As 2021 winds down, recruitment companies, such as Robert Half, have begun to release their 2022 salary guides. These guides traditionally provide salary data and hiring trends leading employment across many industries and regions. For Robert Half, the tag line of next years’ salary guide is: “As Canada’s economy rebounds, companies across the country are sending a clear message: They’re hiring again.”
The key takeaways from the Robert Half 2022 Salary Guide were summarized by Canadian Manufacturing with some additional information added by World of Work. If employers recognize and address these trends with their own workforce, may be able to retain talent which is seemingly otherwise leaving as part of the 'Great Resignation' in North America.
These key takeaways include:
Employees feel underpaid. Half of workers (50 per cent) of workers feel they are underpaid. Millennial professionals (56 per cent) and women (54 per cent) are most likely to feel shortchanged. Workers are using this as a springboard to revaluate their careers and considering whether now is the time to explore change.
Workers may walk without a bump in pay. Nearly one in five employees (18 per cent) would consider quitting their job if they don't get a raise by year's end. Gen Z (35 per cent) and Millennial (28 per cent) workers are even more likely to make a career move if their salary doesn't increase. This is doubled down by the fact that 50 per cent of workers are confident that they could find a new job quickly and 80 per cent of workers are confident their current skills are marketable in today’s hiring environment.
In-demand roles are commanding top dollar. Employers need to pay competitively and be willing to negotiate to secure highly sought-after talent. In addition, 35 per cent of employers are offering signing bonuses to entice new hires. Importantly, more the 7 in 10 professionals lose interest in a job opening if they don’t hear back from an employer within 10 business days after the initial interview, so employers must move quickly.
Compensation varies for remote staff. 31 per cent of companies are advertising fully remote jobs. When recruiting for open roles, nearly six in 10 managers (59 per cent) will first look locally and then outside their city if it takes too long to find skilled candidates; 17 per cent will begin their search anywhere from the start given the talent shortage. Companies hiring remote workers are setting their pay by:
Employer's office location: 60 per cent;
Employee's location: 40 per cent.
Candidates are considering the full package. When weighing job offers, it's not all about the money. Workers most covet:
Flexible work schedules: 75 per cent;
Remote work options: 61 per cent;
Employee discounts: 40 per cent.
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