A recent OysterLink survey highlights an increasing gap between stagnant earnings and climbing living costs. The survey, which involved more than 100 participants, showed that a notable majority 40% reported no wage growth in 2024 when compared to 2023. 25% experienced only 1-2% salary increase in 2024 compared to 2023. 20 received a salary boost of 3-4%, while others noted an increase of 5% or more.
According to BLS data, average salaries in the US rose 42% for the 12-month period ending June 2024. However, wages within the leisure and accommodation sectors have not kept pace, with the most significant rise occurring from March to June 2024 at just 15%.
A fair wage is crucial for the restaurant and hospitality industries, which often struggle with low pay and high staff turnover. More employers are now recognizing that offering competitive wages can enhance staff loyalty, improve productivity, and address the significant issue of employee retention. Balancing this need while ensuring profitability remains challenging for many. As the General Manager at OysterLink Milos Eric noted, hiring and training a new employee can be much more expensive than retaining one with adequate compensation.
About OysterLink
OysterLink is a job platform in the restaurant and hospitality industry. It features market trends and celebrity interviews to guide career growth. Currently, OysterLink attracts over 150,000 monthly visitors and is growing.
For more information, visit oysterlink.com or contact PR Rep Ana at [email protected].
