OMG, The “Reservation Wage” Is Rising!
That’s essentially the “floor” that white-collar people will accept for a new role.
I think most of us know or realize that six figures ain’t really getting it done anymore in the way we used to think of six figure salaries in 1987, and now everyone feels broke as hell due to inflation and the seemingly rising cost of everything. More on that in a second. I was just introduced to a new term, “reservation wage,” which is apparently the “minimum acceptable offer to switch jobs.” OK, so the job-hopping floor. I got that term from here:
Well, according to a New York Federal Reserve survey, the “reservation wage” across their sample was $78,645. That’s an 8% increase in just one year, and the highest since 2014 — when they started collecting this data.
We previously had some of this data:
