18 Must-Have Negotiation Skills For Procurement Professionals
Salary Negotiation Statistics 2023 — 18 Key Figures
Salary negotiation can be daunting as sometimes you can feel that you are not in a position to negotiate your salary. However, today, many recruiters have positive remarks about potential employees who do this.
In this article, we will show you the latest figures in salary negotiation. Additionally, we will check the factors that may affect your chances of being hired for a job. Thus, affecting your salary and how you can negotiate it too.
Once you are done reading this article, you will know the latest statistics on negotiating salary. Thus, allowing you to have in-depth knowledge of the number of people who use this. Additionally, it will allow you to better position yourself when negotiating your salary.
The Rise of Hybrid Work
After a year of remote work due to the COVID-19 pandemic, employees are now able to return to their offices. However, most of them do not want to. As the pandemic proved that companies can have their entire staff working remotely, they are having a hard time convincing their employees to work full-time at the office.
This gave birth to the new term “hybrid work” as though everyone is working “hybrid” at the moment. In a hybrid environment, communication between employees cannot suffer. Many companies from various parts of the world were forced to find new procedures that will fit the new environment of work.
Looking at the new job requirements for the past couple of months where there is an increased number of people who work remotely, we can say that remote work is here to stay. Thus, companies need to implement new technologies in their work to achieve good results in the transition.
Being The Right Fit For The Job
Today, the talent shortage is identified as the number one hiring challenge. A study has found that 87% of HR professionals reported that there are few to no qualified applicants for the position they want to fill.
This problem will only get worse as a study showed that companies in Europe and North America will need 16 to 18 million more educated employees that are going to be available. Thus, many have no choice but to enter the war for talent and compete with other companies.
According to a survey conducted by CR magazine, 92% of professionals interviewed will consider changing their jobs if offered a role by other companies with an excellent employer brand. Thus, the competition will be about which company will stand out the most for the applicant.
Become a T-Shaped Procurement Professional
The Search For Global Workforce
The increasing number of businesses worldwide that are searching for a global workforce has been trending in the past year. As the workforce becomes more globalized, the only question is how capable the applicant is.
Furthermore, recruiters are increasingly in search of hard-to-reach talents from different parts of the world. Many businesses do this due to one reason — labor costs.
Recruiters know that successfully finding talents in other countries online is difficult without prior knowledge of the scene. Thus, being familiar with the recruitment industry, the possibilities of different job boards, and digital marketing will be on the rise this year and n the years to come.
Salary Negotiation Statistical Figures in 2023That You Should Know
1. According to Mint Life, about 58% of Millennials are not negotiating salary.
2. On the same survey by Mint Life, 1 out of 4 applicants has not negotiated their salary because they do not know how.
3. 1 out of 10 who applied for a job did not negotiate their salary because they are scared of the consequences.
4. 23.8% of millennials that did not negotiate their salary say that they are happy with their current rate of pay.
5. A report by CNN revelaed that some employers only publish ranges between 25 and 75% of what they pay for a given position.
6. An increasing number of states in the US are requiring employers to disclose salary ranges in job postings.
7. According to the International Foundation of Employee Benefit Plans, 68 percent of organizations plan salary increases for all workers in 2023.
8. Pay transparency causes an increase in both equity and equality of pay.
9. Salaries in Saudi Arabia are expected to rise by an average of 3% in 2023.
10. According to the latest figures compiled by LinkedIn, a majority of employees in Saudi Arabia are also confident to ask for a promotion and salary increase in 2023.
11. In Asia, salary budgets for employees are projected to increase in 2023 due to tight labor markets and inflation.
12. Salary increase budgets in the U.S. are projected to grow by 4% for 2023.
13. A survey conducted by Adam.com revealed that 58% of job seekers are unhappy with their basic salary.
14. B2B brands are more likely to increase their hiring in 2023 compared to B2C companies.
15. More than 53% of huge Japanese companies are committed to increasing wages this 2023.
16. According to a study by payscale, the two main reasons why people do not want to negotiate their salary are that they feel uncomfortable in the negotiation process and do not want to be viewed as pushy.
17. According to a study, women do not want to negotiate their salary or ask for more money because they are more negatively perceived than men who do the same.
18. According to the Harvard Business Review, women are increasingly urged to negotiate for higher pay as a way to close the gender wage gap.
Frequentlyasked questions
+ What are salary negotiation statistics?
Salary negotiation statistics show you the situation of employees in 2022 when they are negotiating their salaries.
+ How to negotiate salary?
To negotiate your salary, you must be prepared and confident.
+ What does hybrid work mean?
This is a kind of setup for employees to have more flexibility to get their work done anytime and anywhere they are most productive.
Negotiation Course For Procurement Professionals
You'll get a certificate after completing the course
Rated 9.2/10 ★★★★★
