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The Salary Trap

In a moment of change in the job market amidst economic uncertainty, this report aims to understand how these transformations impact workers and companies, in a phenomenon we call the ‘Salary Trap'.

The report explores a changing business landscape:
 

  • Are people actively participating in skill development?  
  • Are current salaries fair according to workers?  
  • What is being offered to appeal to new candidates?  
  • What is the current sentiment towards “new hires” in business 
85% of people surveyed said the high cost of living made financial compensation more critical now than a year ago. Over one third changed jobs in the past year looking for better pay, with 61% doing so for an increase of $10,000 or less.

Companies are struggling to find employees to fill open positions.

  • 46%46% of managers feel they have had to overpay new hires due to market competition and high expectations from candidates.
  • 40%40% said those hired didn’t have the skills or experience necessary for the new role.
  • 61%61% of those surveyed changed jobs for an increase of $10,000 or less.

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