Employers have a growing list of concerns lately, including losing their top performers, new research from global staffing firm Robert Half shows. A large majority of senior managers surveyed (88%) said they are worried about their company’s ability to retain valued staff, with 47% being very worried. Of those who said they are worried, 39% attribute their concern to salary reductions or planned salary freezes for the near future.
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The research comes in conjunction with the release of the Robert Half 2021 Salary Guides, which provide starting salary ranges for more than 470 positions in the accounting, finance, technology, creative, legal and administrative support fields.
View an infographic of the research highlights.
Among the 28 U.S. cities in the survey, Minneapolis (52%), Tampa (50%) and Portland (49%) have the highest percentages of senior managers who said they are concerned about retention because salaries have been slashed or raises are off the table for the time being.
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“Employees have been stretched to the limit during the pandemic, putting in longer hours and taking on additional responsibilities,” said Paul McDonald, senior executive director of Robert Half. “While many companies have supported staff by providing more nonmonetary benefits, like flexible scheduling and enhanced wellness resources, they may have had to impose pay freezes or cuts in order to preserve jobs.”
The Current State of Salaries for New Hires
Even in a time of high unemployment, the research shows a majority of companies are offering new recruits pay that meets or exceeds pre-pandemic numbers. More than 4 in 10 senior managers surveyed (44%) said starting salaries for new hires have held steady since the spread of COVID-19 began, and nearly 3 in 10 respondents (28%) noted an increase in base compensation.
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