After years of growth, wages for new recruits has declined in recent months, The Wall Street Journal reported Aug. 21.
The average pay for a majority of roles has declined compared to last year, according to postings for more than 20,000 jobs on ZipRecruiter. Industries including technology and transportation accounted for the largest drops, according to the Journal.
This decline in wages is in stark contrast to the market in 2022, when salaries in three out of four jobs were larger than they were the year before, according to the publication.
In a ZipRecruiter survey of approximately 2,000 employers, nearly half said they had reduced pay for recent job openings, reported the Journal.
Overall wage growth continues, surpassing inflation in June for the first time in two years. Wage growth peaked last summer and has since declined to 5.7 percent, according to Labor Department data.
When considering pay, employers should be sure not to lower their offers too much, according to Marc Goldberg, CEO of Stages Collective, an ad tech recruiting company.
"I advise my clients not to go down too far, because you’ll have a temporary employee," Mr. Goldberg told the Journal. To keep costs down without deterring applicants, employers have been taking measures such as increasing performance incentives while reducing base salaries for certain roles.