NEW YORK — As millions of U.S. workers quit their jobs in search of better pay, a trend known as the Great Resignation, new research offers a sense of how much people are looking to earn before they make the leap.
The magic number? Individuals want annual pay of at least $73,000 to leave their current position for a new one, according to a recent survey from the Federal Reserve Bank of New York. That's up from $68,954 in 2021.
Increased salary expectations were most pronounced among younger employees, male workers and college graduates, according to the survey of more than 1,000 people, which included employed and unemployed respondents.
A tight labor market as well as a searing inflation, which is raising the cost of living, is driving workers' demand for bigger paychecks. Moving to a new job is often the best way to secure a meaningful wage hike.
Employees are are also getting choosier about where they work, emboldened by a historically tight job market that has employers competing for talent.
Nearly a quarter of respondents to the survey said they had looked for a new job in the past four weeks, up slightly a year ago, according to the New York Fed. Those most likely to look for new jobs were younger than 45 and college-educated. That is up sharply from the end of 2020, when roughly 18% were testing the job market.
Nearly 57% of workers are satisfied with their wages, according to Fed researchers. Non-wage benefits appear to be improving slightly as more employers offer enticements like free lunches, remote work and other non-monetary perks to attract talent.