Job Market RESET? Why You're Making LESS Money After COVID-19

Discover why salaries are recalibrating post-COVID! Dive into the latest insights on wage corrections, lower job offers, and the challenges employers face with training and retention. Plus, get actionable advice on how to prove your worth in today’s shifting job market—perfect for young professionals! www.watchdogonwallstreet.com 

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
Tiber Little Salary Recalibration. We told you this was coming.
It took a little longer than I expected. Were five
years out of fricking COVID. There are things we're getting nuts.
Crazy companies hiring paying kids ridiculous sums of money, many
of them working from home. All of a sudden, you

(00:38):
trained all of these kids that, hey, I've worked hundreds
of thousands of dollars, I've just graduated from college, and
I want to work from home in my pajamas. Right.
We told you that wasn't going to last. Okay, Eventually,
eventually reality, reality steps in, and that's where we're at

(01:01):
right now, and we're seeing it. And it's not a
bad things. Okay. I know a lot of younger people
all upset. Deal with it. Okay, deal with it. You
were overpaid. You're overpaid for a period of time. Are
you trying to kick Okay? Yeah, I've got my job
doing human resource it's for one hundred and fifty thousand
dollars a year, and I just graduated from Jerkwater State.

(01:23):
Give me a break anyway. The salary difference between those
who stay in their roles and those who change jobs
has collapsed to its lowest level in ten years. Job
stays increase their wages by about four point six percent
in January and February. Meanwhile, those who switched jobs received

(01:45):
only slightly more at four point eight percent. Now that
is a gap that has narrowed quite a bit. Where
people who were switching jobs were getting bumps of almost
ten percent, which quite fly. Yeah, as an employer, it's difficult,
is it not. Listen, you want to pay your people well,

(02:09):
but then you're bringing people in. It costs you money
to train somebody, and then all of a sudden, the
guy up the street says, hey, you know what, well,
you know you've been trained, we'll pay you more. And again,
I'm all for competition. I don't have any problem with
competition at all when it comes to salaries. But again,
you've got to take into you know, the employer's point.
You're training, you're doing all these things. This is why

(02:29):
you need to have various different uh you know, contracts
in place where you're not allowed to jump ship here
and there they push back against. That causes all sorts
of issues, but it's working its way out like the
market does. Again, they're they're talking about right now wages
some people people, what people are getting and what they're

(02:51):
expecting are have changed drastically. Again, people are saying that
their offers are anywhere between ten to forty thousand dollars.
Last and again they find anecdotes and these stories. Again,
I don't know where the Wall Street Journal finds these people,
but they do. Here's one, here's another anecdote. Kim Vandrilla,

(03:13):
forty two, have been working as a creative director for
a major consumer brand up until this past fall when
she was laid off. She was making more than two
hundred thousand dollars. She's finding during her job hunt, she's
finding the same role listed for one hundred and forty
to one hundred and sixty. Okay, she was laid off

(03:38):
major consumer brand. Again. I hate being the reality check here,
but either that consumer major consumer brand is really falling
off a cliff and doing very very poorly, or Kim

(03:59):
Vandrilla Kim Vandrilla didn't show her bosses that she was
worth her two hundred thousand dollars salary. Again, jagged little pill.
I know again, people, you have to come to grips
with this. Okay again, I explained this to my kids,

(04:20):
been on my kids. Okay, you want to go get
a job. Okay, you get a job. Okay, you understand,
you know what you're getting paid. You better, you better show,
you better prove to your bosses. Okay that guess what
you're worth every single penny that they're paying you by producer?

(04:40):
Are your creative director director for a major consumer brand?
I don't know. Maybe your creativity wasn't wasn't showing in
the bottom line, because if it was, you wouldn't have
been laid off, unless, of course, the company was falling apart.
That's that's just the reality. But you're seeing this across

(05:02):
the board, and how you know, more and more people
they're finding new jobs, and they're they're less unfortunately many
of them. Many of them may have gotten themselves into
mortgages and various different things that they might have afford,
which could cause a bit of a disconnect, which I
don't you know, you don't want to see that happen.
There was, and like we presented it, a major disconnect

(05:25):
during COVID when it came to the salaries that are
being offered. The jobs have been solely maturely drying up.
Now whenever you're trying to find them. Yes, the salaries
are going to be coming and less. That's just a reality.
In certain industries. They overpaid. It is a call it
a course correction, recalibration, whatever. Maybe that that's why it's

(05:47):
called the jobs market. It's a market market for talent.
And again say it again, Oh young people listening to
this right now. Okay, whatever job you get, you make
sure you make sure that guess what are you are
invaluable to that company you're bringing in the books. Okay,

(06:09):
that's what you're there for. I want to make sure
you're not getting fired. Demonstrate your worth. Watch Dog on
wallstreet dot com