Salaries Haven’t Recovered from Lockdowns

Covid 19 took a heavy toll on Americans’ salaries.

Elements Global Services surveyed 2,200 people in English-speaking countries, including the US, Canada and the UK, asking about how they fared pay-wise through the pandemic.

65% say their income was either flat or decreases, year over year. For those bringing home less, a pay cut was the top reason cited. Number two was losing a job altogether, a variable income the number three reason and taking a job with lower pay number four.

55% of those who saw their salary reduced say so far in 2021 it hasn’t rebounded to pre-pandemic levels yet.

Those with jobs aren’t in a hurry for a change. 35% say it would take a 20-25% pay increase to convince them to change jobs now. 34% would make the transition for a 10-15% increase.

But it’s a time for optimism. 55% of those surveyed expect to make more in 2021.

photo: Getty Images

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