New data reveals that a sacrifice in flexible work is necessary to meet salaries of $250,000 or more. Credit: Betta Living / Flickr / CC BY-NC 2.0
A recent report from Ladders, a job site that focuses on high-paying jobs, shows a difficult choice for workers: money or flexibility. It is increasingly rare to find both.
The report reveals that almost no high-paying jobs offer remote work, whether fully remote or partially remote. Over the past year, listings for high-paying remote jobs have fallen by 60 percent. Jobs that offer a mix of remote and in-office work have dropped by 95 percent.
The largest decline in flexible work options has hit the highest-paying jobs, those with salaries of $250,000 or more. Over the past year, Ladders posted over 500,000 jobs. Only four percent of these high-paying roles were fully remote.
Less than one percent offered a hybrid option. This is a sharp drop from the previous year when ten percent of high-paying jobs were fully remote and six percent were hybrid.
U.S remote job postings dropped by 9% on LinkedIn
The decline in remote job listings is a reality in today’s job market, even for those with average salaries. Last year, LinkedIn saw U.S. remote job postings drop by nine percent.
Although only ten percent of all job listings on the site are remote, these positions attract nearly half of all applications. This creates intense competition for a shrinking number of remote roles, as reported by Fortune.
Kory Kantenga, a senior economist at LinkedIn, explained to Fortune’s Emma Burleigh that competition for all jobs is increasing, partly due to fewer job openings overall.
However, if you’re seeking a remote or hybrid position, the competition is even tougher because there are fewer of these positions available compared to all job openings. This presents a challenge for workers who consider flexibility a crucial factor in their job search.
‘$200,000 is the new $100,000’ for family budget
For job seekers using Ladders, the six-figure mark isn’t as significant as it once was. Ladders pointed out, using data from the Bureau of Labor Statistics, that to match the earning power of $100,000 from a generation ago, today’s job seekers would need to earn $212,000.
John Mullinix, Ladders’ director of growth marketing and research lead, highlighted in the report that due to inflation impacting family budgets, $200,000 is now seen as the new benchmark for careers, rather than $100,000. This indicates that $100,000 is no longer considered the standard for a high salary.
Many young professionals earning high salaries have told Fortune they still can’t relax financially. One such earner shared with Fortune’s Alicia Adamczyk, “I’m financially secure, but I don’t consider myself wealthy by any stretch of the imagination.” She emphasized the need for strict budgeting and avoiding non-essential expenses.
Losing the flexibility many enjoyed during the pandemic is tough for everyone, regardless of their job. Due to the increasing emphasis on office-bound labor for high-earners, workers are already being forced to choose between flexibility and higher salaries.
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