Whether you plan on switching jobs or are looking to stay in your current position, your future looks good from a compensation standpoint.
In the second half of 2017, 27 percent of American workers plan on changing jobs. According to CareerBuilder’s 2017 Midyear Job Report, this can be a great move because chances are these people will not only get hired, but receive higher salaries in the process.
The CareerBuilder study indicated a strong jump in the percentage of companies hiring full-time employees through the remaining months of 2017, with 60 percent planning to do so. Over 50% of companies plan on offering higher beginning salaries, and not just for experienced workers, but entry-level positions as well.
CareerBuilder’s CEO, Matt Ferguson stated that “most employers are confident in their outlook for financial growth and plans for hiring. Job seekers stand to benefit not only from having more options, but also from the growing intensity in the competition for talent. Employers are moving quickly to recruit candidates and they are willing to pay more across job levels. They are also placing a greater emphasis on candidates having a positive experience when they apply to their firms. The current climate puts job seekers in a more advantageous position.”
This report from CareerBuilder was created through surveys from May 24 to June 16 this year. 2,369 hiring managers and over 3,500 full-time US employees took part in the survey.
So how much of a salary bump can new and experienced workers expect in the coming months?
From the hiring managers who were surveyed, 72% believe that they need to start paying employees more due to the increase competition for talent in today’s market.
53 percent of the hiring managers surveyed plan on offering higher starting salaries for their new hires in the remaining months of 2017. 32 percent plan to bump starting salaries by at least 5 percent, while two-thirds of those surveyed plan on giving current employees raises by the end of 2017.
So whether you will be starting a new job or remaining with your current employer, there is a good chance you will be seeing a pay increase before the end of 2017.