With 2016 right around the corner, it’s time to start thinking about salaries going into the new year. As a hiring manager, it’s important to stay on top of the latest hiring trends and starting salary ranges in the most in demand fields.
What can we expect in 2016?
Base Salaries Will Rise
In 2015, we saw many employers increase salaries because the current market is candidate-driven. This trend will continue into 2016. New salary data shows that professionals in highly-sought fields, like legal, finance, creative, administrative and tech, will see an increase in base salary rates by 4.1%.
Managers faced many challenges in 2015 with hiring and retention, and this same trend may continue into 2016 if you don’t know what to expect in the coming months.
Legal Salaries in 2016
There’s an increased demand for cost-effective client services in the legal field. As a result, the field is in need of skilled and experienced lawyers and other legal professionals – especially in compliance, litigation and commercial law.
As the hiring manager, you can meet these new demands by offering professional development, flexible work schedules, and a starting salary increase of at least 3%.
Accounting and Finance Salaries in 2016
As the regulatory climate continues to change, healthcare reforms take effect, and organizational growth weighs on the industry, there’s an increased demand for experienced and skilled finance talent. Finding this talent is no easy task.
To snatch up qualified candidates, companies are boosting their recruitment efforts by offering valuable perks, such as relocation assistance and the option to telecommute. Companies will likely continue to offer these perks in 2016, and starting salary ranges will also be on the rise. On average, professionals in this field are seeing a base compensation increase of 4.7%.
Technology Salaries in 2016
The tech industry will see the biggest spike in starting salary ranges, with most seeing an average increase of 5.3%. There’s a good reason why starting salaries are on the rise: it can take several months to fill IT positions. Tech talent is limited, and any candidates that are in the market don’t stay there for long.
To cope with a limited pool of candidates, employers are expanding search areas and even considering offering remote work options to recruit and maintain top tech talent.
Creative Salaries in 2016
Digital media is at the very heart of the creative field, and continues to be a red-hot industry. The average candidate in this field will see a salary increase of 3.8%. Like the tech industry, candidates are in control of the market.
To meet the demands of candidates, companies should consider offering improved work-life balance through telecommuting options, flexible schedules and vacation time.
Administrative Salaries in 2016
Admins will see a base salary increase of 3.8% on average. Top admin candidates will integrate social media and project management skills into the mix, which makes them even more valuable to a company. With these skills, admins are able to demand a higher salary.
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