Why $73,000 Is the Magic Minimum for Hiring Right Now
Americans' incentives to switch jobs took a big jump in the past year
What will it take to get an experienced worker to apply for your job opening? According to survey data from the New York Fed, the magic salary number is $72,873 for the average American. That's a jump of nearly $4,000 from a year ago, and around $8,600 higher than the threshold before the pandemic.
That means if you're looking to hire you should ask around to make sure the salaries you're offering are competitive. And to retain the talent you have, it's also worth checking that your team members are well-compensated.
The New York Fed asks a series of questions related to salary expectations three times a year as part of the Survey of Consumer Expectations, including on the topic of people's expectations for the wages they'd accept to switch jobs--what is referred to as the "reservation wage." Data is available going back to 2014, when the number was $52,700.
Please select this link to read the complete article from Inc.