2024 Hiring and Compensation Trends: Numbers to Know in a Complex Labor Market

News provided by

Oct 03, 2023, 08:00 ET

Just-released Robert Half Salary Guide reveals how employers are responding to worker expectations on pay, perks and benefits
Majority of professionals are confident asking for raises and are prioritizing flexible work

MENLO PARK, Calif., Oct. 3, 2023 /PRNewswire/ -- The newly released 2024 Salary Guide from Robert Half outlines timely employment trends and starting salaries for hundreds of positions across multiple industries and occupations. In addition, evolving economic conditions have workers and employers reassessing compensation, career priorities and recruiting strategies. Featured below are five key highlights to know heading into 2024.

Dawn Fay, Operational President for Robert Half, outlines top salary and compensation trends.

What are employers' top hiring challenges?

Experience the full interactive Multichannel News Release here: https://www.multivu.com/players/English/8963852-robert-half-2024-salary-guide-highlights-hiring-and-compensation-trends/

1. Workers want raises — and won't hesitate to ask for them. Uncertain economic conditions are not impacting professionals' confidence when it comes to initiating compensation discussions. Nearly two-thirds (63%) of workers report plans to ask for a raise before the end of the year, mainly driven by concerns related to:

Higher inflation (39%)
Taking on more responsibilities (26%)
Feeling underpaid after checking salary market rates (16%)

Almost one-third (31%) of workers said they will look for a new job if they don't get a raise.

2. Flexible work holds weight. More than 6 in 10 workers (62%) would rather stay in a job with flexible work options than accept a higher paying position with rigid in-office requirements. This is most common among Gen Zers (74%) and working parents (68%).

3. Negotiation pitfalls are common. Nearly half (47%) of workers admit to making a salary negotiation mistake, the most common being:

Accepting too low of a salary for their skills and experience (61%)
Placing too much emphasis on pay versus the full package, inclusive of perks and benefits (30%)
Failing to research current salary ranges (29%)

4. Salary transparency offers a hiring advantage. About 6 in 10 hiring managers said that including salary information in job postings helps attract qualified candidates (63%) and provides an edge against competitors (60%). Workers also want pay transparency, and 57% said they would take themselves out of consideration for a role if salary ranges aren't provided upon request.

5. Companies are poised to pay up for top talent. The hiring market is still primarily candidate driven, with more job openings than available talent. As a result, more than half of employers (51%) plan to increase starting salaries in 2024 to attract highly skilled workers. Another 46% said they are adding new perks and benefits.

"Competitive pay and flexible work are top of mind for professionals and will likely influence their career decisions in 2024," said Dawn Fay, operational president of Robert Half. "To attract and retain top talent — particularly in an uncertain economy — it's critical for employers to benchmark salaries and compensation packages, consider options for hybrid work, and employ strategies to bolster employee engagement and morale."

While salaries are expected to increase in 2024, they will likely be more measured than in recent years. Visit the Robert Half 2024 Salary Guide and Salary Calculator to view location-specific salary ranges and national data for hundreds of positions.

About the Research
Robert Half has reported on salaries for more than 70 years. The 2024 Salary Guide features employment trends and starting salaries for hundreds of positions across the finance and accounting, technology, administrative and customer support, marketing and creative, legal, healthcare, and human resources professions in the United States. Information in the guide is based on data from job placements managed by Robert Half teams throughout the United States, an analysis of the demand for each position, the supply of talent and other market conditions, as well as online surveys developed by Robert Half and conducted by independent research firms.* The company produces Salary Guides in 18 countries.

*Includes responses from two surveys (collected May 2023 and August 2023) of more than 1,000 workers 18 years or older and 2,000 hiring managers at companies with 20 or more employees in the United States.

About Robert Half
Robert Half (NYSE: RHI) is the world's first and largest specialized talent solutions firm that connects opportunities at great companies with highly skilled job seekers. Offering contract and permanent placement solutions in the fields of finance and accounting, technology, administrative and customer support, legal, and marketing and creative, Robert Half has more than 300 locations worldwide, including nearly 100 locations in 18 countries outside the United States. Robert Half is the parent company of Protiviti^®, a global consulting firm that provides internal audit, risk, business and technology consulting solutions. Robert Half, including Protiviti, has been named one of the Fortune^® Most Admired Companies^™ and 100 Best Companies to Work For and is a Forbes Best Employer for Diversity. Explore our comprehensive solutions, research and insights at RobertHalf.com.

SOURCE Robert Half