The latest data released by the Bureau of Labor Statistics (BLS) points to an increase in wages across various industries, reflecting the growing demands for skilled professionals even in the face of the threatening reality that the advancement of artificial intelligence (AI) as a cheaper replacement for human labor poses.
A Social Security Administration (SSA) study found that males with bachelor's degrees earn $900 000 more in a lifetime than men with high school graduates and that males with Ph.D. earn 1.5 million more.
Skilled professionals in tech go home with higher pay than employees in most other fields. For instance, the average annual wage of a software developer in the United States stands at $105,047 annually, almost doubling the national average salary.
Since the Great Resignation, 47 million Americans voluntarily quit their jobs in 2021, according to the HBR . This is partly due to the pandemic that spiraled the American workforce into an unprecedented labor shortage.