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When looking for work, some people have a preferred minimum salary in mind. Learn about salary requirements for American workers here.
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While most workers don’t get to decide their salary, many people have a preferred amount of money that they hope to make to afford to live comfortably. Some people are looking to transition to a new job, but it turns out that how much a job pays is a significant deciding factor for whether some will start a position with a new employer. A recent survey found that job seekers seek a minimum salary of around $79,000.
Workers looking to transition have wage expectations
The Federal Reserve Bank of New York recently published its July 2023 SCE Labor Market Survey. The survey examines consumers’ experiences and expectations regarding the labor market. It turns out that Americans who are looking for work have an ideal salary in mind.
The survey found that the average reservation wage — the lowest wage one would be willing to accept when taking a new job — continues to climb. The July 2023 study found the average reservation wage to be $78,645. The average reservation wage in July 2022 was $72,873.
The good news is the average wage for full-time job offers has increased in the last year. The same study found that the average wage for a full-time job offer rose from $60,764 to $69,475. That’s great news for workers’ bank accounts.
These stats show that wages are important to job seekers, and some aren’t willing to take a job if it doesn’t meet their preferred salary conditions. Rising living costs may be a significant factor for why workers are set on a new job meeting specific salary requirements.
What to look for in a job offer
Whether you’re out of work or are looking to transition to a new role with a different company, it’s important to carefully consider any job offer that comes your way before accepting. Not every job offer will meet your needs, and you have to decide if it’s worth taking a less desirable offer when it comes your way — or declining and waiting for a better offer later.
Salary is one major aspect of any job offer that shouldn’t be ignored. You want to ensure you can pay your bills and continue to meet your personal finance goals. The salary should also match the responsibilities that are expected of you and your experience level.
If the salary offered feels like it may be too little, it’s a good idea to consider negotiating for more pay. You don’t want to accept a job and then spend all your time worrying about finances. Check out these salary negotiation tips if you need help asking for more money.
You’ll also want to consider the entire benefits package the company provides. Do you get health insurance? How many vacation days and sick days do you get? Is a 401(k) account offered? Being offered valuable benefits can make a difference. If you’re unhappy with a potential employer’s compensation package, here are three benefits to negotiate.
Well-paying jobs exist
If you’re searching for a new job and are feeling disappointed with the salaries you’re seeing, don’t give up. If you have the flexibility, you may want to consider moving to a lower-cost-of-living area. Some cities have lower living costs, yet average wages are high. Check out The Ascent’s research on the most affordable cities with high salaries and low living costs.
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