Alongside the latest remuneration information, we gained a wealth of interesting insight from our 2018 Salary Survey research. Below we've summarised the five major macro trends.
1. Holidays - the value of holidays for candidates has increased as work/life balance continues to be a major driver for candidates and a key decision-making factor when deciding to accept a role. Many employers have responded to this by offering 25 days as standard however there are still a significant number who continue to offer less. Our view, to attract top talent, is that 25 days holiday should no longer be considered a "benefit" and should now be viewed as a "hygiene" factor; we'd encourage all employees to consider this
2. Demand for Flexibility - both employers and employees are now seeing the significant value of temps. For employers, temps can provide flexible staffing options without having the £ and time cost of hiring permanent staff. With the ongoing economic uncertainty and shrinking budgets, temps are now a viable and valuable ongoing option not just for holiday or sickness cover. From the employee side, the increased demand for flexible working to pursue other interests, such as starting a business, has meant that it is now a genuine career option
3. Two weeks - in this candidate driven market statistically if your permanent search takes longer than two weeks, from first interview, then a candidate is 76% less likely to accept a position. For employers we therefore strongly encourage that they are clear on their hiring objectives upfront and ensure that all parties internally are agreed and aligned. It's vital that the decisions makers are clear on timelines and that, despite being incredibly busy, they can commit to meeting candidates and be prepared to make informed but swift decisions
4. Employer branding - it's a candidate driven market with increasingly sophisticated candidates, who can demand more from their employers. A recent statistic suggested that before an interview a candidate will spend an average of two hours researching a company, mainly through their blogs and social media channels. Therefore, if your company doesn't have this volume of quality content then they are immediately at a disadvantage. Private equity and alternative investment companies are also increasingly competing not only against other financial services firms but also tech companies and consumer brands who place huge emphasis and investment on staff engagement and shout about it through their marketing channels. The good news is that private equity companies are often amazing places to work but due to their discreet nature, the benefits of their company cultures are not always publicly accessible. Doing some work on employer branding will attract higher quality talent and is well worth considering investing in
5. Job titles - in the support staff world many of the traditional job titles are becoming blurred and interchangeable. For example, PAs are often working as Team Assistants and vice versa. It's therefore important that candidates take time to assess potential roles based on its merits rather than titles. It’s also an opportunity for employees in these roles to step up and push employers to increase the scope of their role
Hopefully this is useful, if you'd like a copy of our full 2018 Salary Survey or would like to discuss how we could help you recruit or find your next role please drop us a note firstname.lastname@example.org