A cooling labor market brings about many challenges for the working class, including barriers to entry-level jobs and layoffs. Additionally, lifestyle inflation and rising levels of debt have made it more difficult to achieve the American dream, once deemed attainable with a six-figure salary. In this video, CNBC Marathon explores the challenges of today’s job market.
More than half (52%) of Americans say they would need at least $100,000 a year to be financially comfortable, according to the August 2023 CNBC Your Money Survey. It’s becoming increasingly more difficult to achieve the American Dream, especially as younger generations are beginning their adulthood with thousands of dollars in student loans. So how much does it actually cost to achieve the American Dream?
45% of American workers say they need a higher income. Data from the Federal Reserve shows that job switchers increase their salary more quickly on average than those who stay put, but hiring professionals say it’s still important for candidates to be strategic when making career moves. It’s important for professionals to consider when to change jobs and how to approach their job search strategically.
Why have job requirements become so demanding and what does that mean for entry-level workers? Lack of credentials ranked second among the biggest barriers for jobseekers in 2022, according to McKinsey & Co. Some workplace experts blame inflated job requirements and layoffs of recruiters, while others point to a skills miss-match between available jobs and recent graduate degrees.
Chapters:
00:00 Introduction
00:46 Why A $100,000 Salary Doesn’t Pay For The American Dream (Published April 2024)
10:12 How Long Should You Stay At Your Job (Published April 2024)
22:32 Why Entry-Level Job Requirements Feel Absurd (Published May 2024)
Produced by: Charlotte Morabito, Juhohn Lee
Edited by: Nora Rappaport, Jack Hillyer
Animation: Jason Reginato, Christina Locopo
Additional Camera by: Juhohn Lee, Andrea Miller
Narration by: Andrea Miller
Supervising Producer: Lindsey Jacobson
Additional Footage: Getty Images
Additional Source: Federal Reserve Bank of Kansas City, Brookings Institution, Harvard Graduate School of Education
Additional Editing: Emily Rabbideau
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Why Getting A ‘Good’ Job Feels So Difficult | CNBC Marathon
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