After a few years of hefty pay increases for new hires, the trend is reversing, potentially spelling the end to a brief golden age of wage growth for job seekers.
That’s according to data collected by online job board ZipRecruiter, which analyzed year-over-year changes in pay posted for more than 20,000 online job ads. It found that the average posted pay for more job titles declined more than increased so far this year. Last year, the opposite was true: Three-quarters of job posts offered higher pay compared to 2021. Additionally, 48% of companies surveyed by ZipRecruiter in July said they had reduced pay for certain roles this year.
Some of the decreases are dramatic: Posted salaries for CDL truck drivers are down 47.1% year over year, while Class A truck driver pay is down 32.9%, according to ZipRecruiter.
The industries experiencing the heaviest reductions in advertised pay include technology, travel, and transportation, among others, according to the survey results.
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