Salary Negotiation Statistics 2022 — 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.
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 2022That You Should Know
1. A survey conducted by Willis Towers Watson (WTW) showed that 17% of companies are already disclosing pay range information even when not required by state or local news.
2. A report conducted by Fidelity showed that 85% of Americans who countered on salary got what they asked for.
3. 87% of American professionals ages 25 to 35 who countered on salary and other compensation and benefits got what they asked for.
4. 58% of Americans have accepted the initial offer at their current position without negotiating.
5. 22.6% of millennials do not know how to negotiate their salary.
6. Millennials currently make 20% less than the Baby Boomer generation did at the same age.
7. A survey showed that almost 58% of millennials had never negotiated their salary and only 38.5% of millennials surveyed have tried to negotiate their salary.
8. 4 out of 10 millennials are scared of the consequences they may incur when they try to negotiate their salary.
9. 43% of recruiters said that salary negotiation had no impact when they were hiring.
10. Surprisingly, 19% of recruiters said that salary negotiation can have a positive impact on the hiring process.
11. Only 10% of recruiters said that salary negotiation can affect their hiring process.
12. 43.4% of millennials that negotiated their salary got what they asked for and 26.3% of millennials that negotiated their salary did not get what they asked for.
13. Over 70% of managers that have been surveyed said they agree that candidates should negotiate their salaries and benefits.
14. According to a report made by The Conference Board, the average salary increased from 2.6% in April 2021 to 3% in November 2021. It is expected this year that it will grow by an average of 3.9%.
15. According to Buck’s Global well-being and Voluntary Benefits survey in 2022, 79% of American employees indicate that they want more resources from their employers to help meet their financial and emotional health needs.
16. 62% of employers surveyed said that they offer employees a subsidy or reimbursement for an at-home office or work equipment.
17. Buck’s survey showed that 45% of employees wish that they had a better understanding of their benefits.
18. Nearly 72% of organizations that have been surveyed offer a fully insured health plan for their employees.
+ 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.
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