WA workers fall behind as raises shrink in state
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Nevertheless, a report by the ADP Research Institute reveals that pay increases for Washington workers who remained in the same job over the past 12 months surpassed the national average. Median wages for these individuals grew by 6.7%, outstripping the national growth rate of 5.7% over the 12 months leading up to October. Despite the slowdown, the state ranked among the top 10 for pay increases.
Nationally, the appeal to change jobs which resulted in higher wages during the pandemic has lost its charm. People are more settled in their current jobs and are not willing to switch because of the rising inflation, especially in the construction industry. As per data by United Seattle, construction workers who switch jobs go for an approximate raise of 8.4%, which is 2.5% more than the workers that stay in the same job. This figure crossed the 8.8% mark in April of 2023.
As per experts, the post-pandemic pay raise era seems to be over. No industry in Seattle is leading the charts in hiring significantly, indicating that people are willing to stay put in their current portfolios, be it construction workers or IT staff. Despite the slowdown in the labor market, it remains robust enough to support strong consumer spending.
Although workers who changed jobs generally experienced higher pay hikes, their annual median wages were lower than those who opted to stay in the same position. This makes it a average out situation for construction workers switching jobs and the ones that are staying put.
Though workers who change jobs generally logged higher pay hikes, their annual median wages were lower than those who chose to stay at the same place.
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