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New hire salaries going down, study shows

Research is showing the big bonuses and high salaries coming from COVID-19 are going down.

CHARLOTTE, N.C. — For those on the lookout for a job, WCNC Charlotte broke down the numbers which showed the pay for new hires is going down.

In recent years, employers struggled to fill open spots as one of many results of the pandemic. The challenge led to higher sign-on bonuses and competitive pay. But that’s starting to change. 

WCNC Charlotte is always asking "where's the money?" If you need help, reach out to WCNC Charlotte by emailing money@wcnc.com.

It's why the Wall Street Journal took a look at the 20,000 job titles posted on ZipRecruiter showing average pay for most roles went down.

According to the article, at least two industries saw the deepest salary dives. That's transportation and technology. It's important to note businesses in those categories could be making up for big hiring pushes they made last year and in 2021. 

Meanwhile, writers cite the Department of Labor stats showing wage growth peaked last summer. Since then though, it has dropped by about 6%. 

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Even more data, this time coming from researchers out of a firm called Gusto,  shows pay rates for new hires are 5% lower than this time last year. As for the jobs and people most affected, pay rates for engineers and developers dropped 18% in the past year.

Contact Kia Murray at kmurray@wcnc.com and follow her on FacebookTwitter and Instagram.

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