It’s a jobs rebound when your neighbor gets a high paying job. It’s a jobs recovery when you get one. We’ve all heard that the job market is doing better these days. The headline unemployment rate has been cut in half since 2009, while the nation’s quit rate is at it’s highest level in eight years, indicating that workers are finding other jobs or are at least confident in their abilities to find more promising employment. However, if you can’t find a high-paying job, the so-called jobs recovery becomes exclusive.
If there’s one blemish on the job market’s performance we can all agree on, it’s wages. After all, everybody wants to make more money. Despite far more jobs being added in February than expected, and the unemployment rate holding steady at 4.9%, wages remain sluggish. Hourly wages fell 3 cents to $25.35 after rising by 12 cents in January. Over the past year, wages have only grown 2.2%.
One issue is the quality of jobs being added to payrolls. In February alone, 95,000 of the 242,000 jobs added came from the retail and restaurant industries, which typically offer lower wages. Where are the high-paying jobs? Glassdoor, the fastest-growing job site in the country, recently identified the 25 highest-paying jobs in 2016, all of which pay at least $100,000.
“This report reinforces that high pay continues to be tied to in-demand skills, higher education and working in jobs that are protected from competition or automation. This is why we see several jobs within the technology and healthcare industries,” said Dr. Andrew Chamberlain, Glassdoor Chief Economist. “There’s no doubt that pay is among the leading factors most job seekers weigh when determining where to work. However, our research shows that a big paycheck isn’t necessarily tied to long-term satisfaction in your job. Instead, when we dig deeper into what keeps employees satisfied once they’re in a job and with a company, we find that culture and values, career opportunities, and trust in senior leadership are the biggest drivers of employee satisfaction.”
Let’s take a look at the 25 highest-paying jobs in 2016.