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As we look to 2024, employers are directing their attention toward decisions around budgeting, hiring, and compensation. To make informed decisions, employers must partake in salary benchmarking and compare their salaries with external markets, considering factors like company size, industry, and location. This knowledge allows executives to define the costs associated with specific roles and make more strategic compensation decisions.
Salary benchmarking and compensation strategy have become a crucial part of a business strategy. Surprisingly, only 55 percent of organizations currently have some kind of compensation strategy in place. This includes having a process to review compensation on a specific cadence, dedicating a person or team to research compensation in the market, and adjusting accordingly. Below, we expand on the importance of annual Salary Guides for both employers and job seekers.
In today’s job market, compensation is a critical factor for attracting and retaining top talent. According to a 2023 survey conducted by LinkedIn, 91% of U.S.-based respondents said that including salary ranges in a job post would affect their decision to apply. Further, an Indeed survey recently revealed that 83% of job seekers said good pay/compensation is the factor that most attracts them to a new job. These candidates are increasingly aware of market rates, which has led to changes in recruitment and retention practices across many industries.
A Salary Guide is essential for navigating the complexities of salary benchmarking, attracting, and retaining talent, promoting a positive company culture, and achieving equity and inclusion in the workplace. Salary Guides serve as a compass for HR professionals, as well as job seekers. Having this reference offers a neutral perspective for both hiring managers and job seekers, facilitating discussions and negotiations.
Having transparent conversations about compensation, supported by a comprehensive Salary Guide, contributes to trust and a thriving work environment. The use of a Salary Guide reduces the potential for bias and promotes fairness and equity in compensation, thereby contributing to the establishment of a healthy workplace and improving the organization’s bottom line. Fair and equitable compensation builds trust between candidates and HR professionals, leading to enhanced employee motivation and a sense of belonging.
Atrium’s annual Salary Guides are valuable resources for employers and cover a variety of industries, including:
These Salary Guides provide up-to-date information on competitive compensation based on input from candidates, clients, and expert recruiters and are designed to help you find the right candidates and make informed decisions for your company. Our team has carefully curated a list of the most sought-after positions in 2024 with high job satisfaction, low unemployment and turnover rates, and ample room for growth. We have backed this list with data from the U.S. Bureau of Labor Statistics and our recruiters’ real-life market insight.
Gain a competitive edge and help create a more equitable workplace by downloading our Salary Guide today.
Nicole Garza is Atrium's Recruitment Marketing Manager. As a result of her 10+ years of experience, she has a constant pulse on the latest hiring trends and candidate attraction strategies.
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