Salary Trends and Industries
The software industry always recruits talents, offering among the best salaries for job satisfaction and availability. Senior software engineer employment is expected to grow 21% by 2027, surpassing 5% for other occupations.
Data scientists and AI engineers will see significant increases in demand and salary. With technology’s rapid advancement and increasing digital reliance, these professionals will be in high demand.
Tips for Maximizing Salary
Rather than letting the market determine your wages, take control of your earning potential by positioning yourself for pay bumps. Upskilling and reskilling help. Choose the right time to ask for a raise, like during performance reviews. Research your market value when asking for compensation.
Salary Increase Insights
- At $50,000, you are below the median income, but not far off the average salary. Consider your lifestyle and goals to determine if it’s a good amount for you. Translate the annual salary into a monthly budget and see if it meets your needs.
- President Biden proposed a 5.2% raise for federal employees in 2024. This is an average raise, so some would get more and some less depending on locality pay rates.
- The Mercer salary budget survey for 2024 reveals a trend of decrease in budget compared to 2023, providing employers with valuable market data to inform their hiring and retention strategies.
Raise and Salary Growth Stats
- What is a good raise for 2024? A good raise in 2024 is considered to be an average salary increase of 4%, according to a new survey from WTW.
- Based on survey results, average raises of 4.1% are predicted in 2024 as companies fight to retain workers with more job openings than workers.
- The job market is expected to continue growing, with over 11 million new jobs created by 2024. Technology-related positions will dominate the highest-paying roles.
- Salary increases should stabilize in 2024 for most fields. Tech talent seems increasingly willing to accept reduced pay for remote work.
Miscellaneous Insights
- As this article is from 2023, the 2024 average salary increase can’t be determined yet. Stay updated on trends and surveys. Approach any negotiation with confidence and compromise. Research industry benchmarks and emphasize achievements with evidence when requesting a raise.
- Digital marketing and data analytics roles are seeing huge salary bumps. This reflects the growing prominence of digital presence and data-driven decisions in business. Marketers skilled in areas like SEO, content creation and data analysis are well-poised to benefit.