March 23, 2016
As the US economy continues on its expected 2016 growth trajectory, training and development alone will not be enough to attract and retain talent. With increasing numbers of professionals receiving multiple offers from prospective employers and counter-offers from their existing employers, hiring managers will also need to consider paying higher salaries.
There will be even greater demand during the year for salespeople across commerce and industry. Digital’s continuing emergence as the preferred platform for advertising will fuel the creation of many marketing start-ups, with companies struggling to fill positions from a relatively small talent pool.
Hiring levels for asset managers and money managers will increase among financial services firms, who will also continue to compete for regulatory expertise. As companies more frequently use shared services centers to meet their basic accounting functions, the need for senior finance personnel will also intensify, as the succession-planning pipeline dries up.
We also expect to see a large increase in banks seeking legal professionals to fill in-house counsel positions, and anticipate that companies in all sectors will be hiring IT professionals to fill a range of back office and IT engineering roles.
There will be additional talent shortages within financial services, particularly among sales and marketing professionals with proven track records, and financial services specialists with regulatory and financial planning & analysis (FP&A) experience.
Employers may need to consider streamlining the hiring process to attract talent in 2016, not just by offering competitive reward packages, but also by moving to the offer stage faster. We also encourage hiring managers to be more flexible when recruiting new talent. It has been a noticeable trend that, where a very rare set of skills has been specified, some positions have remained open for months at a time.
It is expected that salaries across the board will continue to rise at the recent average of 10- 15%. However, employers are advised to move beyond 20% to secure the most in-demand talent.
Download the 2016 Salary Survey today. Request a free copy, download the US version, or download the new app for Apple or Android devices.
For more information:
Kurt Kraeger, Managing Director (New York)
Tel: + 1 212 704 9900
About the Robert Walters Global Salary Survey
Welcome to the seventeenth edition of the Robert Walters annual Global Salary Survey.
First released in 2000, the survey is a comprehensive overview of global salaries and recruitment trends across the world.
The Global Salary Survey is based on the analysis of the permanent, interim and contract placements made across each of our geographies and recruitment disciplines during 2016. This now covers data across 24 countries, including the UK and Ireland, Continental Europe, the Middle East, Africa, Asia, Australia and New Zealand as well as North and South America.