Companies Slash Pay for New Hires Amidst Economic Downturn

As the job market cools, companies are reducing salaries for new hires, with nearly half of employers surveyed saying they are lowering pay for recent job openings. A survey by ZipRecruiter found that 35% of US workers who started a new job in the last quarter took a pay cut. Additionally, signing bonuses were offered less frequently, with only 28% of people receiving them. The average salary for a new hire in August 2023 is $76,774, below the average "reservation wage" that workers said they would accept. The market shift has led to increased competition and reduced salaries for job seekers.