Posted by Robert Half on Tuesday, September 22, 2015 - 08:00 | Follow me
Give yourself a head start this year by learning about the latest hiring trends and starting salary ranges for in-demand candidates in key professional fields. To surpass the competition in 2016, you’ll need to be on top of your game — and the 2016 Salary Guide from Robert Half is just the playbook you need.
In 2015, employers in many sectors have been seeing salaries rise due to a candidate-driven market. In 2016, we’ll see more of the same. Salary data shows that highly sought professionals in the finance, legal, administrative, creative and tech fields will see their base compensation rates increase by an average of 4.1 percent.
As with 2015, managers will face challenges when it comes to hiring and retention, including talent shortages and candidates with multiple offers. The best way to position your company for success is to know what’s coming, and leveraging salary data from the 2016 Salary Guide provides the insight you need when adjusting your recruitment and retention plans. Let’s take a brief look at what you need to know for your industry:
Organizational growth, healthcare reform and the ever-changing regulatory climate are the key driving forces behind increased hiring in this sector. As a result of increased demand, top finance talent is hard to find.
In response, companies are ramping up recruitment efforts with perks such as telecommuting options and relocation assistance. This will likely continue into 2016. Starting salary ranges for in-demand accounting professionals will also be on the rise, with an average increase of 4.7 percent.
The demand for enhanced and cost-effective client services is shaking up the legal field. This has led to a need for skilled lawyers and legal professionals across the board, but especially in hot practice areas such as litigation, compliance and commercial law.
Hiring managers are predicted to meet these demands with flexible work arrangements, offers of professional development and average starting salary increases of 3.1 percent.
Of all the sectors here, IT will see the highest spike in starting salary ranges at an average of 5.3 percent, and with good reason: It can take months to fill open IT positions. The supply of tech talent is limited, and available candidates don’t stay on the market long. Many organizations are expanding their search areas or offering remote work options to attract and retain their tech superstars.
Digital remains red hot and continues to drive growth in the creative field, where average starting salaries will jump by 3.8 percent. Candidates control the market in this industry, and organizations should consider their desire for work-life balance through fluid schedules, telecommuting options and flexible vacation policies.
Base compensation for admins will experience a boost of — on average — 3.8 percent according to our salary data. The best admins have woven project management and social media skills into their repertoires, making them more valuable than ever. As a result, their salaries are increasing as managers struggle to keep the competition from wooing them away.
Check out this infographic for more information about today’s top hiring and compensation trends: