Increasing salaries ‘table stakes’ for employers: Robert Half International
September 27, 2021 — Many US workers feel overdue for an increase in pay, and companies could risk losing top talent if they don’t increase, according to Robert Half International Inc. (NYSE: RHI) 2022 salary guide.
“Job openings are at a record high, and workers with in-demand skills have more negotiating power,” said Robert Half Senior Executive Director Paul McDonald. “In this tight labor market, increasing salaries is table stakes for employers.”
According to findings of surveys of both workers and senior managers:
- 49% of workers think they’re earning less than they deserve. Gen Z professionals (57%) and women (52%) are most likely to feel shortchanged.
- 31% of employees would consider quitting their job if they don’t get a pay bump by year’s end. Working parents (36%) and respondents ages 18 to 24 (48%) are most likely to make a career move if their salary doesn’t grow.
- Starting compensation for US professional occupations is expected to increase 3.8% overall in 2022. Roles in strong demand, such as revenue cycle analyst and database administrator, may see even bigger gains. In addition, 48% of employers are offering signing bonuses.
- Six in 10 managers will first look locally and then outside their city if it takes too long to find skilled candidates; 18% are searching anywhere from the start given the talent shortage.
- 62% of companies hiring remote workers set the workers’ pay based on the employers’ office location; 38% set pay based on the employees’ location.
Robert Half’s surveys include responses from more than 2,800 workers in the US and more than 2,800 senior managers at companies with 20 or more employees.
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