Welcome to our third annual Salary Report. Our survey aims to provide an up-to-date ‘overview’ of the current salaries and hiring trends in our field/industry for the year 2023, which will be valuable for both job seekers and hiring companies in the area. We have collected insights from candidates and hiring managers to give a comprehensive understanding of the current job market.
This year’s report will include valuable information on how employees and job seekers perceive their workplace, salary situation, benefits, and career plans in our three core areas of Information Technology, Engineering, and Finance/Accounting. Along with that, we will be presenting insights on emerging job markets and the effects of the pandemic on the job market. Stay tuned for our in-depth analysis of the current trends and developments in the industry.
A few of the 2023 Salary Survey Key Findings
- A major trend the last few years has been more and more people working from home. Employers are starting to pull back on that a bit, and our reflected that with the number of people working fully remote of hybrid down from 65% last year to 59% this year.
- Breaking down the numbers, 59% if IT workers (up from 50% last year) reported that they are working remote, compared to only 12.8% in Engineering working remote.
- People who work remote reported that they view their employer’s on-site/remote work model positively whereas only 14% of on-site workers viewed it positively, and 54.8% of hybrid workers viewed it positively.
- We asked which factors are most important to candidates when they look at a job posting. They are looking for transparency, with “Compensation listed” being the by far most important factor.
- We asked about the most important job satisfaction factors, and just as the last few years, salary ranked #1 followed by Company Culture and Work From Home Flexibility.
- Candidates who said they are looking for new job opportunities was down a little bit from 25% to 24%. The number of candidates who are open to hearing about opportunities increased from 33% to 42% indicating that fewer candidates are actively looking, but still open to hearing about new opportunities.
- With compensation ranges, we saw a slight decrease in the $50,000-$74,999 range and a slight increase in the $75,000-$99,999 range.
- A hot topic and major concert for candidates has been if companies would adjust salaries for inflation. 80% responded that they have not seen an increase in salary due to inflation.
- We asked candidates what type of salary increase they would need in order to make a job change today. Almost 50% said they would need a 10-19% increase to make a job change.
For a more in-depth view of the 2023 Salary Survey report, please view the recording of our webinar where we discuss each finding in more detail.
iMPact Business Group is a staffing agency specializing in Information Technology, Engineering, Finance/Accounting, and Business Administration/Process positions. We have locations in Grand Rapids, MI and Tampa, FL with job opportunities nationwide. To connect with one of our professional recruiters, view our job board for all available positions, or submit your resume for consideration here. Click here to learn more about our available work from home opportunities and to submit your resume for consideration.
