Gen Zers are closing the pay gap with millennials even though they have far less experience. They're making the most of a tight labor market.
Hey, millennials! That fresh-faced high school or college graduate doing your job in the next cubicle may be earning almost as much as you. Possibly more.
“When you hire new people, you have to obey market conditions,” says Gad Levanon, vice president of labor markets for the Conference Board. “If you don’t… you won’t be able to hire them.” JOB HOPPINGThere are other reasons younger workers often see faster pay increases than older ones. They do more job hopping and are starting from a lower base, says Andrew Chamberlain, chief economist of Glassdoor.
Story continuesHow big a nest egg?: Pete the Planner: Could a retiree outlive his savings even with a part-time job? Possibly.“Studies show pay compression leads to low morale and high turnover” as many older workers bolt for other jobs, he says. In July, 3.7 million workers quit jobs, typically to take other ones, the highest on Labor records dating to 2000. The total has since dipped but remains near a 19-year high.
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