Key Takeaways from the 2024 Salary Survey

The job market is constantly shifting, and staying on top of the latest trends and data is crucial for both employers and job seekers. iMPact Business Group’s annual Salary Survey provides valuable insights into compensation, work preferences, job satisfaction factors, and more across the IT, engineering, and finance/accounting fields.

Here are some of the most interesting highlights from their 2024 Salary Survey:

• Remote/Hybrid Work is Sticking Around While there has been a small shift back towards more on-site work compared to 2023, remote and hybrid roles are clearly here to stay. 40.6% of respondents work remotely or in a hybrid model, with IT and finance/accounting having the highest rates at 77.3% and 61.9% respectively
• Most remote/hybrid workers (80.4%) view their company’s work model positively. On-site workers lean more neutral, with 63.8% indicating their company’s model doesn’t really impact their view either way.
• Applying for Jobs is on the Rise After a dip in 2023, more people reported applying for jobs over the past 90 days in 2024. 30.6% said they hadn’t applied to any jobs recently, compared to 43.7% in 2023. Those categorized as “Other” (admin, customer service, etc.) saw a particularly sharp increase in applications.
• What Candidates Value Has Shifted Advancement opportunities (46%) slightly edged out salary (40%) as the most important job satisfaction factor in 2024. Company culture (37%), scheduling flexibility (34%), and benefits (32%) rounded out the top 5.
• When looking at job postings, compensation being listed (83%) was the biggest motivating factor to apply, followed by detailed job duties (57%) and the work model being specified (48%).
• More People are Actively Job Searching The percentage of respondents actively looking for new opportunities increased from 24% in 2023 to 39% in 2024. Only 15% said they have no plans to look for a new job, down from 25% last year.
• Salaries are Tightening Up After several years of escalating salaries post-COVID, there are signs of salaries tightening back up due to more competition per open role. 24% said a 5% increase would motivate them to change jobs, up from 15% in 2023. Those looking for a 20%+ increase dropped from 37% to 27%.
• While salaries were more concentrated in the $75k-$100k range in 2023, more respondents in 2024 reported being in the lower $50k-$75k brackets across all career fields.
• Overall, the 2024 Salary Survey data reflects a job market that has become more competitive, with employees putting greater emphasis on career growth, work-life balance, and finding an ideal cultural fit. Employers will need to continue prioritizing holistic value propositions to attract and retain top talent in this landscape.