In the wake of the Great Resignation, industry professionals were able to find ways to maintain their income. However, as it turns out that some industries are paying more than others.

The “Great Resignation” was a term that was used to describe the 33 industries paying more during the time frame of January-February 2017. The industries in question were all related to finance, so this topic is about the financial industry. Read more in detail here: resigned from job.

Over the last two years, the COVID-19 epidemic has confronted companies with an almost infinite amount of difficulties, ranging from maintaining health and safety regulations to overcoming supply chain interruptions.

It’s been challenging to keep up with the demand for particular businesses’ services amid all the churn and change, however. In order to identify the sectors with the greatest labor shortages, the most recent MagnifyMoney research compares salary growth to employment growth.

According to the survey, the hospitality sector had the largest growth in salaries relative to employment. This suggests that those who have just been employed or have kept their positions during the epidemic, such as hotel front desk workers, cleaning personnel, waitstaff, and others, may have a little more opportunity to increase their savings.

AaronAmat/iStockPhoto, source of the image.

Key conclusions

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  • Between the first half of 2020 and the first half of 2021, employment increased by 2.4 percent while average salaries increased by 5.5 percent. The number of employees increased by more than 2.6 million in the 50 sectors with the most workers as of the first half of 2021. The average weekly salary in those sectors increased from $1,292 to $1,366 during the same period.
  • Although employment in the hospitality sector fell by 11.3%, weekly salaries rose by 11.2%, a discrepancy of 22.5 percentage points. Due to the pandemic’s severe impact on lodging businesses like hotels and casino resorts, many resorted to increasingly desperate tactics to survive, including paying more to recruit or keep staff.
  • Although employment in the warehouse and storage sector increased by 18.2%, weekly salaries only increased by 1.5%, a negative 16.6% percentage point differential. Although many logistics firms have seen considerable revenue growth during the epidemic, salaries in the warehousing and storage sector have stayed mostly flat, in part because some of the biggest players in the sector have been reluctant to raise compensation. The modest salary growth in this sector also shows that hiring new employees hasn’t been too challenging for firms.

The 33 sectors with faster salary growth than employment are shown below.

StockRocket/istockphoto is the source of the image.

33. Building construction

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2.10 percent is the percentage change in employment from the first half of 2020 to the second half of 2021. 2020: $1,354 weekly average salary Average weekly pay in 2021: $1,385 From H1 2020 to H1 2021, the average pay increased by 2.30 percent. salary and employment change percentages differed by 0.2.

DepositPhotos.com, source of the image.

32. Contractors in specialized fields

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Change in employment as a percentage from the first half of 2020 to the second half of 2021: 3.0% 2020: $1,123 as the average weekly pay Average weekly pay in 2021: $1,164 Average pay changed by 3.70 percent from H1 2020 to H1 2021. Difference between salary and employment percentage change: 0.7

Picture courtesy of interstid/Getty.

31. Food production

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1.40 percent is the percentage change in employment from the first half of 2020 to the second half of 2021. Typical weekly pay in 2020: $989 Average weekly pay in 2021: $1,012 From H1 2020 to H1 2021, the average pay increased by 2.30 percent. Difference between pay and employment percentage change: 0.9

Dusan Petkovic/Istockphoto provided the image.

30. Online merchants

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Employment change from the first half of 2020 to the second half of 2021 as a percentage: 8.30% 2020: $1,551 weekly average salary 2021: $1,700 per week on average Average pay changed by 9.60% from the first half of 2020 to the first half of 2021. Difference between salary and employment percentage change: 1.3

DepositPhotos.com, source of the image.

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Employment changed by 0.50 percent between the first half of 2020 and the second half of 2021. 2020: $1,918 per week on average 2021: $1,958 per week on average Change in average pay as a percentage between H1 2020 and H1 2021: the 2.10 percent Difference between salary change and employment percentage change: 1.6

SolisImages/Istockphoto are the source of the image.

28. Office support and administrative services

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From the first half of 2020 to the second half of 2021, there will be a 4.40 percent change in employment. 2020 median weekly salary: $846 Average weekly pay in 2021: $898 Average pay changed by 6.10 percent from H1 2020 to H1 2021. Difference between pay change and employment percentage change: 1.7

Photo courtesy of Depositphotos.

Real estate 27.

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1.60 percent is the percentage change in employment from the first half of 2020 to the second half of 2021. 2020: $1,250 weekly average salary Average weekly pay in 2021: $1,294 Average pay changed by 3.60 percent from H1 2020 to H1 2021. Difference between pay change and employment percentage change: 1.9

Photo courtesy of Deposit Photos.

26. Services in education

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Change in employment as a percentage between the first half of 2020 and the second half of 2021: negative 3.0% 2020: $1,062 weekly average salary Average weekly pay in 2021: $1,086 Change in average pay as a percentage between H1 2020 and H1 2021: the 2.20 percent Difference between salary and employment percentage change: 2.5

Image source: monkeybusinessimages/istockphoto.

Hospitals 25

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Change in employment as a percentage between the first half of 2020 and the second half of 2021: negative 10% 2020: $1,291 weekly average salary Average weekly pay in 2021: $1,322 Average pay changed by 2.40 percent from H1 2020 to H1 2021. Difference between salary and employment percentage change: 2.5

Gpointstudio/Istockphoto is the source of the image.

gasoline stations 24.

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From the first half of 2020 to the second half of 2021, there will be a 1.00% change in employment. 2020 median weekly salary: $472 Average weekly pay in 2021: $489 Average pay changed by 3.60 percent from H1 2020 to H1 2021. Difference between pay and employment percentage changes: 2.6

DepositPhotos.com, source of the image.

23. Transportation via truck

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From the first half of 2020 to the second half of 2021, there will be a 1.50 percent change in employment. 2020: $1,030 weekly average salary Average weekly pay in 2021: $1,077 Average pay changed by 4.60 percent from H1 2020 to H1 2021. Difference between wage and employment percentage change: 3

Smederevac/Istockphoto provided the image.

22. Services

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Change in employment as a percentage between the first half of 2020 and the second half of 2021: Negative 50% Typical weekly pay in 2020: $2,339 Average weekly pay in 2021: $2,404 Average pay growth from the first quarter of 2020 to the first quarter of 2021: 2.80% salary and employment change rates diverged by 3.2 percentage points.

Oranat Taesuwan/Istockphoto provided the image.

Production of crops

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Employment changed by 0.40 percent between the first half of 2020 and the second half of 2021. 2020 median weekly salary: $690 Average weekly pay in 2021: $716 From H1 2020 to H1 2021, the average pay increased by 3.80%. Difference between pay and employment percentage change: 3.4

Nicholas Smith/Istockphoto, source of the image.

20. Technical and professional services

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2.60 percent is the percentage change in employment from the first half of 2020 to the second half of 2021. 2020: $1,967 weekly average salary Average weekly pay in 2021: $2,091 Average pay changed by 6.30 percent from H1 2020 and H1 2021. Difference between pay and employment percentage change: 3.7

Sura Nualpradid/iStockPhoto is credit for the image.

19. Social services

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Employment changed by 0.80% between the first half of 2020 and the second half of 2021. 2020 $510 on average every week Average weekly pay in 2021: $534 Average pay changed by 4.70 percent from H1 2020 to H1 2021. Difference between salary and employment percentage change: 3.9

DepositPhotos.com, source of the image.

18. Construction involving heavy and civil engineering

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Change in employment as a percentage between the first half of 2020 and the second half of 2021: 0.17 percent 2020: $1,467 weekly average salary Average weekly pay in 2021: $1,510 From H1 2020 to H1 2021, the average pay increased by 2.90 percent. Difference between pay and employment percentage changes: 4.6

Ridofranz/iStockPhoto, source of the image.

Manufacturing of fabricated metal products

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Employment changed by -2.00 percent from the first half of 2020 to the second half of 2021. 2020: $1,118 as the average weekly pay Average weekly pay in 2021: $1,151 Average pay changed by 3% from the first quarter of 2020 to the first quarter of 2021. Difference between wage and employment percentage changes: 5

Dusan Petkovic/Istockphoto provided the image.

16. Dining establishments and bars

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From the first half of 2020 to the second half of 2021, employment changed by 4.20 percent. 2020 median weekly salary: $389 Average monthly pay in 2021: $425 Average pay changed by 9.40 percent from H1 2020 to H1 2021. Difference between salary and employment percentage changes: 5.2

Source of the image: igoriss/istockphoto.

15. Manufacturing machinery

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Change in employment as a percentage between the first half of 2020 and the second half of 2021: 3.20 percent 2020: $1,400 as the average weekly pay Average weekly pay in 2021: $1,447 Average pay changed by 3.40 percent from H1 2020 to H1 2021. Difference between pay and employment percentage changes: 5.5

SeventyFour/Istockphoto provided the image.

14. Nondurable goods wholesalers and retailers

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Change in employment as a percentage between the first half of 2020 and the second half of 2021: Negative 0.90% 2020: $1,488 weekly average salary Average weekly pay in 2021: $1,563 Average pay growth from the first half of 2020 to the first half of 2021: 5.10 percent Difference between salary and employment percentage change: 5.9

DepositPhotos.com, source of the image.

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Employment changed by -0.20 percent between the first half of 2020 and the second half of 2021. 2020: $1,151 as the average weekly pay Average weekly pay in 2021: $1,223 Average pay changed by 6.20 percent from H1 2020 to H1 2021. Difference between pay change and employment change in percentage: 6.4

DepositPhotos.com, source of the image.

12. Organizations and membership associations

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Employment changed by -3.40 percent from the first half of 2020 to the second half of 2021. 2020: $1,018 per week on average Average weekly pay in 2021: $1,050 Average pay changed by 3.10 percent from H1 2020 to H1 2021. Difference between pay change and employment percentage change: 6.6

DepositPhotos.com, source of the image.

11. Retailers and distributors of durable products

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Employment changed by -0.40 percent from the first half of 2020 and the second half of 2021. 2020: $1,571 weekly average salary Average weekly pay in 2021: $1,669 Average pay changed by 6.30 percent from H1 2020 and H1 2021. Difference between salary and employment percentage change: 6.7

DepositPhotos.com, source of the image.

Telecommunications 10.

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Change in employment as a percentage between the first half of 2020 and the second half of 2021: 0.360 percent 2020: $2,022 per week on average Average weekly pay in 2021: $2,089 Average pay changed by 3.30 percent from H1 2020 to H1 2021. Difference between pay and employment percentage change: 6.9

Photo courtesy of Deposit Photos.

9. Business and business management

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Change in employment as a percentage between the first half of 2020 and the second half of 2021: Negative 50% Wage average for 2020: $2,632 $2,807 per week on average in 2021. Average pay changed by 6.70 percent from H1 2020 to H1 2021. Difference between pay and employment percentage changes: 7.2

Photograph courtesy of istockphoto/nd3000.

8. Credit intermediary services and associated businesses

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1.90 percent is the percentage change in employment from the first half of 2020 to the second half of 2021. 2020: $2,011 per week on average Average weekly pay in 2021: $2,221 Average pay changed by 10.50% from the first half of 2020 and the first half of 2021. Difference between pay and employment percentage changes: 8.6

DepositPhotos.com, source of the image.

7. Online marketplaces, brokers, and agents

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Change in employment as a percentage between the first half of 2020 and the second half of 2021: 0.17 percent 2020: $2,029 per week on average Average weekly pay in 2021: $2,188 Average pay growth from the first quarter of 2020 to the first quarter of 2021: 7.90% Difference between pay and employment percentage changes: 9.6

Antonio Diaz/Istockphoto provided the image.

6. Residential care and nursing homes

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Employment changed by -6.80 percent from the first half of 2020 to the second half of 2021. 2020 median weekly salary: $686 Average monthly pay in 2021: $710 From H1 2020 to H1 2021, the average pay increased by 3.50 percent. Difference between pay change and employment percentage change: 10.3

Image source: digitalkillet/istockphoto.

5. The production of electrical and computer products

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Employment changed by 1.60 percent between the first half of 2020 and the second half of 2021. 2020: $2,528 per week on average Average weekly pay in 2021: $2,770 Average pay changed by 9.60% from the first half of 2020 to the first half of 2021. Difference between pay change and employment percentage change: 11.2

DepositPhotos.com, source of the image.

4. Investments, commodities, and securities

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1.10 percent is the percentage change in employment from the first half of 2020 to the second half of 2021. 2020: $5,238 as the average weekly pay Average weekly pay in 2021: $5,911 Average pay growth from the first quarter of 2020 to the first quarter of 2021: 12.80% Difference between pay change and employment percentage change: 11.7

courtesy of nortonrsx

3. Publishing sectors, excluding internet.

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From the first half of 2020 to the second half of 2021, there will be a 1.80% change in employment. 2020: $2,718 per week on average Average weekly pay in 2021: $3,113 From H1 2020 to H1 2021, the average pay changed by 14.50 percent. Difference between pay and employment percentage change: 12.7

Pinkomelet provided the image.

2. Distributors of automobiles and components

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2.60 percent is the percentage change in employment from the first half of 2020 to the second half of 2021. 2020 Pay per week on average: $995 Average weekly pay in 2021: $1,207 Change in average pay as a percentage from H1 2020 to H1 2021: 21.30% Difference between pay change and employment percentage change: 18.7

Gpointstudio/Istockphoto is the source of the image.

1. Convenience

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Employment changed by -11.30 percent from the first half of 2020 and the second half of 2021. 2020 median weekly salary: $629 Average weekly pay in 2021: $700 Average pay changed by 11.20 percent from H1 2020 to H1 2021. Difference between salary and employment percentage changes: 22.5

DepositPhotos.com, source of the image.

How to increase your pay

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Now may be a good moment to negotiate a higher compensation since several sectors have demonstrated a readiness to raise employee salaries. Here are three ideas to get you started:

  1. Don’t be scared to wait for a better deal if you can afford it. The first job offer you get isn’t always the greatest one you can obtain. In light of this, passing on a position and waiting for a counteroffer or an offer from another firm might be a reasonable plan to increase your pay. The success of this method will rely on a number of variables, including how strong your CV is and if you have enough money, either from your present employment or from other sources like assets, to cover your expenses while you look for the ideal company.
  2. Inquire about additional hiring perks like free dinners or stock options. The largest component of your total compensation package is often the hourly rate or salary you get in exchange for doing a job, but that doesn’t imply it’s the only component. Your paycheck may not be as big as you’d like if your employer can’t necessarily offer you a larger salary but is nonetheless ready to do things like pay for your lunch every day or give you stock in the firm.
  3. When to look for a new job. It may be time to look for employment elsewhere if your boss is refusing to bend on your requests for a raise in pay or improved working conditions. In addition to helping you earn more money than an internal promotion would, changing employment may be your sole chance to locate a position that better fits your skills and requirements. In most cases, if you decide to quit your firm, it’s preferable to have another job secured before you leave; otherwise, you run the danger of using up all of your funds if you can’t find employment.

Chinnapong/Istockphoto provided the image.

Methodology

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Analysts examined information from the U.S. Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages to identify the sectors with the greatest labor shortages. Data from January through June of 2020 and the same time in 2021 were utilized by the researchers.

Researchers compared the percentage point disparity between employment growth and salary growth in the 50 sectors with the most workers throughout the country. The sectors with the greatest labor shortages were those in which earnings grew more quickly than employment.

This article originally appeared on MagnifyMoney.com and was syndicated by MediaFeed.org.

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