Salaries Increase Across Industries As Workers Drive Change in Today’s Labor Market, New Randstad USA Report Finds.
2022 salary guide provides salary data across eight industries and key insights on american labor market trends
ATLANTA – February 22, 2022 – With workers in firm command of the labor market for the first time in decades, salaries for in-demand positions in key industries are rising at staggering rates, according to a new report from Randstad USA. For example, wages in engineering are rising as much as 19 percent. The report found increases across all eight measured industries as Americans quit their jobs at an unprecedented rate to pursue new, more lucrative opportunities.
Randstad USA’s 2022 Salary Guide found salary gains were most prominent amongst mid-level employees whose track records and proven skills make them desirable candidates for companies looking to bolster their workforces.
“After working through the pandemic for almost two years, American workers have used this time to evaluate their priorities and are seeking personal and professional improvement at unprecedented levels,” said Karen Fichuk, CEO of Randstad North America and Randstad N.V. executive board member. “Workers are demanding better pay, more flexible work arrangements and safe workplaces. Our Salary Guide is a one-stop shop for smart business leaders who want to understand labor trends in 2022 so they can compete for talent in the tightest labor market in generations.”
Randstad’s annual Salary Guide is one of the most trusted sources of compensation data for hiring leaders, and it covers eight of the industries for which Randstad hires workers in hundreds of U.S. markets every day. It provides detailed compensation ranges for specific jobs within those industries.
The 2022 Salary Guide also provides in-depth analysis of the trends driving changes in compensation and benefits during this unprecedented labor environment. Among its key findings:
- The report found that there is a disconnect between workers’ demands and C-suite expectations about remote work amid the pandemic, which will make salary become more important for companies that cannot provide the level of flexibility some workers are seeking.
- Salaries are soaring in the financial services industry. Morgan Stanley and Goldman Sachs have recently raised annual first-year pay to $110,000. As of Q3 2021, Morgan Stanley first-years were taking home $85,000 a year, while JPMorgan Chase, Citi, Barclays, Bank of America and Deutsche Bank have all bumped entry-level investment bankers’ pay to $100,000. Meanwhile, Ally Bank is raising salaries and bonuses and increasing its contribution to employee 401(k)s — all in the wake of losing candidates to other offers.
- Accountants are in especially high demand. The report notes that there were 228,661 entry-level accounting jobs posted during the previous year, but fewer than 125,000 accounting degrees were awarded during the same period.
- The report notes that the healthcare industry “has hemorrhaged nearly half a million workers in total since the start of the global pandemic,” 18 percent of the total healthcare workforce.
- There has been an absolute explosion in the number of tech jobs. The past four years have seen a 443 percent increase in DevOps positions, a 417 percent increase in machine learning positions, a 69 percent increase in software engineering positions and a 67 percent increase in data science positions.
- Mid-level employees in manufacturing and logistics are among the biggest winners. Those in production (CNC programmers, molders, etc.) and management (production managers, plant managers and logistics managers) roles are seeing significant salary increases.
These findings are from the Randstad USA Salary Guide, an annual report that includes pay rates for a variety of job titles or positions within accounting and finance, engineering, clinical and non-clinical healthcare, human resources, information technology, life sciences, manufacturing and logistics and office and administration. The benchmark data and insights offered in the Randstad USA Salary Guide can be used by companies to measure their compensation against the broader market.
About Randstad’s Salary Guide
Every year, Randstad USA publishes its salary guide to highlight compensation information across many fields and industries in key geographic markets.
Salaries in specific regions may vary based upon local market conditions and position-specific requirements such as experience levels, professional certifications or knowledge of certain software. In addition, the salary data has been drawn from multiple industries and may not accurately portray a company’s specific situation.
The salary data is a combination of proprietary Randstad USA information and data provided by Emsi, Burning Glass and the U.S. Bureau of Labor Statistics.
Randstad North America, Inc. is a wholly owned subsidiary of Randstad N.V., a €20.7 billion global provider of flexible work and human resources services. As a trusted human partner in the technology-driven world of talent, we combine the expertise and passion of our employees with some of the most innovative HR technologies on the market today to advance the careers and business success of our candidates and clients.
Randstad’s North American operations comprise 5,700 associates and a deployed workforce of more than 86,000 in the U.S. and Canada. In addition to staffing and recruitment, Randstad offers outsourcing, consulting and workforce management solutions for generalist and specialist disciplines, including technology, engineering, accounting and finance, clinical and non-clinical healthcare, human resources, legal, life sciences, manufacturing and logistics, office and administration and sales and marketing. Global concepts available to North American client companies include RPO, MSP, integrated talent solutions, payrolling and independent contractor management and career transition services. Learn more at www.randstadusa.com or www.randstad.ca.