Salary Market Analysis as a Mirror of Reality

ayshakhatunasha

We now live in a chaotic, rapidly changing world, which is shaped by a thousand factors from the political situation to global cataclysms. The speed of change is high, and we cannot predict for sure what our tomorrow will be like. Uncertainty is always stress, and in such circumstances a person will search for points of support with double force.

Understanding the latest trends, tracking the dynamics of what is happening in the area you are interested in allows you to stay on track. One of the methods of diagnosing reality for business is researching the labor market and wage levels.

Staff optimization - anti-crisis measures
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Dismissal of some employees is a forced but necessary measure in a difficult situation. At the same time, it is important for the manager not just to carry out a reduction, but to retain valuable personnel, those people with whom you can survive difficult times and reach a new stage of development. Changes in the level of wages under the influence of crisis conditions are inevitable, but man does not live by bread alone! What factors, in addition to remuneration, are important for specialists in your field? Is it possible to compete with other employers and assemble a team of professionals who can do almost everything, in some way, in addition to transferring to a card.

Experience shows that a company’s ability to change based on market analysis and the ability to track the connections between local events and general economic changes allows it to maintain competitiveness in the external environment.

Benefits of Research
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Research of the labor market helps to solve such problems as:

Draw up a budget for the wage fund (WF)
Prevent staff turnover in strategically important positions;
Compare the level of wages in the company with the market;
Create an up-to-date social package;
Assess the salary level in the new market (when choosing a region for relocating a business);
Confidently argue the policy of remuneration to employees;
Identify effective ways to motivate staff;
Timely assess changes in the virtual phone number service company's personnel needs or the need for employee retraining;
Enhance the company's reputation.
Market analysis results can also be used to justify the need for change to other participants in the decision-making process.

Trends 2022
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The consulting company "Administrative Resource" has been conducting salary research of the labor market for 10 years.

In the first quarter of 2022, it became obvious that general instability is pushing even qualified, sought-after specialists to give preference to vacancies where the fixed part of the salary is quite large compared to the variable part. People also began to pay more attention to the company's overall reputation in the market, wanting to be confident in the future, to understand that the company will not close tomorrow. Demand for offers with relocation has increased, but not to the CIS countries.

Experts call the following factors attractive:



Quick job offer - no long multi-stage interviews, bureaucratic procedures;
Compliance with agreements - both global ones regarding working conditions and motivation, and local ones (they promised to provide feedback after the meeting);
Opportunity for career growth;
Opportunity to learn, gain new professional experience;
Comfortable workplace and work schedule;
Social package, medical insurance.
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The IT sphere has its own specifics, but the general trend remains. The points that candidates pay the most attention to are:

Most experienced developers are interested in creating a practical product that is in demand by a wide audience.

Understanding the company's value at the first interview stage. HR brand (what makes this company different from others, why is it interesting and promising to work there).

For team leads, development managers and CTOs, the ability to influence processes in the company is important.

Opportunity for career and/or professional growth.

Team: A small team or lack of resources reduces the attractiveness of the vacancy.

A decent office near the metro or the opportunity to work remotely.

Flexible schedule.

Relocation package (for out-of-towners).

Team building and corporate events.

Experts from various fields note that the literacy of the company's recruiters is one of the significant factors. People care how interestingly, with an understanding of what they are talking about, HR is able to present information both about the company itself and about projects. The principle of "they meet by clothes" works here too, and the recruiter is the first contact of a potential employee with the company.

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People react negatively to:

Lack of transparent motivation;
A small fixed portion of the salary;
The need to register as an individual entrepreneur, rather than officially employed;
It is not possible to work remotely on a regular basis (unless the nature of the work requires being present in a specific location).
Expert surveys show that employers actively use the results of labor market research and in times of crisis this information helps to make more accurate and winning decisions. If you need a labor market analysis in your particular area, or you intend to enter new markets, we are ready to help with this issue.