Even in times of high unemployment, managers are concerned about retention and willing to pay more to recruit top talent, according to new research from Robert Half.
- 88% of senior managers worry about losing top talent; 39% say salary reductions and freezes are to blame
- 72% have maintained or increased compensation for new hires since the pandemic began
- 36% are more likely to negotiate salary with new hires compared to one year ago
View a breakdown of the data for major U.S. cities: https://sites.google.com/view/2021-salary-guide/home.
Among senior managers surveyed in the Greater Boston market:
- 87% worry about losing top talent
- 38% say salary reductions and planned salary freezes are to blame
- 38% are more likely to negotiate compensation with candidates than a year ago
- 80% have maintained or upped pay for new hires since the pandemic began
The research also revealed two key trends:
Salaries are stable for current staff: Professionals with in-demand skills still have options. If employees feel underpaid, they could leave — and staff morale and productivity could suffer.
Salary prospects are brighter for certain professionals: As hiring resumes, companies will be competing to attract and secure top talent. Managers must be prepared to negotiate compensation and benefits.
Current Issue - April 2024