Despite Economic Uncertainty, Businesses Must Increase Salaries to Remain Competitive, New Report Finds
Randstad US Salary Guide Provides Employers Information to Update Compensation Strategies and Stay Competitive in Recovering Markets
ATLANTA, Jan. 12, 2021 /PRNewswire/ -- Despite the uncertain economic outlook for the first quarter of 2021, businesses will need to increase salaries by up to 3.5 percent for high-demand roles in order to remain competitive in the race for top talent, according to a new report by Randstad US. With online orders expected to reach almost $477 billion by 2024, demand for jobs in industries like manufacturing and logistics have risen during the pandemic, and employers will need to adjust their compensation and benefits plans in 2021 to attract and retain employees.
Data from the Randstad US Salary Guide suggests that some of the largest salary increases will occur for roles like warehouse and logistics managers in response to a rise in e-commerce activity. Salaries for warehouse managers, for example, need to increase 3.5 percent — to as much as $43.21 an hour — to remain competitive. Logistics managers will need an increase of up to 3.5 percent, to $45.95 per hour.
The report also anticipates salary increases for assemblers as the U.S. factory activity hits its highest level in nearly 2.5 years. For example, the report suggests that businesses will need to increase salaries by over 2.4 percent for assembly line foremen, to as much as $32.37/hour. The Randstad US Salary Guide also notes consistent increases in the competitive pay rate for technology and skilled roles nationwide.
"Despite labor market challenges associated with the pandemic, our data shows that many employers across a number of industries are still in desperate need of workers," said Karen Fichuk, CEO of Randstad North America. "That demand is driving an uptick in compensation and benefits for these roles, and employers will need to meet these expectations to secure talent in a tightening labor market."
The growth in salaries is good news for job seekers hoping to switch careers amid the pandemic, especially as many companies have placed an emphasis on skilling initiatives. However, it also means that employers will likely compete for key new hires across a number of industries in 2021.
Other positions in fields like online sales and marketing are also experiencing an increase in demand and will likely see salary increases in 2021. E-commerce business analysts and marketing media managers, for example, are likely to see a 0.5 percent increase in salaries, hitting highs of up to $107,107 and $131,130, respectively. This is largely due to the recent rise in e-commerce during COVID-19, which has accelerated a shift away from brick-and-mortar stores to digital shopping by up to five years.
These findings are from the Randstad US Salary Guide, an annual report that includes pay rates for a variety of job titles or positions within accounting and finance, engineering, clinical and non-clinical healthcare, human resources, information technology, life sciences, manufacturing and logistics and office and administration. The benchmark data and insights offered in the Randstad US Salary Guide can be used by companies to measure their compensation against the broader market.
Other findings from the Randstad US Salary Guide include:
Technologies
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Data Scientist Increase by 1.5 percent to $126,218 U.S. | mid-range salary |
Accounting and Finance
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Accounting Manager Increase by 0.5 percent to $98,906 - $120,040 U.S. | mid-range salary |
Human Resources
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Benefits Analyst Increase by 1.75 percent to $60,071-$71,174 U.S. | mid-range salary |
Manufacturing and Logistics
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Operations Manager Increase by 2.5 percent to $51.66/hour U.S. | mid-range wage |
Office and Administration
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Administrative Coordinator Increase by 2 percent to $21.66/hour U.S. | mid-range wage |
To read the full report and see a summary of its findings, visit the salary guide 2021.
About Randstad's Salary Guide
Every year, Randstad US publishes its salary guide to highlight compensation information across many fields and industries in key geographic markets.
Salaries in specific regions may vary based upon local market conditions and position-specific requirements such as experience levels, professional certifications or knowledge of certain software. In addition, the salary data has been drawn from multiple industries and may not accurately portray a company's specific situation.
The salary data is a combination of proprietary Randstad US information and data provided by Emsi, Burning Glass and the U.S. Bureau of Labor Statistics.
About Randstad
Randstad North America, Inc. is a wholly owned subsidiary of Randstad N.V., a €23.7 billion global provider of flexible work and human resources services. As a trusted human partner in the technology-driven world of talent, we combine the expertise and passion of our employees with some of the most innovative HR technologies on the market today to advance the careers and business success of our candidates and clients.
Randstad's North American operations comprise nearly 5,700 associates and a deployed workforce of more than 94,000 in the U.S. and Canada. In addition to staffing and recruitment, Randstad offers outsourcing, consulting and workforce management solutions for generalist and specialist disciplines, including technology, engineering, accounting and finance, clinical and non-clinical healthcare, human resources, legal, life sciences, manufacturing and logistics, office and administration and sales and marketing. Global concepts available to North American client companies include RPO, MSP, integrated talent solutions, payrolling and independent contractor management and career transition services. Learn more at www.randstadusa.com or www.randstad.ca.
SOURCE Randstad US
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