Axe Recruiting, a leading talent solutions firm with a global presence, is pleased to present its exclusive analysis of the 2024 Hiring and Compensation Trends, providing invaluable insights into the dynamic labor market. In response to evolving worker expectations surrounding pay, perks, and benefits, employers across North America and EMEA are strategically navigating the complexities of the current employment landscape. Here are five key takeaways that will guide businesses through the intricacies of 2024.
- Assertive Salary Expectations: Despite economic uncertainties, professionals remain confident in seeking compensation adjustments. A striking 63% express their intent to request a raise by the year-end. Motivations include concerns over higher inflation (39%), assuming additional responsibilities (26%), and feeling undervalued in comparison to market rates (16%). Alarmingly, 31% are willing to explore new job opportunities if their salary expectations are not met.
- Flexibility Trumps Higher Pay: The importance of flexible work arrangements cannot be overstated. Over 60% of workers prefer jobs that offer flexibility over higher-paying positions with rigid in-office requirements. This preference is particularly pronounced among Gen Zers (74%) and working parents (68%).
- Negotiation Awareness: Negotiation missteps are prevalent, with 47% of workers admitting to committing errors during salary discussions. Common pitfalls include accepting lower salaries than warranted by skills and experience (61%), fixating on pay without considering the full compensation package (30%), and neglecting to research current salary ranges (29%).
- Transparency as a Hiring Advantage: Salary transparency proves advantageous in the hiring process. Approximately 60% of hiring managers affirm that including salary information in job postings attracts qualified candidates, while 57% of workers would withdraw their consideration if salary ranges are not disclosed upon request.
- Top Talent Commands Premiums: In a candidate-driven market with a surplus of job openings, 51% of employers plan to increase starting salaries in 2024 to attract highly skilled workers. Additionally, 46% are enhancing perks and benefits to remain competitive.
Nathan Ware, CEO of Axe Recruiting, emphasizes, “Competitive pay and flexible work are paramount for professionals in 2024. Employers must benchmark salaries, explore hybrid work options, and implement strategies to boost employee engagement and morale to attract and retain top talent, especially in uncertain economic times.”
While salary increments are anticipated in 2024, they are expected to be more measured than in recent years. To explore comprehensive salary data and location-specific ranges, visit the Axe Recruiting 2024 Salary Guide and Salary Calculator.
About Axe Recruiting’s Global Operations: Axe Recruiting operates with offices strategically located throughout North America and EMEA. Our focus spans across various industries, including finance, technology, administration, legal, marketing, technical, material handling, and sales. With a commitment to excellence, we serve all industries and functions, ensuring that our clients and candidates receive unparalleled support and expertise.
About Axe Recruiting: Axe Recruiting, renowned for its specialized talent solutions, connects exceptional job seekers with opportunities at leading companies. Offering both contract and permanent placement solutions, Axe Recruiting operates globally with a presence in nearly 100 locations across 18 countries. Axe Recruiting is the proud recipient of prestigious awards, including Ottawa’s Best Recruiting Agency 2023 by Faces Magazine and the Canadian Choice Award Winner 2024 for Employment Agencies. Explore Axe Recruiting’s comprehensive solutions, research, and insights at axerecruiting.com.