U.S. employers are on a hiring spree based on the jobs report for the month of September which showed the creation of 336,000 workers well above estimates.
A recently released 2024 Salary Guide from employment firm Robert Half, it shows both workers and employers reassessing compensation, career priorities, and recruiting strategies. "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" she added.
Attracting and Retaining Talent
- Benchmark salaries and compensation packages
- Offer hybrid work options
- Use tools to boost employee engagement and morale
According to Robert Half, these are the top in-demand jobs with salary ranges led by positions in the tech industry. Software engineer, UX designer, and database administrator ranked in the top 75% percentile with annual starting pay ranges from $133,000 to $152,000.
2024 Salary Guide from Robert Half
The lower-paying roles included customer service rep, administrative assistant, and medical biller where pay ranged from $44,750 to $47,500.
Fay tells Fox Business that "salaries are still top of mind for workers and employers – especially for individuals with in-demand skills "Salaries are expected to increase this year, although growth will be more measured than in previous years," she continues. "Companies who are looking for skilled talent need to be competitive and creative with their offers – not only thinking about salaries but how they can offer flexibility as some workers would forgo higher pay for the autonomy to choose when and where they work."
Co-workers in office (iStock / iStock)
Finally, the report shared that companies are poised and prepared to pay up for top talent with more than half of employers (51%) planning to increase starting salaries in 2024 to attract highly skilled workers. Another 46% said they are adding new perks and benefits," the firm noted.
A separate report from the Labor Department earlier in the week showed the number of open roles jumped to 9.6 million, well above estimates and a move up from the 8.92 million in July.