, even in industries that are really struggling to hire or where we're seeing a lot of demand now, there are other roles that may be seeing pay cuts.

JR: But these pay declines, are they only affecting new hires?

Te-Ping: The data we have is for new hires and we can see very plainly that the trend has reversed from what it was before. Last year we were seeing pay jumps across a very comfortable majority of jobs being posted and now we're seeing the inverse happening. As far as whether this is going to affect other workers, already employed workers, that's harder to say. I have certainly heard of cases, in which companies have been lowering salaries as far as what the data is documenting right now, we see it certainly for new hires. It's fair to say that there are going to be ripple effects down the line.

JR: What kind of an effect is this having on workers who are currently considering changing jobs?

Te-Ping: Well, it's a big reset in expectations, if you were job hunting a year and a half ago, you were getting applied in some cases with multiple offers, you had a lot more leverage. And at this point, the job seekers that we've been talking to this year, it's just, it's a real turnaround and not only are you scrapping much more to even get an interview or any kind of response to your applications, if you are able to get to the negotiating stage and to talk pay, it's absolutely a time when expectations are being tempered and candidates are feeling that really strongly now.

JR: So it seems like businesses are beginning to regain the balance of power over workers, but could reducing pay to this degree put that advantage at risk?

Te-Ping: Absolutely, you may be able to hire someone for lower pay but if you aren't paying them at an adequate rate, as one of the recruiters we spoke to for the story said "You're gonna have a temporary employee." So it certainly is a time when we see employers having more leverage in negotiations but at the same time would probably be well advised not to push too hard because after all, we still are environment with low unemployment and certainly we have seen candidates expecting and wanting more, even if right now they're not necessarily able to get as much as they had in years past.

JR: But companies still need to get qualified workers in their seats, and if they can't afford the higher salaries, what are they doing in place of that to attract qualified workers?

Te-Ping: Yeah, so for companies that are not positioned to pay as much as they used to, either because A, they can't afford to, or B, they just simply don't want to because market rates have dropped. We are seeing companies turn to other kinds of mechanisms like for example with sales roles maybe increasing incentives while reducing base salaries. That's a pretty common strategy we're seeing right now and that seems to be one that companies have identified as a way to cut and control costs but also try and avoid alienating applicants too much.

JR: So looking big picture, what does this trend tell us about the current job market?

Te-Ping: It just really shows how much the job market has flipped. As you said, up till pretty recently we were talking about the great resignation and all of the bargaining power that workers had. And while that's still true in pockets of the economy, we can see broadly that it's just a very different environment and these pay cuts reflect that.

JR: That's Wall Street Journal reporter Te-Ping Chen and that's it for "Your Money Briefing." Today's show is produced by Ariana Osperu with Deputy Editor Chris Hinsley. I'm JR Whalen for the Wall Street Journal. We'll be back tomorrow morning. Thanks for listening.

WSJ's Your Money Briefing podcast is your personal-finance and career checklist. Finance reporters and experts break down complicated money questions every weekday to help you make better decisions about managing your money. 