2024 STEM GLOBAL SALARY GUIDEs from recruiting agencies
Strong competition for talent still defines today’s hiring market despite soaring inflation, rising interest rates and general chaos in global markets. Employers are also still dealing with the “Great Resignation,” which has evolved into more of a “Great Reshuffle,” as those who quit jobs are finding new careers rather than completely abandoning the labor force. And when they do, they’re pushing compensation expectations to new heights, according to the 2023 Salary Guide From Robert Half.
The guide also reports that employees have developed a variety of other ideas as to what they envision a job should entail. And the employment environment means they can afford to stick to their guns when approaching a company about a new position or pushing for changes in their current one. The following are some insights on key hiring and retention trends from the Salary Guide based on recent Robert Half workplace surveys along with what we’re hearing from our recruiting professionals throughout the United States.
Flexible work is now an expectation
Flexible work is no longer just a safety measure or perk, but a recruitment and retention strategy for many companies. It benefits employers too by allowing them to hire skilled talent from anywhere.
Regarding a compressed workweek, 48% of employees desire a four-day workweek, and a majority (54%) of U.S. workers would rather quit than go back to the office full-time.Salaries continue trending upward
As demand for skilled candidates remains high and job seekers have access to numerous opportunities, including remote jobs, they are successfully negotiating higher salaries.
This trend also applies to existing employees, with 82% of senior managers granting raises to address salary concerns related to factors like inflation.
However, a consequence of rising salaries is pay equity issues, where new hires earn more than current staff in the same position. This has led to challenges in employee retention. To address this, 57% of executives who have noticed pay compression are now improving salary benchmarking and providing raises to underpaid employees.Companies leaning more on contract talent
The demand for interim professionals has increased due to a tough job market. The Salary Guide from Robert Half shows that 55% of U.S. company managers plan to hire more contract professionals next year, up from 35% in a similar survey last year.
This trend is driven not only by the difficulty in finding permanent staff, but also by one-time events, fluctuating customer demand, and unexpected operational obstacles. In addition, many employers are considering contract professionals for permanent roles, with 64% of managers reporting that they have converted more contract professionals to full-time hires in 2022 compared to 2021, as reported in the Salary Guide.
Here are some of the guides from the recruiting agencies.
EarthSream
Adecco
https://www.adecco.com.tw/news/salary-guide-2023-adecco-in-apac/59696/
Michael Page (Taiwan Only Guide)
LVI Associates
Source:
https://www.austinchamber.com/blog/the-2023-salary-guide-employers-needs-in-a-still-competitive-job-market
