CHARLOTTE, N.C. — Bosses everywhere are trying to rest worker pay levels after the big post-pandemic job boom.
Companies say the era of overpaying for talent is over and for the first time, it's trickling down to workers who were able to thrive during the pandemic, according to the Wall Street Journal.
Pay for many white-collar jobs shrank last year, even as salaries for blue-collar workers rose. But now, even those sectors are feeling the pinch as trades and other blue-collar industries are impacted by cutbacks.
Roles that once offered salaries ranging from $175,000 to $200,000 a year are now being offered for tens of thousands less. Companies are also moving jobs to cities with lower costs, pushing workers out of metro areas nationwide.
The change reflects a power shift as the job market cools after experiencing major growth out of the pandemic. Job seekers held the leverage for a long time but the pendulum has swung back the other way, with employers getting pickier about who they hire and how much they pay those folks.
In addition to cutting salaries, some companies are looking for younger, inexperienced workers who they can hire for less.
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