2024 Market Outlook

Competition for skilled professionals continues to challenge organizations, even as some take a measured approach to hiring while they monitor the economic environment.

Companies need to hire and retain the best workers for critical roles to address business priorities and create a strong foundation for the future. The organizations most successful at securing talent are those that improve total compensation, offer remote and hybrid work options when possible, and strategically use contract talent.

Salary transparency can give firms a hiring edge

Employers that are upfront about a role’s salary range can improve their hiring prospects. According to Robert Half research, 42% of workers expect to see a salary range in the job posting, and 57% would take themselves out of consideration if the employer doesn’t provide it upon request.

say it helps attract the best job candidates.

say it gives their company a competitive edge.

Firms need to hire, but challenges remain

The hiring market is still primarily candidate-friendly, with more job openings than job seekers. The result is an environment where most managers (93%) say it’s difficult to find the skilled professionals they need. Some employers are adopting a more measured approach to recruiting, but firms slow to hire risk losing their top choices to competitors making job offers faster.

Growth, turnover spur hiring

Managers cite company growth (67%) and employee turnover (44%) as the top reasons they need to add to their teams.

Layoffs, most notably in the technology industry, have done little to deepen the candidate pool, as other companies quickly hire many affected workers.

Companies bring in contract talent to alleviate staffing and skill gaps, keeping high-priority projects on track.

Finding talent
with required skills Finding good
matches with
company culture Finding
professionals
willing to
work on-site Meeting
candidates’
salary expectations Finding talent
with required skills Finding good
matches with
company culture Finding
professionals
willing to
work on-site Meeting
candidates’
salary expectations

Salary growth steadies but remains on employers’ radar

While salaries are expected to rise in 2024, increases are likely to be more measured than in recent years. For some professionals, that might be a reason to look for other opportunities. This is not lost on hiring managers, many of whom continue to increase compensation to retain key staff and better compete for top talent in a tight hiring market.

of firms increase
starting pay to
attract talent. of firms offer
signing bonuses. of firms offer
retention bonuses. of firms increase
starting pay to
attract talent. of firms offer
signing bonuses. of firms offer
retention bonuses.

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Remote, hybrid work options keep talent pipelines strong

Many firms are embracing remote and hybrid work models, with 43% of managers saying they offer this flexibility to attract top performers. Half of managers not offering remote work say they've lost out on a preferred candidate because off-site work wasn't allowed; 42% have lost tenured employees for the same reason. Firms also offer remote options to gain access to talent outside their geographic area.

of companies consider candidates outside their market for remote positions.

of workers say they’re more likely to apply for jobs that offer a remote or hybrid option.

of workers say they would be willing to come into the office full-time if offered a salary premium.

More employers adopt a variable talent model

To navigate a complex and competitive hiring market, businesses are turning to a variable talent model by engaging contract professionals and full-time engagement professionals and taking advantage of managed solutions. Each option can help relieve talent shortages in different ways.

Contract professionals can help companies handle key initiatives, access specialized skills and support core staff during seasonal crunch times.

of employers plan to increase their use of contract professionals.

of job seekers are open to accepting a contract position.

Full-time engagement professionals

A full-time engagement professional brings continuity to projects that are best handled by the same person either periodically or for the long term.

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Managed solutions

With managed solutions, consultants team with contract professionals to complete enterprise-level projects that companies don’t have the expertise or resources to execute on their own.

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Non-salary data referenced in this Salary Guide is based on online surveys developed by Robert Half and conducted by independent research firms. Respondents included hiring managers and employees from small (less than $50 million in revenues), midsize ($50 million to $1 billion) and large ($1 billion or greater) private, publicly listed and public sector organizations across the United States.