Compensation continues to be top-of-mind for job seekers, and employers are making moves to bring back raises for current employees and enhancing compensation packages to attract new talent.
Our 2023 Salary Guide: Compensation and Benefits gathers insights from a survey of more than 2,100 professionals in the marketing, creative, tech, fashion, beauty, and retail sectors. The guide features salary ranges from more than 170 positions in these industries. The report also dives into various topics related to compensation, benefits and perks, workplace happiness, and employee engagement.
COMPENSATION STILL REIGNS SUPREME
Of those surveyed, 42% pointed to financial compensation as their top priority in an employer, outranking other factors such as company reputation, the ability to work remotely, health benefits package, and a company’s commitment to work-life balance.
Many employers are stepping up to meet these demands. After a pandemic-era slowdown, raises are back, with 74% of respondents saying they received an annual compensation increase in 2022. And an overwhelming majority (80%) said they expect a raise at some point in 2023. Additionally, 84% said their company was taking steps to boost compensation packages to win over talent in today's hiring market.
UPTICK IN FULL-TIMERS FREELANCING
More and more people are freelancing. And that includes full-time employees who are taking on side hustles. In our 2022 Salary Guide survey, 32 percent of full-time employees told us they’d taken on freelance work. In this year’s survey, the number jumped significantly to 52 percent.
THE IMPORTANCE OF BENEFITS
Compensation isn't the only factor driving job seekers today; 78% say a company's benefits and perks influence their decision to pursue a job there. However, the cost of benefits is climbing, and employees feel that weight. Nearly half (46%) said their share of benefits cost has either increased in the last year or will increase.
WORKING WITH 24 SEVEN
At 24 Seven, we are dedicated to serving both our clients and candidates in the marketing, creative, fashion, beauty, and retail sectors. As a leader in talent acquisition, we specialize in connecting clients with exceptional full-time and freelance professionals.
Whether you’re in search of talent to hire or looking for a job, it pays to understand the most current salary ranges as well as the dynamics impacting the hiring environment and job market.