Unlocking Clarity: How AI Legalese Decoder Can Illuminate Salary Trends in 2023
- August 1, 2024
- Posted by: legaleseblogger
- Category: Related News
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Current Job Market Trends
It appears that the current job market is experiencing a notable shift in salary offerings for new positions. Many job seekers are finding that the salaries for available roles have decreased significantly, often ranging from $5,000 to $20,000 lower than what they might have expected or what was common before. This trend raises concerns for individuals entering the workforce or those seeking new opportunities.
Increased Competition Among Candidates
Compounding this issue is the considerable increase in the number of candidates vying for these positions. With many individuals re-entering the job market or pursuing new careers, it feels as though there are double the applicants for every available job. This surge in competition not only makes securing a desirable role more challenging but also exacerbates the downward pressure on salaries.
The Role of AI Legalese Decoder
In navigating this evolving landscape, tools like the AI Legalese Decoder can be invaluable. Job seekers often encounter complex employment contracts, offer letters, and other legal documents that may contain confusing jargon or unfavorable terms. The AI Legalese Decoder simplifies this process, making it easier for individuals to understand their rights and obligations within these documents.
By providing clear interpretations and explanations, the AI Legalese Decoder empowers candidates to negotiate better terms when discussing salary and benefits. Understanding the fine print can help job seekers make informed decisions and potentially turn the tide in their favor despite the current market conditions.
In summary, while the job market may present challenges with lower salaries and increased competition, utilizing tools like the AI Legalese Decoder can provide crucial support in understanding and negotiating job offers effectively.
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Supply v demand? Aleast in IT, it’s been stagnant due to competition
Yep. My accountant friend ended up accepting a low salary as it was the best she could get this year.
Advertising a few roles and my experience is that salary expectations are a bit lower. Awash in candidates, and only 1 in 100 is a realistic application.
Also, I was unprepared for the absolute sea of chat-gpt generated cover letters. Yuck.
In Corrections, Police, Nurses, Social Workers they are all went up and will continue to go higher.
In saying that these jobs are highly stressing for the things you do and for the money you get.
with people getting made redundant and needing workers employers are using it to their advantage to exploit skilled workers. Im on $74k but i see similar to my roles advertised on the likes of seek and TM for $55, would i apply for these roles? absolutely not… would i if i was made redundant and needed a job? yes
Yes. I was lead candidate for a role, thue were not keen on my asking salary and went no further, a month later they list a position, this time it was a graduate/entry position, my assumption was they can most likely hitlre someone overqualified at a entry level salary as those people are in market hunting for jobs and will accept what ever terms to simply hold a job. Most industries I suspect are the same or moving towards this, the days of musical chairs and salary band jumping are bebind us.
The tide will swing back though as it seems there is a mini exodus of skilled labour exiting Nz
Spoke to a recruiter last week and they said that salaries and day rates are dropping.
More qualified candidates are taking roles that they are over qualified for.
Lots of people applying for the same job.
It’s a massacre out there for the unemployed.
Also the same recruiter posted on LinkedIn that she’s been getting more than 100 applicants for a role within 24 hours of posting. A year or so ago, there would have been 10 at most.
All the cuts/people being made redundant leads to more competition and allows companies to pay less.
My role has recently been made redundant. My company has instead created many roles with lower titles and less pay, knowing some people are willing to accept whatever to stay employed.
I have interviewed for several jobs externally. A recruiter told me last week that there are a lot of senior people willing to go for jobs a step down.
So yes I believe the salaries have gone down (at least in real terms) because there are more candidates than jobs.
Yes, salarys have been stagnant or dropping a bit for a while, immigration and recession are the main causes
When applying for roles, both contracting and full time, I definitely had a feeling that salaries are lower than they were when I was applying last year.
But then again I got offered more than I expected for the single role that made me an offer, so I can’t really complain
If this anecdotal observation is true, i guess it means that we are on track with reducing inflation?
Got the least payrise in my 4.5 years of tenure but that’s also because I hit the max of my payscale. Time for a new job anyways.
yes, our compensation team did a call with me and advised that several roles would need lower salaries to reflect the current climate (the rationale is that salaries actually got overcooked in covid and now that supply and demand are balanced they needed to settle back)
Wages haven’t even kept up with the cost of living/inflation. And already, companies (on the back of MASSIVE profits) are lining up to pay less.
.supply /demand. …
A company my buddy works for makes over 100% profit minimum (after overheads, salary, head office, fleet costs etc) on every single FTE employee. Guess where ALL that profit is heading?….. Not to bonuses or pay rises. Hell, they gave staff less than inflation the last 2 years
Yes, absolutely. I was offered a role based around planning and strategy and their absolutely max was $85k pa. I’m in a less senior role now for $100k, so I haven’t moved. They’ll get the role filled, but not by a senior with planning and strategy experience.
Breaking news. Record immigration from low wages countries suppresses domestic wages.
Who knew? More at 10……..
I just went in with a salary/1000 ‘rule’ quote for a longer contract… I hope they understand that rate’s somewhat negotiable! But I thought the reasoning to get to that price was sound. I hope I didn’t high-ball myself… geez.
I really dislike how on seek that they have the option to ask you upfront what your salary expectations are without also advertising their salary range and packages. Had a company not even open my application (if they did they would have visited my online portfolio and I can see the traffic). I put $5k over their top bracket (looked it up on what’s the salary) because I wasn’t sure if t was a total remuneration package etc. I also was bringing 8 years in the industry. But their lazy asses couldn’t even be bothered to at least look beyond the number and check out my work. I think I’ll put $0 in the box next time haha just so I get eyes on my resume.
I hear a lot about competition. I am curious, if there are a lot of under qualified people applying for roles. That said for my entire decade long career as a Software Developer, I’ve only seen one company been able to afford to hire a Junior developer. That being me. It’s really difficult to hire new untrained people. Too much responsibility placed on each worker.