- Tech workers' annual wage growth range is 3.2%, according to a March 11 Payscale report, making them some of the few to enjoy an annual wage growth higher than the average 3%. Meanwhile, jobs that showed the lowest annual wage growth were in HR (1.2%), sales (1.2%) and marketing and advertising (1.7%).
- Jobs in science, technology, engineering and mathematics (STEM) positions remain hard to fill, according to the report, which analyzed responses from almost 5,000 employers representing every industry across the U.S. Employers surveyed said retention was the top reason for adjusting compensation, followed by recruitment and paying for "hot skills."
- In addition, high performers were rewarded more than average performers in 2019. To retain top talent, companies reported using a variety of tactics including merit-based pay (60%), learning and development (57%) and discretionary bonuses (34%).
Research shows that the number of job openings have exceeded the number of unemployed Americans, and that particularly has an affect on the tech sector.
For example, in February, the U.S. technology sector added an estimated 11,500 new jobs, the second consecutive month of employment growth to begin 2020, according to an analysis by CompTIA released March 6. "With net job gains of 33,500 positions through the first two months of 2020, this is the best start to the year for the tech sector since 2017," Tim Hebert, executive vice president for research and market intelligence at CompTIA, said in a statement. Herbet also said that there’s a possibility of a hiring lull" due to the uncertainty many employers are facing."
For employers seeking top talent, compensation needs to be negotiable, according to research. A November 2019 survey from staffing firm Robert Half found that 2 in 5 workers become disinterested in a job offer if an employer won't negotiate details beyond salary. Yet, a separate survey of chief financial officers by Robert Half stated that 98% said their organizations are open to negotiating some aspect of job offers with candidates, and 63% said pay is negotiable.
“Companies are rewarding employees in jobs that are hard to fill with increased pay," Wendy Brown, senior director of corporate marketing at PayScale, said in a statement."However, employers who are concerned about retention across their organizations should look at raising pay in a meaningful way more broadly to ensure their entire workforce feels valued and employees are more likely to remain in their positions."