The 2018 Randstad US Salary Guides point out that there is now a market of job seekers. What this means for your small business is that you will most likely face a competitive salary for your current employees and for any new hires.

Salary Trends 2018

Competitive rates are driven by an unemployment rate of 4.1% and an increase in wages. In addition, companies are reinvesting in their human capital with bonuses, raises and other incentives because of corporate tax cuts.

Even though small businesses did not get the same historic tax cut as corporations, they still have to contend with the strong demand for workers. And when there is a high demand, job seekers usually have the upper hand in negotiating wages.

According to the 2018 Wage Guides, wages rose by three percent in several fields and industries. And employees expect to be paid accordingly, which Jim Link, head of human resources at Randstad North America, said in a press release announcing the report. He said, "Paying competitive wages has never been more important than today … today, the tight labor market means employers may lose talent." current and potential if they do not pay according to the expectations of job seekers. "

Randstad US publishes annual wage guides with compensation data in key geographic markets in different fields and industries. Salaries may vary based on local market conditions and position-specific requirements, including experience, certifications, and software knowledge.

The report combines salary data with Randstad proprietary data and information provided by the Economic Research Institute.

What are the employees waiting for?

The salary ranges for the guide come from job titles or positions in engineering, finance and accounting, clinical and non-clinical health care, human resources, information technology, life sciences, manufacturing and logistics and administration and office.

Here are some examples: $ 125,233 for a higher level validation engineer in the Northeast; $ 65,015 – $ 75,090 for a financial analyst at a large company in Baltimore, MD; $ 114,722 for a mid-level machine-learning engineer in Atlanta, Georgia; $ 30.82 – $ 38.57 / hour for an executive assistant with seven years of experience in Miami, Florida; and $ 14.51 – $ 17.71 hourly for a medical receptionist with five years of experience in Houston, Texas.

Alternative workforce for small businesses

As a small business, you now have more options than ever to hire the right person. Freelancers are an excellent alternative for one-off projects or specialized tasks that do not require full-time engagement.

By properly managing these tasks with freelancers, you will save money and the savings can be used to hire full-time quality employees.