Understanding pay for in-demand jobs 💸

This week, we are digging into LinkedIn’s Jobs on the Rise list. The list includes the 25 fastest-growing jobs in the U.S. over the past five years. This shouldn’t come as a surprise, but many of the jobs on LinkedIn’s list – like Nurse Practitioner, Recruiter and Revenue Operations Director – are among the most searched by thousands of LaborIQ users.

What’s driving pay for in-demand jobs? 

Wage growth and turnover have presented major challenges to HR and business leaders over the past couple of years – and the two are intertwined. Compensation is among the main reasons employees tend to leave their current job for a new role. And when pay rises for new employees, this puts pressure on wage growth.

While both wage growth and turnover have come down in recent months, they are likely to remain elevated through 2024, and for the next several years.

Why does a good job description matter to compensation?📊Salary benchmarks for jobs on the rise

For each job on the list, we'll break down:

• In-seat pay for existing employees, or the median salary that represents what workers in the job are currently making. This can be a lagged measure because it doesn't capture what's needed to fill roles today.
• Current market pay to fill open roles for new hires – the LaborIQ recommended base compensation to attract talent in today’s market.
• Pay premium for new hires, or the gap between the salary for new hires and existing employees.
• Estimated talent supply for individuals with the skills for the job and the levels of education and experience listed. Note: There is a significant shortage of talent for 75% of the jobs on this list. These jobs are in high demand and require substantial training and expertise.
• Education and experience most common for workers in that role.

Chief Growth Officer 📈

Chief growth officers plan and execute strategies for increasing revenue and reach through sales and marketing efforts. They often own and manage a company's entire revenue function.

💺In-Seat Pay: $148,614
💵Current Market Pay: $164,247
💸Premium for New Hires: 11%
📉Talent Supply: Significant Shortage
📅Experience in Role: 4-6 years
🎓Education: Bachelor's degree

Vice President of Diversity, Equity, and Inclusion 🤝

Vice presidents of diversity, equity, and inclusion, direct or coordinate activities of businesses or departments related to establishing and maintaining an inclusive and diverse corporate culture. They may provide training or teach courses on best practices for achieving a company's diversity and equity goals.

💺In-Seat Pay: $131,709
💵Current Market Pay: $152,460
💸Premium for New Hires: 16%
📉Talent Supply: Significant Shortage
📅Experience in Role: 4-6 years
🎓Education: Post-BA Certificate

Public Relations Manager 📢

Public relations managers are part of the team responsible for developing and maintaining the company's corporate image and identity. They may be responsible for designing and editing corporate promotional publications or press releases.

💺In-Seat Pay: $127,401
💵Current Market Pay: $147,128
💸Premium for New Hires: 15%
📉Talent Supply: Significant Shortage
📅Experience in Role: 4-6 years
🎓Education: Bachelor's degree

Physician Assistant 🏥

Physician assistants are licensed advanced practice providers who examine, diagnose, and treat patients, often under the supervision of a medical doctor. They may provide primary or specialty care services in a hospital or clinic setting.

💺In-Seat Pay: $132,741
💵Current Market Pay: $129,786
💸Premium for New Hires: -2%
📉Talent Supply: Stable
📅Experience in Role: Less than 6 months
🎓Education: Master's degree

Note: Newly hired physician assistants tend to make less than existing employees. The number of physician assistants is expected to grow by 30% by 2032. An increase in the number of newly licensed physician assistants means new hire pay will be lower given they have less experience than their tenured peers.

Artificial Intelligence Specialist 💻

Artificial intelligence specialists develop and implement an organization's strategy for the integration of artificial intelligence and related technologies in their products as well as day-to-day operations.

💺In-Seat Pay: $111,876
💵Current Market Pay: $120,557
💸Premium for New Hires: 8%
📉Talent Supply: Significant Shortage
📅Experience in Role: 4-6 years
🎓Education: Bachelor's degree