:45 read | Chime in on LinkedIn here and Twitter here
I regret to inform you that salary inflation may have peaked.
I say “may” because I'm not going on record to call a market top based only on our proprietary data. It’s real. But I’ll be curious what the macro level data says.
You know, when the salary sites update in another 12 months…😴
Analyzing two key skill sets:
1. Software engineers (the gold standard of in-demand hiring.)
2. Internal recruiters themselves (indicator of total hiring demand.)
Software engineering salaries were flat from Q4 2021 to Q1 2022.
👉0% change. The first time they haven't been up since 2020.
Recruiter salaries dipped from Q4 2021 to Q1 2022.
👉-2.7% change.
No need to panic though. Year over year, both skill sets area way up:
Software engineers Q1 2021 to Q1 2022: +18.5%
Recruiters Q1 2021 to Q1 2022: +27%
That said, hiring continues to boom. Our total placements in Q1 2022 were way up.
vs Q1 2021: 166.55%
vs Q3 2021 (busiest quarter): 108.88%
Tldr: Demand is still incredibly high. But perhaps the rate of salary inflation can't increase forever.
You can follow me on LinkedIn here and Twitter here. Join the discussion on this LinkedIn post (or give it a 👍) here.