Insights from the 2024 salary survey by international recruitment specialist Robert Walters offer a glimpse into professionals' anticipations regarding salary increases in the approaching year. Marie Parmentier, Manager at Robert Walters, offers insights into the survey findings.
The survey reveals mixed sentiment among professionals, with 38% expressing optimism, anticipating a ‘very likely’ or ‘likely’ chance of receiving a salary increase in 2024. However, 30% are less confident, deeming it ‘unlikely’ or ‘very unlikely’.
Marie: “Delving deeper into the reasons behind this uncertainty, a significant 37% cite the impact of the current economic climate on their industry or business as the primary factor. Additionally, 22% reveal that their managers or employers have explicitly communicated a lack of pay raise. Interestingly, 27% believe their current pay adequately reflected their contributions, reducing their anticipation for an increase.”
When asked about the desired percentage increase, almost half of respondents (46%) hope for a conservative 1-5% raise, while 34% aim for a moderate 6-10% increase. One in five respondents aspires for larger increments of 11% or more.
"Salary increase remains crucial, but it's no longer the sole determinant of job satisfaction as it was amid high inflation last year," Marie comments. "Professionals now seek holistic job fulfillment: competitive salaries and remote work options, coupled with alignment with company values, job content, growth prospects, proximity, and effective management."
The survey also illuminates employers' perspectives on salary increments across hierarchical levels. It indicates that 36% are inclined to offer raises for graduate and associate-level employees, 35% for mid-senior and manager-level staff, and over a quarter of employers (28%) envision salary hikes for director and C-suite professionals.
"While the forthcoming year will witness limited wage indexation, providing employers with more leeway for increases, the burden of the 2023 index still lingers for many organizations," adds Marie. "In the face of market uncertainty and recession concerns, employers may exercise caution in cost increments. Balancing cost management and retaining top talent remains paramount."
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