Salary Expectations Adjust Current Compensation Levels to Keep Top Talent
Open job rates remain well above pre-pandemic levels, but the WSJ reports “Openings have fallen this year as interest rates rise and employers trim their hiring plans .” But what impact does the gradually cooling job market and slowing economy make on hiring and retention in Accounting and Finance? Very little. The job market in Southern California remains hot, and the shrinking talent pool we discussed in the Employment Outlook will drive competition in 2024. If your superstars have been with you for more than three years but have not received a raise, you need to adjust their compensation immediately. You should expect that your employees are being contacted by your competitors and other companies hungry for top talent. It is much less expensive to adjust a high-performing employee’s pay than to see them walk out, leaving you to find a replacement – most likely at a higher compensation level than the person who left. Moreover, 2024 might be an opportune time to hire talent. As we reported in our Q3 2023 Quarterly Barometer, we will continue to see a “rebalancing” of the job market.
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