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

  • 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 Guidefrom 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.

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 theRobert Half 2024 Salary Guide and Salary Calculatorto 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 inthe United States. Information in the guide is based on data from job placements managed by Robert Half teams throughoutthe 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 theFortune®Most Admired Companiesand 100 Best Companies to Work For and is a Forbes Best Employer for Diversity. Explore our comprehensive solutions, research and insights atRobertHalf.com.

2024 Hiring and Compensation Trends: Numbers to Know in a Complex Labor Market (1)

2024 Hiring and Compensation Trends: Numbers to Know in a Complex Labor Market (2)

SOURCE Robert Half

For further information: Matthew Croteau, (978) 252-2121, matthew.croteau@roberthalf.com

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

FAQs

What is the labor trend in 2024? ›

Key Insights: The July jobs report showed the weakest labor market growth in some time. Private employment growth dropped below 100,000 jobs for the first time in 2024. Hourly wage growth slowed while average hours worked decreased slightly, which led to a stagnant month for average weekly earnings.

What is the salary trend in India in 2024? ›

In conclusion, while there is some variation in predictions, the overall outlook for salary increases in India in 2024 is positive. The average hike is likely to be around 9-9.5%, with pockets of higher growth in certain sectors. Employee expectations remain high, particularly for those seeking job switches.

What are the employee experience trends for 2024? ›

L&D and career advancement are still top priorities for frontline employees in 2024. But one size never fits all. So we expect more organizations to develop personalized learning and career pathways for their employees. It's about making learning accessible and engaging for each individual.

What do candidates want in 2024? ›

As organizations strive to attract and retain top talent, it's crucial to understand what candidates want in 2024.
  • Flexibility and Remote Work Opportunities:
  • Focus on Well-being:
  • Commitment to Diversity, Equity, and Inclusion (DEI):
  • Career Development and Learning Opportunities:
  • Purpose-Driven Organizations:

What is the standard salary increase for 2024? ›

US employers plan to raise compensation budgets in 2024 by 3.5% for merit increases and 3.9% for total salary increases for nonunionized employees, but that is lower than the increases of 3.8% and 4.1% respectively planned for 2023, according to a report by Mercer.

What is the attrition trend in 2024? ›

Attrition Trends: Navigating Challenges in a Changing Landscape. The high demand for talent that fueled job-hopping in recent years is expected to slow down in 2024, leading to a decrease in voluntary attrition rates. However, organizations will still need to navigate persistent challenges.

What will be the highest paying job in 2024? ›

The 7 Highest Paying Jobs of 2024
  • Artificial Intelligence (AI) Specialists.
  • Cybersecurity Experts.
  • Data Scientists.
  • Blockchain Developers.
  • Medical Professionals.
  • Corporate Lawyers.
  • Investment Bankers.
May 14, 2024

How bad is the job market right now in 2024? ›

As you can see, the 2024 job market is expected to experience some positive shifts, however, there are a few industries that will need to stay on their toes in order to keep that competitive edge that will help them stay afloat. Job seekers in industries experiencing hiring declines will need to do the same.

What is the work life trend in 2024? ›

The pandemic galvanised a significant change in work trend 2024, spurring companies on to embrace remote working models. Now, in 2024, the concept of hybrid work has become the norm, with many employees opting to work from home part time, while spending the rest of the time in the office.

What is the trend in 2024? ›

Boho 3.0. Welcome back to the zeitgeist, shabby chic! While the word boho might send you on a stress-induced mental trip back to 2013, fear not: The aesthetic's third coming has been remixed for 2024, with new takes on crochet, fringe, and flowy fabrics that feel fresher than ever before.

What is the employee turnover trend in 2024? ›

As reported in the Labour Market Outlook – Spring 2024, the proportion of employees with a tenure of less than 12 months has reverted to the pre-pandemic level of around 16%. It had risen to a high of 18% in early 2022.

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