Higher starting salaries, increased compensation levels for existing talent and more flexible work arrangements are among the benefits executives have to look forward to this coming year, according to a survey of hiring managers.
With the economy and job market expanding at a healthy pace and the labor force tightening, the competition for skilled employees is intensifying.
Half of hiring managers expect to offer more generous compensation packages for new employees and three-fourths expect to increase pay for their current staffs in 2022.
A competitive year for employers looking to snatch up the best executive talent will mean increased salary offers, according to the survey
- 51 percent of hiring managers plan to increase salaries on initial offers
- 32 percent will raise offers by 3 percent or more
- 16 percent will increase offers by 5 percent or more
- 78 percent of hiring managers plan to increase paychecks for existing employees
- 57 percent of hiring managers plan to raise compensation levels by at least 3 percent
- 22 percent of hiring managers will raise compensation levels by at least 5 percent