A recent report shows us that while the overall job market might be slowing down, there are some areas where wage growth is red hot. Maybe you’re in one of these areas already, but if not then it may be worth considering a move to capitalize on the trend!
Here are Five Fast Facts on wage growth in 2023:
- 📝 The Data - The data from this report comes from over 770,000 workers across all industries, including freelancers and skilled trades, through the month of October.
- 📈 The Top 10 - The best wage growth jobs all had at least 18% growth in 2023. This is triple the average wage growth for all jobs of 5.4%! Seven of the top 10 make at least $50k per year, so grab these and make bank!
- 🤝 Let Me Help You With That - Several of the best jobs are in the service industry. Hair stylists saw 22% wage growth, job coaches 21%, and fitness coaches 19%. Apparently, a lot of people want to look good while hiring coaches for major life decisions.
- 🔧 I Can Fix It - Skilled labor was also roaring this year, with plumbers and auto workers at 21% wage growth, audio/video techs at 20%, and roofers at 19%. At a median pay of $83k per year, plumbers win the prize for most lucrative on our list!
- 😁 How May I Serve You? - The best on the list was management. General managers saw 18% wage growth over the year, and assistant managers landed a whopping 24% increase in pay. Given the cranky customers they have to deal with, we think that’s probably more than fair!
🔥Bottom line: Freelancers seem to have done really well this year, and it makes sense - lots of these jobs translate well into freelancing, and those folks can more easily pivot into profitable work. Regardless, this is a great example of supply and demand at work. With having fewer people working in these jobs, those that do become more valuable, and their increasing wages reflect that value.
How can you use the trends of 2023 to make your 2024 better?
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