Salaries are rising despite economic concerns according to new research released by Robert Half. The 2023 Salary Guide revealed that pay continues to be a top priority for workers as companies navigate a tough labor market.
Almost half (46%) of employers are offering higher starting salaries to their employees. Most (83%) managers who increased base compensation for new hires also adjusted pay for their current staff. More than half (55%) of professionals feel underpaid, and just under half (48%) will ask their employer for a raise if they don’t get one by the end of the year.
Workers are taking increased measures to position themselves for a raise, including:
- Taking on responsibilities outside their job description (50%)
- Acquiring new and relevant skills or certifications (33%)
- Researching salaries and sharing discrepancies with their manager (30%)
Increased pay remains a driving factor for those who choose to switch jobs, and workers feel empowered to ask for more money. Just over 4 in 10 (41%) workers said they would consider changing jobs for a 10% pay increase. Almost 6 in 10 (56%) are more likely to request a higher starting salary now compared to a year ago. Also, more than half (54%) feel in control of negotiations on pay, perks, and benefits.
“As long as job openings outnumber job seekers, workers will have more leverage to negotiate for what they want,” Robert Half senior executive director Paul McDonald said.