| Trump’s tariffs will have near-immediate effects on hiring and jobs |
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| | Conventional career advice usually says that changing jobs regularly is the best way to keep your salary growing . But new research suggests that might not be true anymore. “According to the Federal Reserve Bank of Atlanta’s Wage Growth Tracker ‘job stayers’ are enjoying greater salary growth than ‘job switchers’ for the first time since 2010—during the aftermath of the global financial crisis,” writes reporter Jared Lindzon in Fast Company.
Why is this the case? A few factors could be at play. “There’s a possibility that the people who are switching [now] are different, or it could be that employers, even though the unemployment rate is still relatively low, their demand for workers is not as such that they need to offer higher wages,” Melinda Pitts, research director of the Atlanta Fed’s Center for Human Capital Studies, tells Lindzon.
Trump’s recently announced tariffs could lead to fewer opportunities for job seekers, says Solange Charas, a Columbia University professor and the founder-CEO of HR consulting firm HCMoneyball. “Charas explains that the stock market’s reaction to Trump’s ‘Liberation Day’ tariff announcement last week is eating away at retirement savings ,” writes Lindzon. “That could force boomers to remain in the workforce longer, increasing labor supply. At the same time, companies are likely to reevaluate their budgets for this year and make significant cuts, which will likely eat away at demand.” —Julia Herbst | |
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