Sunday, June 4, 2023 |
Partly Cloudy

One of employers’ biggest pay headaches is likely to persist in 2023 — with a troublesome new twist

December 7, 2022
silver and gold round coins in box

Even with economists and CFOs worried about a potential recession, wages are still going up — especially for those who switch jobs. The median annual pay of someone who stayed in the same job over the past year grew 7.6% over the year ending in November, according to an analysis by payroll and benefits platform ADP. But that was barely half of the 15.1% median increase for those who switched jobs. While both are down slightly from over the summer, they both show overall wage gains are still much higher than they were before the pandemic — a major side effect of the tight market for talent. The ADP data is bolstered by the most recent data from the Bureau of Labor Statistics, which found average hourly pay grew 5.1% compared to the same time a year ago, more than the 4.9% average hourly wage growth reported in October.

Article Source: Baltimore Business Journal

The Morning Rundown

We’re staying up to the minute on the issues shaping the future. Join us on the newsletter of choice for Maryland politicos and business leaders. It’s always free to join and never a hassle to leave. See you on the inside.