Sounds like a cost of living adjustment to me.
I'd also like to know where these surveys are being run, as the COL varies wildly between states.
this post was submitted on 22 Aug 2023
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It's national.
Same. Median income in my MSA is only about $34k, and I'd also like to see the education/experience breakdowns for this data.
Seems reasonable. Life is expensive as fuck.
$10 for a jar of pickles. Bit of a luxury now.
Who's your pickle guy?
Time to start bootlegging pickles
Ask if the pay increases are keeping up with inflation and cost of living. Then base your higher salary ask on this information.
So:
The average reservation wage of U.S. jobs seekers — the lowest annual pay workers would accept for a new job — climbed to a record high of $78,645 in July, up from $72,873 at the same time last year, according to the survey.
Combined with:
Yet the average full-time wage offer received in the past four months was $69,475, itself a marked increase from $60,764 last July.
So that's a ~13.5% increase in full-time wage offers vs a ~7.5% increase in ask. This seems like a non-story then, yes? Inflation has pushed wages higher which has pushed expectations higher. However, the offer increase is higher than the ask increase so... Am I missing something here?
I agree it’s a non story. I mean, take out the numbers and the headline is pretty much “employees want more money and employers don’t want to give it”.
But that's my point, employers are giving it (kinda, I'll circle-back to this). The full-time offer has gone up $9k in the last 12 months. Contrasted with the ask that has only gone up $6k in that same time-frame.
Now, is $70k a livable wage? Hard to say without a more specific location. In bumfuck Alabama, probably. In LA, hell no.
In bumfuk Alabama that'll make you one of, if not the, richest people there.
I agree with you totally. I made the same point lower down and it got downvoted ¯\_(ツ)_/¯
~~Unsurprising. $78k/yr comes out to $2194/mo take home pay per Smartasset's calculator. Average rent is well over $1k/mo with no signs of going down any time soon. Landlords frequently demand potential renters have an income of 3x the rent. Gotta live somewhere.~~
Apparently I'm stupid but I'm too tired to fix it rn so I will just leave my shame up here for all to see. My point is being alive is expensive and bad math or no I'm still not surprised to see this.
Edit again because I'm also too stupid to do a strikethrough correctly even with a formatting bar right there. FML and F this phone too, I'm going to bed
This math doesn't add up 78k is 6.5/mo?
It doesn’t. They just didn’t read the actual link.
That’s $2194 semi monthly. So $4400 a month.
The calculator defaults to semi-monthly and I think the original commenter didn't change it. Also, it defaults to your current location so the take-home will be different for everyone running the calculator (because taxes). $78k is $6500 a month BEFORE TAXES.
I was gonna say, I made 2k/month take home at 28k.
They may have taken the "semi-monthly take home pay" to be monthly instead, and the calculator counts after taxes.
So it's twice what they think it is, and four times what average rent is. You can change it to monthly, and it's more like $4,500 depending on where you live.
You do realize that says semi-monthly, right? Which is twice a month.
So $4400 a month which is right on par with $6500 a month before taxes ($78k).
$78k/yr comes out to $2194/mo take home pay
Just pointing out, that's semi monthly according to that page. So $4400/month.
Uhhhh... that math isn't mathing right.
Also note, this is the amount minimum for someone willing to leave their current job. So that eliminates recently graduated or low skill non college workers from this equation.