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? ›

What Is the Labor Market Outlook for 2024 and Beyond? As of the first quarter of 2024, total hours worked were up 0.7% year over year. While employment was up 1.8% year over year, average weekly hours per employee was down 1%. Firms have been mitigating the growth in labor costs by cutting hours.

What are some current trends in the labor market? ›

20 Labor Market Trends To Watch For In 2024
  • Adaptable Skill Sets Are Becoming More Crucial. ...
  • Forward-Thinking Approaches Are Needed For Employee Retention. ...
  • Remote And Hybrid Work Is Here To Stay. ...
  • Employees Want Flexible Work Arrangements. ...
  • The Typical Employee Tenure Is Changing. ...
  • Wait Times Are Shrinking.
Jan 3, 2024

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.

What is the hiring outlook for 2024? ›

Are People Getting Hired in 2024? The simple answer is, yes. However, hiring is focused on several key industries where the demand remains high for qualified professionals. Job seekers experienced in the fields of technology, healthcare and green solutions are seeing most job opportunities.

What do candidates want in 2024? ›

The Evolving Landscape of Candidate Preferences in 2024
  • Flexibility and Remote Work. ...
  • Emphasis on Diversity, Equity, and Inclusion. ...
  • Technological Integration. ...
  • Focus on Mental Health and Well-being. ...
  • Purpose-Driven Work. ...
  • Continuous Learning and Development Opportunities.
Mar 13, 2024

What are emerging trends in labour? ›

6 trends in the labour market: What's in store for organisations...
  • Reconnecting teams and partners.
  • Artificial Intelligence.
  • Sustainability.
  • New skills.
  • Employee experience.
  • Changes in leadership.
Jan 11, 2024

What is the most common indicator in the labor market? ›

The unemployment rate is the most commonly used indicator for understanding conditions in the labour market. The labour market is the term used by economists when talking about the supply of labour (from households) and demand for labour (by businesses and other organisations).

What is the future of the labour market? ›

Extrapolating from the figures shared in the Future of Jobs Survey 2020, employers expect that by 2025, increasingly redundant roles will decline from being 15.4% of the workforce to 9% (6.4% decline), and that emerging professions will grow from 7.8% to 13.5% (5.7% growth) of the total employee base of company ...

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 will be the highest paying job in 2024? ›

What is the highest-paying job within the USA in 2024? Being a Chief Executive Officer is the highest-paying- job in America. This position earns an average annual salary of USD 329,500, but their earnings can go as low as USD 276,500 and as high as USD 396,000.

What is the highest projected employment for 2024? ›

Nurse practitioner

What is the wage growth for 2024? ›

Wages and salaries increased 4.2 percent for the 12-month period ending in June 2024 and increased 4.6 percent for the 12-month period ending in June 2023. Benefit costs increased 3.8 percent over the year and increased 4.2 percent for the 12- month period ending in June 2023. (See chart 2 and tables A, 4, 8, and 12.)

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 economic trend in 2024? ›

In 2024, economies and cities across many parts of the world will see a subdued growth environment, with higher-for-longer interest rates and geopolitical uncertainties weighing on consumption, investment, manufacturing and trade.

What will the US economy look like in 2024? ›

We expect growth to be a healthy 2 percent on a fourth-quarter over fourth-quarter basis and sustain a similar pace over the medium-term. Inflation has declined in response to the Federal Reserve's actions and we see inflation on a path towards the 2 percent target.

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