Robert Half Canada, a talent solutions provider, has released its 2024 salary guide, offering a comprehensive analysis of the current job market. The report shares insights into the evolving landscape of compensation, career priorities, and recruiting strategies, reflecting the challenges and opportunities faced by both employers and job seekers in the complex labor market of 2024.
The report highlights the persisting importance of competitive compensation. Nearly four in 10 workers expressed frustration at job offers not aligning with their salary expectations, leading to an increase in candidates negotiating their compensation packages, as reported by 35 per cent of hiring managers. Moreover, 35 per cent of workers indicated their willingness to change jobs if they didn’t receive a raise, underscoring the significance of salary satisfaction in talent retention.
Flexible work arrangements have emerged as a key priority for job seekers, with 75 per cent citing flexible work schedules as their top perk. The desire for work-life balance is further emphasized by 49 per cent of respondents who consider a hybrid work structure, combining remote and in-office work, as the ideal employment scenario. This trend signals a shift where job seekers prioritize flexibility over higher pay.
Employers, recognizing the challenges in hiring skilled talent, are adapting their strategies. Ninety-two per cent of hiring managers said they faced difficulties in recruiting skilled professionals. In response, 40 per cent of companies are planning to increase starting salaries in 2024 to attract and retain highly skilled workers. Additionally, 39 per cent of employers are enhancing perks and benefits to remain competitive in the talent acquisition landscape.
Salary transparency has proven to be a decisive factor in the hiring process. More than half (55 per cent) of hiring managers found that including salary information in job postings attracts qualified candidates, while 54 per cent believed it streamlines the interview process. Job seekers were equally adamant about salary transparency, with 63 per cent stating they would withdraw their applications if salary ranges are not provided upon request.
The report also identifies specific roles across various professions that are expected to be highly sought after in 2024. In the technology sector, they include positions such as data engineer, software developer, and network security engineer. Other in-demand roles include HR manager, financial analyst, and digital marketing manager.
“Economic uncertainty and cost of living continues to be a top concern for professionals, resulting in the high prioritization of salaries as workers look towards 2024”, said David King, senior managing director for Robert Half, Canada and South America. “Now more than ever, it’s crucial for companies to ensure that they are benchmarking salaries and overall compensation, perks, and benefits, in order to both attract and retain valued talent, enhance employee satisfaction, and maintain continuity and productivity across their business.”
Read the full report here.