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Jordi Arcas, CEO at Talentup: “We expect a general salary increase of 10%”

15 May 2022

Jordi Arcas is the co-founder and CEO of TalentUp.io, a company that compiles and analyzes  the talent market data with special attention to salaries.

We spoke to him about the current state of recruitment, and how companies can stay competitive during these days where it looks like all companies are exactly looking for the same kind of professionals, and the talent pools are limited.

Jordi says: “The market has completely changed over the past couple of years. We have evolved from a local market to a global market“. With the expansion of remote working, you can find that companies from all over the world that historically were not competitors in terms of talent attraction, are now competing for the same talent.

This new scenario has led to a more aggressive competition between companies, and an increase in the salary ranges for certain positions. This has caused the salaries to fluctuate very rapidly. Salaries that were in accord with the market three months ago may be outdated today.

All the mentioned above has created a big necessity to keep up in real-time with the latest trends in the talent market to keep the pace and not lose competitiveness and talent throughout the journey.

Credits: talentup.io

 

How can companies navigate in this new scenario to be competitive?

Salary is not the most important factor to retain talent, and there are other really important factors to have in mind such as company culture, perks or stock options plans, but salaries can be a decisive point to ATTRACT talent.

As said above, now companies are competing with other companies that historically were not their competitors in terms of talent attraction. To stay competitive, and to attract the talent that you are looking for, you need to know their value in the market, how much are they paying that concrete profile with highly accurate precision. Otherwise, you will be losing talent, resources, and lots of money trying to figure out why your offers are not being accepted.

How can recruiters know if the salaries that they are offering are competitive?

It is essential to have a good salary benchmarking with updated data to know if the salaries you are offering are aligned with the market and act consequently.

In addition, recruiters should be aware that the salaries are evolving faster than ever. As I mentioned, in three months the salaries you were offering for a certain position today can be obsolete in a very short period of time, that’s why they have to do everything in their hands to track compensation in real-time.

TalentUp answers all these needs. We provide insights in real-time into the market through our Salary Platform and Salary Benchmarking Reports backed up with the power of data. For instance, on TalentUp Salary Platform you can find fresh compensation data for more than 150 positions and 60 locations, worldwide. The feedback we are getting so far is very good, because recruiters have direct access to the salary insights, and they can easily track the day-to-day evolution.

They can even easily compare roles across locations and find out what market pay is across countries or in individual cities and find your target market. Also, they can know the supply and demand for each role, see how salary is changing over time, and know the popular benefits in the market among many other features.

How will the salaries evolve this next year?

All indicators say that salaries will keep growing, especially in the IT sector. Due to the talent market competition and the inflation, our data trends are pointing that we can expect a general salary increase in the IT sector of 10%, and even more for very specific roles.

Is it possible to use Talentup for free?

Yes, there are some free reports available on our site and I really ecourage all the readers to access talentup.io and to check them out!

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