Desired Salary When US Workers Change Jobs? Average '114 Million Won'

When Americans change jobs, the minimum expected wage is approximately 114 million KRW.

According to the New York Federal Reserve Bank (NY Fed) on the 15th (local time), the average reservation wage of Americans in March was $81,822 (about 114.37 million KRW).

[Image source=AFP Yonhap News]

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The reservation wage is the minimum wage that workers want to receive. They choose to change jobs only if the wage offered by the employer is higher than the reservation wage.

This survey result is the highest since the 2014 survey, showing a significant increase from the previous survey in November last year, which was $73,391 (about 102.6 million KRW).

The NY Fed analyzed that this trend was particularly evident among men, respondents under 45 years old, and workers earning more than $60,000 annually.

The average reservation wage continues to show an upward trend. Foreign media analyzed that although the U.S. government is striving to curb inflation, the pressure of rising prices remains strong, leading workers to want higher wages. At the same time, strong employment demand has given workers the power to demand higher wages.

Although workers’ reservation wages have increased, the starting wages offered by employers have decreased. The average starting wage in March was $73,668 (about 102.98 million KRW), lower than $79,160 (about 110.66 million KRW) in November last year.

The percentage of respondents who said they had looked for a job in the past four weeks was 25.1%, up 2 percentage points from the November survey last year (23.1%). This is the highest figure since the March 2014 survey.

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