Jordi Arcas: “We expect a salary increase of 10%.”
Jordi Arcas is the co-founder and CEO of TalentUp.io, a company dedicated to compiling and analyzing talent market data focusing on salaries. Their unique Salary Platform and Salary Benchmarking Reports, powered by the latest data and in-depth analytics, help companies keep their compensation strategy up-to-date with changes in the labor market.
With their products, you get a precise picture of how the market pays for specific functions, which helps you plan a better recruiting strategy.
We asked him about the current state of recruitment and how one can stay competitive. Our discussion also included salaries and how they will evolve in the future.
How do you see the present situation of IT recruitment in Europe?
The market has completely changed over the past couple of years. We have evolved from a local market to a global market. And with the growth in remote working, you can find that companies worldwide are competing for the same talent.
This new scenario has led to higher competition between companies and increased salary ranges for certain positions, causing salaries to fluctuate very rapidly. As a result, salaries that were in accord with the market three months ago may be outdated today.
These shifts in the market created a necessity to follow in real-time the latest trends in the talent market to keep up with the pace, maintain competitiveness, and retain talent.
Although not the most crucial aspect in retaining talent among other essential factors, such as company culture, salaries can be a decisive point to ATTRACT talent. Companies worldwide are now competing with others that historically were not their competitors.
To stay competitive and attract the talent you are looking for, you need to know their market value – how much other companies are paying for that specific talent. Otherwise, you will lose talent, resources, and a lot of money in the short and long term.
How can recruiters know if they are offering competitive salaries?
It is essential to have a good salary benchmarking with updated data. Why? Because it helps identify if the wages you are offering are on par with the market and act accordingly.
Moreover, recruiters have to be aware that salaries are evolving quickly. For example, the wages you offer for a specific position can be obsolete in three months, so you need to know how a role is valued in real-time.
And that’s where TalentUp comes in. We provide real-time insights into the market through our Salary Platform and Salary Benchmarking Reports, backed up with the power of data. For instance, with TalentUp’s Salary Platform, you can find up-to-date compensation data for more than 200 positions in +90 locations worldwide.
You can quickly compare roles across locations and find out the market pay across countries or in individual cities and find your target market. Also, you 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.
You can try TalentUp Salary Platform for FREE here.
How will the salaries evolve this next year?
Due to the talent market competition and the inflation, we expect a salary increase in the IT sector of 10%. The market changes indicate that salaries will keep growing, especially in the IT sector.
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