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Salary Guide Trends

By: George Waggott, founder, and Roberto Fonseca-Velazquez, summer law student,

George Waggott Law

In late 2023, recruitment companies like Robert Half released their 2024 Salary Guides. These guides traditionally provide salary data and hiring trends leading employment across

many industries and regions. For Robert Half, the key takeaway from the 2024 Salary Guide is that: “Across major markets, the demand for skilled talent still outpaces the supply of candidates, especially in professions like finance, accounting”

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:

Workers Want Pay Transparency. Half of candidates (50 per cent) expect companies to disclose salary ranges in a job posting. About two-thirds (63%) of candidates say they would take themselves out of consideration for a role if an employer refuses to provide salary information on request. Slightly over one-third (35%) of hiring managers report an uptick in job candidates who ask to negotiate compensation packages.

Workers want flexible work options. 43%—almost half—of candidates say they look for flexible schedules and remote and hybrid work options when deciding whether to apply for a job. 54% of managers, and 49% of workers, say the ideal work arrangement for their team is a hybrid model where employees work from home for a portion of the week. But many employers have found that they have to offer fully remote options to recruit certain professionals in high-demand and retain high-valued staff.

Employers embrace a variable talent model. Companies are increasingly engaging contract professionals to cover skill gaps and keep work moving forward while continuing to recruit. 65% of hiring managers say their company plans to increase the use of contract professionals. Businesses are also increasingly turning to managed solutions arrangements in which consultants team with contract professionals on enterprise-level projects that firms don't have the expertise or resources to execute on their own.

The hiring process often frustrates both the employer and the employee's expectations. Close to half of both employers (47%) and candidates (40%) find the hiring process to be too lengthy. Compensation levels are also a point of contention with 39% of candidates expressing frustration at being offered a compensation package that fell short of their expectations, and 45% of employers lamenting the difficulty of meeting candidates' salary expectations. Whereas the most significant frustration cited by employers (52%) was the difficulty of finding candidates with the required skills for the position, the most common frustration for candidates (48%) was lack of transparency about benefits.

Employers face steep competition in appealing to talent. Among managers who are looking to hire, 92% say they face challenges finding and attracting skilled candidates. The most common ways companies try to attract candidates are:

·        Increasing starting salaries (40%)

·        Consider allowing talent to work remotely (40%)

·        Adding new perks and benefits (39%)

·        Offer remote and hybrid work options (38%)

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