Pay increases expected to meet or exceed inflation in 2024, Payscale study says

According to a Payscale report, the U.S. job market is expected to see pay increases surpassing inflation in 2024. Auto body repairers, ranking fourth in demand in 2023 with a median pay of $52,100, experienced a significant 21% increase from the previous year. The shortage of technicians is attributed to factors such as low pay and a rising number of older cars. To stay competitive, the report suggests adopting modern compensation technology, posting accurate salary ranges, and updating workplace culture. Molly Mahoney from the Collision Engineering Program recommends promoting industry benefits, fostering mentorship, and engaging in educational initiatives to address the technician shortage. Emphasizing fair pay and investing in the younger generation are seen as crucial steps in attracting and retaining talent.

In light of the ongoing labor shortage, the report highlights the importance of employers adapting to market conditions. Clear communication of salary ranges, a positive workplace culture, and strategic investments in recruitment processes are identified as key strategies. Mahoney’s insights underscore the industry’s positive opportunity to reshape perceptions of the technician shortage by emphasizing the benefits beyond financial rewards and actively participating in educational efforts.

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