Workers are increasingly worried about losing their jobs, especially with AI replacing positions, but that doesn’t mean they’re willing to lower their salary expectations.
According to a recent survey by the Federal Reserve Bank of New York, workers today are expecting at least $81,147 for a new job a significant increase of almost $20,000 since March 2020.
The survey found that 4.4% of respondents believe they could lose their jobs soon, the highest since the pandemic hit in 2020.
However, even with this fear, job seekers are holding firm on their salary demands.
AI and economic uncertainty are driving these concerns. Companies like Klarna and Cisco are using AI to reduce their workforce, leaving employees worried about their future job security.
Additionally, many workers feel stuck in roles with little chance for a promotion, especially women, people without college degrees, and those earning under $60,000.
Despite these fears, more people are actively searching for new jobs now than during the Great Resignation.
Nearly 30% of survey participants reported job hunting, the highest level since 2014.
Additionally, the number of people switching employers has reached an all-time high at 7.1%.