Human Resources Demand Driving Salaries and Benefits in 2024
While economic turbulence did impact many human resources roles in 2023, the long-term outlook for HR remains positive. Jobs are projected to grow 6% from 2022 to 2032, with over 78,000 openings projected annually over the next decade.1 New roles and responsibilities in HR related to wellbeing, digital transformation, and sustainability have led to more non-traditional HR career paths.
HR is especially in demand in industries like healthcare, finance, and manufacturing.2 Employers in markets like San Antonio and Charlotte, where healthcare and financial technology (FinTech) business is booming, are seeing a boost in HR job openings.
Human Resources Demand in 2024 Driving Salaries and Benefits
Compensation levels remain strong for HR professionals, with an average increase of 4% compared to 3% in 2023 in 2022.3 High demand for HR pros puts candidates in a solid position in 2024 with employers planning increases amid inflation.4 Business leaders will also look for other ways to stay competitive including offering flexibility, wellness programs, and increased PTO.
While remote work is still a topic during recruiting conversations, hybrid is becoming the new norm, with many companies shifting to a two-day remote schedule. In certain parts of the country, especially in the South, there’s a more dramatic shift back to having HR roles fully on-site.
Employee Wellness is a Priority
Stress and burnout are at record levels with 87% of Americans feeling anxious about the economy and many employees worried they are losing ground financially.6 As human resource professionals work to tackle these issues, they must first address their own burnout crisis resulting from the weight of responsibilities during and post-pandemic. Employers who provide work/life balance and prioritize mental health support for team members will be more appealing to candidates. Adding mental health days, encouraging employees to use PTO, and adjusting workloads as needed, can all make a big difference.
HR Pros Need Future Skills Now
From talent acquisition software to online video conferencing, HR departments use technology daily to make hiring and onboarding more efficient. AI tools like ChatGPT and AI-powered predictive analytics tools are already helping HR pros create career development plans, write job descriptions, screen candidates, and reduce bias in hiring.
In fact, HR analytics and HR information systems managers are two of the fastest growing positions in the U.S. This is due to many organizations leveraging data to manage recruiting, measure performance, and plan for compensation and workforce retention.7
More HR leaders are committed to using technology to boost productivity and meet increasingly complex demands. These tools help bridge labor gaps and enable HR teams to focus more time on strategic work. With the fast-changing work landscape, HR professionals must have access to skills development to help them adapt and move ahead. Employers who offer this kind of training in 2024 will have a hiring advantage.
For industry-specific trends and salaries for various roles across 20 metro area locations, download your free guide today!
1 BLS, OCCUPATIONAL OUTLOOK HANDBOOK, 2023
2 CNN BUSINESS, THE JOB MARKET ENTERS A NEW PHASE AS THE GREAT RESIGNATION ENDS, 2023
3 HUMAN RESOURCE EXECUTIVE, WHAT TO KNOW ABOUT SALARY TRENDS IN 2023, 2022
4 SHRM, EMPLOYERS BUDGETING 4% PAY RAISES IN 2024, 2023
5 SHRM, SALARY INCREASE BUDGETS HIT TWO-DECADE HIGH, 2023
6 LINKEDIN, DOMINATING HR TRENDS 2023 AND BEYOND, 2023
7 HRDIVE, HR ANALYTICS ROLES ON THE RISE, 2023
8 SHRM, WHAT WILL HR LOOK LIKE IN 2030?, 2022