How high labor mobility affects wage growth in the US, according to Randstad



The human resources consulting firm, Randstad, released the Salary Guide 2022, a study in which it reports that active American workers, for the first time in decades, are having the opportunity to access good salaries in various positions in key industries of the productive sector.

Randstad indicated that, for example, wages in the engineering field are increasing by as much as 19%. The report found increases in eight industries in the national economy as Americans quit their jobs at a rapid pace in search of better opportunities.

The 2022 Salary Guide revealed that compensation earnings were higher among mid-level employees whose background and proven skills make them eligible candidates for companies that looking to strengthen their workforce.

“After working through the pandemic for nearly two years, workers have used this time to assess their priorities and are seeking personal and professional improvementssaid Karen Fichuk, CEO of Randstad North America.

“Workers are demanding better wages, more flexible work arrangements and safe workplaces. Our Salary Guide is a one-stop shop for savvy business leaders who want to understand employment trends so they can compete for talent in a tight job market“, he added.

According to Randstad, this annual report provides in-depth analysis of the trends driving changes in compensation and benefits during this work environment.

In this sense, the study found that there is a disconnect between the demands of workers and the expectations of senior management regarding remote work in the context of the pandemic, which will make salary becomes more important for companies they cannot provide the level of flexibility that workers seek.

Randstad found that wages are skyrocketing in the financial services industry. Morgan Stanley and Goldman Sachs increased the annual payment for the first year to $110,000.

In the third quarter of 2021, first-year workers at Morgan Stanley received $85,000 annually, while JPMorgan, Citi, Barclays, Bank of America and Deutsche Bank increased entry-level investment bankers’ pay to $100,000. .

On the other hand, the human resources consultancy highlighted that mid-level employees in manufacturing and logistics are among the biggest winners of the raises.

You may also like: Expert assures that soon more Americans would be quitting their jobs

Source-laopinion.com