Companies are cutting salaries for new hires as workers' pay expectations hit record highs

The posted salaries for the roles he's interested in, the 24-year-old says, have fallen around $10,000 since he last browsed job listings six months ago . Dalrymple has also noticed that hiring managers seem"a lot less eager" to mention, or discuss, pay during job interviews than in 2021, the last time he was on the job hunt.

To be fair, persistent inflation isn't helping the disconnect between companies and new hires: Bosses see inflation as a reason to cut costs, while workers see the higher cost of living as a reason to ask for more money.The job market is still recovering from the whiplash of the past three years, including the lasting effects of remote work and the"This drop in pay for new hires is almost a normalization from the last two years when new hire pay was bonkers," Wilke adds.

Much of the employee-employer disconnect around compensation, she adds, has been fueled by a difference in expectations."Job seekers adjusted their salary expectations based on the 'great resignation,' while employers are trying to return to the way things were before the pandemic," Pollak explains.

Plus, companies aren't hiring quite as many people as they were 9, or 12 months ago, Seifert points out."A lot of leaders still feel threatened by a possible recession or downturn and are pumping the brakes on spending, and for many, hiring is their largest expenditure," he says.738,000 to 9.58 million, according to the U.S. Bureau of Labor Statistics.

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