MSI Recruiting is pleased to present our annual Salary Guide, 2020 edition.
During the course of each year, companies regularly approach MSI Recruiting wondering whether the salaries that they offer align with those offered by other organizations in their industry. But why does salary benchmarking matter and how is it beneficial for business?
A country’s economic growth is determined by the rate of increase in the labor force and productivity growth. The US economy’s GDP for 2019 rising to $21.44 trillion, a significant increase from $20.50 trillion in 2018, is indicative of higher employment numbers. When GDP is strong, firms hire more workers and can easily afford to pay higher salaries, which leads to increased competition between businesses when recruiting and sustaining top-level talent. Our 2020 salary guide is a useful tool upon which to benchmark remuneration packages and eliminate any hiring challenges that may manifest as a result of unappealing salary offers.
Many people see salary as the key factor when they’re deciding whether to accept or turn down a job offer. Increased hiring across the board gives careers seekers the opportunities to interview at more than one company, and potentially receive multiple job offers at the same time. With variations in pay potentially being the difference between the acceptance or refusal of an offer, salary benchmarking provides a leg up to ensure a successful hire.
We also hope that this salary guide empowers businesses to make the necessary salary adjustments for current employees when the time arises, so as to prevent poaching from other companies. Conversely, the information is beneficial when trying to lure employed individuals from their places of employment as it provides a rough idea of what they may currently be earning, allowing you to put forth an attractive salary proposal – one that the business is content to pay and the candidate simply can’t afford to pass up.
For career seekers, this salary guide offers insight into what one should be earning, relative to their professional qualification and years of experience. We hope that it is used as a means of determining the validity of any job offers received.
In this guide, readers will find insightful data on which industries are hiring the most for a skill set. They may also be interested in the hierarchy within a particular discipline and the wage gap between certain positions. Whether you’re interested as a candidate, hiring manger, or HR professional, this guide will provide any individual with a corporate role in Accounting, Operations, Administration, IT, Finance, Executive Level, and more, a clear understanding of the trailing 12 month trends in employment, the best way to manage your business or career.
We welcome any questions and are here to personally advise employers and career seekers on any compensation queries they may have.