Workers want raises, and 63% of workers plan to ask for one before the end of the year, according to the 2024 Salary Guide released by professional staffing firm Robert Half Inc.
On top of that, nearly a third of workers, 31%, said they will look for a new job if they don’t get a raise.
Inflation is driving the push for increased wages, according to 39% of workers. That was followed by employees saying that they are taking on more responsibility, 26%, and feeling underpaid after checking salary market rates, 16%.
“Competitive pay and flexible work are top of mind for professionals and will likely influence their career decisions in 2024,” Dawn Fay, operational president of Robert Half, said in a press release.
Still, despite wanting higher salaries, 47% of workers said they made a mistake in negotiating their salaries. The most common mistake was accepting too low of a salary for their skills and experience, cited by 61%. The next was placing too much emphasis on pay versus the full package including perks and benefits, cited by 30% of respondents. Another mistake: 29% said they failed to research current salary ranges.
Robert Half also polled hiring managers. It found that 63% said including salary information in job postings helps attract qualified candidates, and 60% said it provides an edge against competitors.
Workers also said they want transparency, with 57% of workers saying they would take themselves out of consideration for a role if salary ranges aren’t provided upon request.
Another finding: More than half of employers, 51%, plan to increase starting salaries in 2024.
“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,” Fay said.
Data for the 2024 Salary Guide is based on data from job placements managed by Robert Half, an analysis of demand for each position, the supply of talent, and other market conditions, and two online surveys — one of more than 1,000 workers in the US and one with 2,000 hiring managers.