September 13, 2023, 0 Comments
Salary Trends to Be Mindful of as 2023 Concludes
As 2023 concludes, you should continue to be mindful of salary trends in the HR industry. You can use Arlington Resources’ July 2023 salary data as a guide. Our data can help you prepare for business growth as the job market continues to evolve throughout this year and beyond.
Using our salary survey list with updated facts, figures, and job descriptions for HR positions in the Chicago metropolitan area can help you understand what today’s candidates expect. Being mindful as recruiting and salary trends continue to change helps employers make the best offer to job applicants.
Here are a few HR salary trends to monitor!
HR Professionals Expect More Than Higher Salaries
Back in 2021 when there were so many job openings, demand for higher salaries was a key trend in recruiting HR professionals and many other positions. Today companies might find jobs are harder to fill because candidates are not as willing to make a move right now as a result of a slower economy and accelerated inflation rates. So it is not that the talent isn’t there, it just has to be a perfect storm for them to make a move. Because employees need additional income to keep up with the increasing cost of living, these professionals want their employers to respond accordingly.
Employers are evaluating salaries, more comprehensive benefits packages, and company culture to encourage skilled talent to work for them.
HR Professionals Desire Bonuses
Offering bonuses encourages HR professionals to perform their best and reach company goals. Rewarding contributions that result in increased revenue and/or decreased expenses encourages the professional to repeat the behaviors to further improve the bottom line.
Salary Focus Should Also Include All HR Professionals
Increasing the starting salaries for HR professionals means potentially increasing the salaries of current professionals. Your long-term professionals who have added value for a significant time should be compensated more than your new hires in similar positions. Otherwise, your tenured employees are likely to find jobs with other employers.
Salary Transparency Laws Are Taking Effect
Pay transparency laws in states like New York and California impact employers nationwide. Employers in these states must post good-faith estimates of salary ranges to maintain compliance. Otherwise, candidates likely will look for opportunities elsewhere.
Salary transparency laws help build trust around pay equity. Showing that your company fairly compensates employees based on education, skills, experience, and other relevant factors increases employee attraction and retention rates. Employers who have remote workers in states that have implemented pay transparency laws will need to monitor the changes.
Do You Need Additional Guidance on HR Salary Trends?
HR professionals continue to expect higher salaries and bonuses throughout 2023 and beyond in response to inflation and the talent shortage. The increases in salary transparency laws make the need for equitable salaries essential. Otherwise, HR professionals are likely to find jobs with other employers.
If you need additional help with salary information or negotiations, get in touch with Arlington Resources. Reach out today.