Q1 2024 Wage Reports

What’s inside the Wage Reports?

Comments from Matt Gorman, Chief Revenue Officer at Upshift, with 16 years of experience in the staffing industry, about current market trends:

• Slight Wage Increases Nationwide: Q1 of 2024 saw modest wage growth across various sectors in the U.S., indicating signs of economic stabilization.
• Stagnant Wages in Key Sectors: The hospitality, transportation, and industrial sectors experienced little to no wage growth, largely due to reduced consumer spending.
  Rising Unemployment Concerns: These sectors, particularly affected by economic downturns, are also seeing an uptick in unemployment rates, which correlates with tighter economic conditions.
• High Costs from Employee Turnover: Businesses are grappling with the high costs of turnover, including expenses related to retraining, recruiting, and rehiring efforts.
• Strategic Management Essential: To combat these challenges, companies are urged to strategically manage costs and maintain workforce stability to enhance operational efficiency in a tough economic environment.

Because Upshift is partnering with over 1600 businesses across the US, we are able to collect real-time, supporting data for workers in various industries and positions. These are real, verified rates being paid today to Upshift workers.