ASA Releases Highly Anticipated 2024 Compensation Report

The focal point of this comprehensive report lies in its detailed breakdown of compensation data, offering vital statistics for over 40 common positions and job titles, along with insights into 7 C-Suite roles. Whether you're evaluating pay rates for Counter Salespeople or analyzing compensation strategies for inside and outside sales teams, this report delivers the essential information needed to gauge competitiveness within your region.
 

One of the key highlights of the report is the assessment of pay rate increases. Are your salary adjustments aligning with industry standards? According to respondents, the median base salary adjustment for full-time non-managerial employees in 2023 stood at 4%. However, the anticipated increase for 2024 is slightly lower, with respondents expecting a modest uptick of only 3.5%.
 

This comprehensive report serves as a vital resource for businesses looking to ensure that their compensation strategies remain competitive and aligned with industry norms. Stay ahead of the curve and leverage the insights provided by ASA's 2024 Compensation Report to make informed decisions regarding your organization's compensation framework.
 

A few interesting points related to the new questions we asked:
 

• One-fourth (25%) of respondents anticipate no change to 2024 starting salaries compared to 2023.
• Internet Job Boards, Referrals, and internal transfers/promotions continue to be the top three sources for successfully filling open positions. It's worth noting that social media is the fourth most common and it's becoming increasingly more important.
• Respondents reported that 60% of positions at the management level or above are typically filled by internal candidates through promotion, yet only 63% of respondents reported that their company clearly communicate career progression opportunities to employees.
• The number concern/issue was "Finding Qualified Employees" and about 25% of respondents report "Lack of Skilled Workers" and "Knowledge Transfer" as major concerns/issues for their company. To improve this area, training, and education budgets for 2024 vs. 2023 increased for about 43% of respondents.

If you want to learn more about this report, email bbaresel@asa.net.