When do employers talk about salary? While 11 percent of employers include wage or salary information in their job listings, nearly one-in-four (24 percent) said they don't reveal what the position pays until they extend the job offer. Nearly half (48 percent) will discuss salary during initial conversations or during the first job interview.
How are employers basing pay?About one third of employers keep track of what competitors pay comparable employees via job postings (33 percent) or market average reports (34 percent), but many (35 percent) don't factor in external compensation at all. Haefner notes that this can hurt employers competing for skilled labor.
"Forty-nine percent of hiring managers surveyed said job candidates have refused offers due to salary," said Haefner. "It's critical that recruiters and hiring managers are armed with up-to-date compensation data. If you offer premium talent below market rates, it can be very difficult to fill vacant positions."
Salary Trends for 2013-2014Current EmployeesFor current employees, 51 percent of employers expect salary increases of less than 5 percent in the next year while 16 percent expect increases of 5 percent or more. The survey also asked employers about expected average compensation increases for current workers and new hires. Twenty-three percent of all employers expect no changes; nine percent are unsure. Of those employers expecting an increase in salary, a majority (55 percent) said the increase is a standard cost of living adjustment. Other reasons include:
- Rewarding employee tenure – 28 percent
- Combatting voluntary employee turnover – 21 percent
- Smaller staffs are handling heavier workloads – 19 percent
- Competitors are offering more money – 18 percent
- Customer demand has increased – 16 percent
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV