Compensation in 2024 — Employees Seemingly Unhappy

In July the New York Fed did an employee survey. The report is titled the Survey of Consumer Expectations Labor Market. Comparing the stats to the July 2023 survey, the Fed said, “satisfaction with wage compensation as well as with non-wage benefits and promotion opportunities at respondents’ current jobs all deteriorated.”

How bad is it? Well, truth be told, most people are usually unhappy with some part of their compensation package. According to the Fed survey, we’re more unhappy than usual.

• 56.7% said they are satisfied with their pay in 2024
• In 2023 that figure was 59.9%
• Satisfaction with benefits this year is 56.3%
• In July of 2023 the figure was dramatically higher at 64.9%
• Satisfaction with the future career path is 44.2%
• That’s also down dramatically from 53.5% in 2023

The biggest drops came in young women, people without a college degree and employees earning less that $60,000 a year.

• In January of this year, 11.6% said they plan on finding a new job
• 10.6% said they’d be looking for work in July of 2023
• 4.4% think they’ll lose their job this year
• In July last year that number was 3.9%

The New York Fed also looked at what wage a prospective new hire wants to take a job. The Fed calls it a reservation wage. That average figure has been rising rapidly the last few years as the labor market has grown tighter and inflation has grown.

The reservation wage was $81,147 in this year’s survey. At $81,833 in January of this year the figure was not much higher. It is, however, quite a bit over the $78,645 in July of last year.

That’s what workers want. What they expect is $65,272. Last July the number was up a couple thousand dollars to $67,416.

Source link: Insurance Journal — https://bit.ly/4fVChMv