Tag: Salary

Salary increases on the rise but workers feel they deserve more

Although salary increases are rising, only 33% of Australian employees are happy with their current benefits. This is according to recruitment company, Hays.

Hays believes that benefits can help bridge the salary expectation gap and aid staff attraction. According to their latest Salary Guide, 35% of employers have improved benefits and working practices to entice more staff.

The data also showed that allowing more than 20 days’ annual leave is one of the most sought-after employee benefits. This year’s data shows that the benefit is desired by 55% of job seekers, compared to 30% last year. The most desired benefit, according to Hays, is training, at 57%. Interestingly, while 87% of employers offer training as a benefit, only 23% provide more than the minimum legal requirement for leave.

Next on the list of top five benefits are:

  • ongoing learning & development (53%)
  • mental and physical health and wellbeing programs (38%)
  • formal career paths (38%)

Flexible working is not on the list of highly prized benefits, likely because although it was a top benefit pre-pandemic, it is now the expected norm.

Professionals are advised to consider the complete value exchange – even if salaries are not meeting expectations, workers should consider whether the benefits they receive enhance the complete value exchange they receive for their skills and experience.

Nick Deligiannis, Managing Director of Hays in Australia & New Zealand, commented: “With a salary expectation gap evident, offering the benefits employees value can help reward and retain top talent in a competitive labour market.”

“The pandemic prompted many people to prioritise their work-life balance and mental health, to care for their health and wellbeing they now want a job that offers more than customary annual leave.”

“If a person’s time is as valuable as money, additional annual leave can add significantly to their overall package.”

“For employers looking to modernise their benefits portfolio to attract, reward and retain staff, it’s important to reconcile your offering with what employees’ value, training and additional annual leave are obvious improvement points. So is the provision of formal career paths, which 38% of employees want but only 20% of employers offer.”

“For jobs that can be performed outside a central workplace, skilled professionals expect to work in a hybrid arrangement,” he said. “After more than two years of hybrid working, it’s no longer considered a benefit that can attract and engage staff but rather a minimum ordinary entitlement.”

“If your salary increase falls short of expectations, consider what else you can ask for. In particular, think of your long-term career objectives. Additional benefits such as training, formal career paths and mental and physical health and wellbeing programs, for instance, could lead to a promotion and higher compensation long-term than a small raise here and now.”

Share this article on social media

Two-thirds of workers think work-life balance is more valuable than pay

Despite increasing inflation and the UK’s cost-of-living crisis, a new survey suggests that employees value work-life balance more than pay.

The survey by HR and payroll software provider CIPHR polled over 1,000 UK workers about the most important job aspects. The results revealed that 70% of women and 65% of men consider work-life balance more important than pay and employee benefits combined.

According to the research, the top 20 most important aspects of a job, ranked by popularity, are:

  • Work-life balance (67%)
  • Pay and benefits – total rewards package (59%)
  • Job security (57%)
  • Job satisfaction (53%)
  • Healthy work environment (42%)
  • Recognition: feeling valued and appreciated (37%)
  • Feeling safe at work (36%)
  • Feeling included / belonging at work (33%)
  • Right to disconnect from work outside of usual working hours (26%)
  • Promotion opportunities / career progression (25%)
  • Job autonomy – trusted to do a job without being micromanaged (24%)
  • Clear goals and targets (23%)
  • Correct tools for the job (20%)
  • Job purpose and variety (20%)
  • Learning and development initiatives (18%)
  • Social connection (18%)
  • Team-oriented culture (17%)
  • Transparent leadership (15%)
  • Fewer meetings (9%)
  • Regular coaching and feedback (9%)

Interestingly, flexibility in where employees were allowed to work affected the results, with work-life balance being the most-valued job aspect for 79% of remote workers compared to 66% of workers who are either partly remote or who never work from home.

Similarly, the right to disconnect from work – and not feel obliged to do any unpaid work-related tasks outside of contracted hours was also a priority for employees who work remotely, compared to those who don’t (36% vs. 25%).

The results indicated that office- or workplace-based staff see greater value in their physical workspace and working among others. Top priorities among these employees include:

  • Healthy work environment (47%)
  • Feeling safe at work (40%)
  • Feeling included and belonging at work (38%)

Employees with hybrid working arrangements generally seem to place equal importance on how pay and benefits (56%), job security (55%), and job satisfaction (55%) interrelate.

Two-fifths of these workers agree that recognition and feeling valued and appreciated by their employers rank more highly than a healthy work environment (41% vs. 39%).

Further data analysis indicates that survey respondents in leadership and senior management team (SMT) roles are likelier to work remotely than those in non-SMT positions (70% vs. 50%). These workers also have different job priorities than the rest of the workforce, with pay and benefits being the fourth most important aspect of a job, at 46%. Work-life balance (60%), job satisfaction (52%), and job security (51%) were at the top of the list.

Regarding age and career longevity, 72% of 24-to-44-year-olds favoured work-life balance over 51% of 18-to-24-year-olds. People kicking off or ending their careers were more likely to place job satisfaction ahead of job security, with 45% of 18-to-24-year-olds and 65% of over 55s preferring to have a job that they enjoy, even if it’s not completely secure.

For respondents aged 45 to 54, 56% said job security was more important than pay and rewards packages (52%).

Across industries, the results vary. People in the finance and insurance sectors are more likely to prize pay and benefits over work-life balance (60% compared to 58%, respectively). In the IT and software industry, job security beats pay and benefits and work-life balance (58% compared to 54% and 54%). Manufacturing workers rate work-life balance and pay and benefits equally (63%).

Claire Williams, Chief People Officer at CIPHR, commented: “CIPHR’s latest findings highlight that salary often isn’t the key driver that many people think it is. People rarely have just one single aspect of a job that matters most to them: there are always a variety of factors that govern whether an individual will join, stay, or leave an organisation, and these will vary depending on where they are with their career at the time.

“Everyone has their own idea of what work-life balance looks like to them. For some, it means looking for more flexibility at work – such as flexible hours, a four-day week, or remote working – while for others it’s an aspiration that helps shape their career choices, the type of roles they want, and the employers they want to work for. It’s certainly not a new concept, but there’s no doubt that the pandemic has spurred many people to re-evaluate their work-life priorities and change how they want to spend their time at work.

“While employers are still navigating what this means in the long term, they do need to recognise that if they are not meeting their staff’s current needs and priorities – particularly around any core job aspects that they want and value – it’s likely that another organisation will.

“Take the time to actively listen to your workforce – perhaps by running a survey similar to this one – to find out what’s important to them, and map these results against employee demographics, life stages, locations and department. An integrated HR tech stack, with a sophisticated HR system, such as CIPHR HR, at its centre, will help you gain this holistic view of your people data.

“It won’t always be possible to tick every box but if you can act on the feedback where possible, it will help improve employee experience and engagement at all levels. Do nothing, and you’re likely to lose staff in the long run.”

Share this article on social media

Lack of salary increases and growth opportunities identified as top issues

Two new reports published by 360Learning have indicated that the Learning and Development sector has some challenges to deal with. The reports revealed that 42% of UK L&D professionals had not received a pay rise in recent months, and a further 23% believe they do not have opportunities to develop at work.

The reports, which look at salaries, progression, and satisfaction in corporate Learning and Development (L&D) teams across the US and UK, have the following findings:

In the UK:

  • The most common annual salary range was found to be between £30-£39k a year
  • The average salary comes in at £31.6k
  • People working in voluntary sectors were likely to earn less than £39k
  • People in the private sector had the best chance of earning more than £80k
  • 25% of L&D Managers earned between £50-£59k
  • Administrators in the L&D environment earned the least at below £39k

In the US:

  • The most common salary range was $70-$100k
  • The mean salary across all roles was much higher than the UK average, at $91.2k
  • 41% of L&D Managers earned more than $100k
  • Instructional Designers and Learning Specialists in the L&D environment earned the least, at less than $70k

The gender pay gap is also clear in the results with:

  • One-third of UK women earn less than the national average (£31,285) compared to only a fifth of men
  • Half of the women in the UK earned less than £39k, compared to only 36% of men
  • Only a quarter of women said they earn more than £40k, versus 41% of men in similar roles

When looking at reasons for lack of advancement, in the UK, 6% of women report that childcare and family are stopping them from growing at work, compared to just 1% of men.

In the US, 4% of people cite personal or family reasons for preventing advancement.

The studies also looked at salary satisfaction. Interestingly, despite gender and role disparities, 53% of L&D professionals in the UK and US were satisfied with their salaries, with the satisfaction increasing per age bracket.

In the UK:

  • 56% of men and 55% of women were satisfied with their earnings
  • 58% of men and 59% of women between 25 and 45 were also happy with their incomes.
  • 42% of UK professionals haven’t had a pay rise in more than 12 months
  • Of the professionals who had not had a pay rise, 54% admitted that they’re not comfortable asking for one
  • Among the professionals who did receive pay rises, 52% were below the rate of inflation, with 45% as low as 1%-3% – half the rate of inflation

In the US:

  • 80% of professionals have had a raise in the past two years
  • 20% have had no raise at all or last had a raise three or more years ago
  • If they have had a pay rise, 38% saw a 1-3% increase
  • 10% of professionals had enjoyed a salary increase of 10% or more over the past 12 months. 41% were “comfortable” or “very comfortable” about asking for pay rises

As far as the impact of education and career experience on salary is concerned, the survey found that 74% of higher salaries across the UK went to people aged over 45; however, 73% of the over 45s surveyed had been in the L&D industry for less than a year.

It would appear that qualifications do not have much influence on compensation. Most of the UK respondents don’t have an L&D-related degree. Of the respondents who earned more than £70k a year – only 7% had degrees or higher. However, in the highest salary bracket, only 2% of people without an L&D-related degree earn more than £80,000 compared to 6% of respondents who do. Clearly,  L&D degrees can lead to higher salaries when it comes to senior roles.

In the US, where wages were higher than $70k, there were almost equal numbers of people with L&D degrees and those without, indicating that on-the-job training via mentors, upskilling, and learning management systems can be an effective route to progression.

The survey provided insights into the roles of mentors in earning potential. For example, the respondents who had a salary of more than $100k a year were more likely to have mentors than those earning lower salaries. Similarly, professionals with a 4% or higher salary increase in the previous 12 months were also likely to have had a mentor.

Generally speaking, mentorship numbers are higher in the US than in the UK. Of the US respondents, 65% of professionals agreed that they benefitted from mentoring, while only 47% in the UK said the same. These numbers could correlate with the fact that 20% of male and 21% of female L&D professionals in the UK feel that they lack opportunities to progress in their careers.

With 4% of US respondents and 22% of UK respondents saying they want to leave L&D, it is essential that L&D professionals feel empowered to effectively provide training and support to other employees.

Share this article on social media

UK vacancies up 48% year-on-year

The locations with the highest rates of jobseekers have been revealed in a new study. London, Manchester, Birmingham, and towns on London’s commuter belt topped the list. The study results indicate that as offices reopen and daily commuting re-commence, workers are searching for roles closer to home.

The research by job search engine Adzuna also revealed that every advertised London-based job ad received an average of 65 views during April – indicative of high job churn in the capital city and centre of the Great Resignation in the UK.

Second on the list of jobseeker activity was Manchester, with over nine views for every job listing. Birmingham was third at over seven views per ad.

Edinburgh, Scotland, and Cardiff, Wales, also featured on this list, with view rates of 2.5 and 1.83, respectively. Northern Ireland, however, didn’t feature on the list – possibly showing that the Great Resignation has not reached them yet.

Further findings for April 2022 included:

  • Advertised vacancies in the UK were up 48% year-on-year, to 1,298,581.
  • Over half a million vacancies were on offer across London and surrounding areas.
  • The average advertised salary in London and surrounding commutable areas was £45,515.
  • The average advertised UK salary was £36,587 in April. This is 3% lower than 12 months ago (£37,898).
  • The number of advertised vacancies has exceeded the number of job seekers for the first time.

The study also revealed a growing interest in jobs within commuter towns. Slough and Heathrow experienced the fourth-highest jobseeker activity level. While traditionally, workers in these locations would have commuted into London, they are now looking for jobs closer to home. Job ads, on average, received over four views per posting in these areas.

There was also high jobseeker demand in other commuter towns around London:

  • Chelmsford (2.47)
  • Reading (2.45)
  • Guildford and Aldershot (2.07)
  • Luton (1.88)
  • Crawley (1.87)

The commuter belt towns accounted for a fifth of the list of top 30 UK towns and cities with the highest jobseeker activity.

Looking across the UK, England had the highest activity from jobseekers, with an average of 3.6 views per job ad. Rates were much lower across the rest of the UK with Scotland at 0.26, Wales at 0.11 and Northern Ireland at only 0.03.

Paul Lewis, Chief Customer Officer at Adzuna, comments: “London is at the core of the Great Resignation in the UK, but our data reveals the trend is spreading out fast. In particular, jobs in commuter towns are seeing high interest levels driven by a renewed interest from Brits to spend more time at home. As offices have reopened and commutes have restarted, workers are looking for close to home options that will continue to give them the flexibility they got used to over the pandemic and various lockdowns, be that picking the kids up from school, or simply working flexible hours. The return-to-office is a huge driver of the current high movement between jobs, and companies offering fully remote options, or even much publicised ‘work from anywhere’ policies, are stealing a march on the competition and coming out on top.”

Share this article on social media

18% of employees will take a pay-cut to work for an NPO 

According to Aviva’s recent How We Live report, almost two thirds of workers (64%) would consider taking a pay cut if a new role offered other benefits with more than a fifth of workers (22%) stating they would think about taking a lower salary if they had the option to do hybrid working, while almost a third (31%) would do the same if they were able to choose flexible working hours. 

Almost a fifth of workers (18%) reported that they would be prepared to take a wage cut if they were going to work for a charity or not-for-profit organisation and 15% would do so if the company had strong environmental credentials. This view is higher amongst under-25s, with a quarter of people in this age group saying they would consider a lower salary for these reasons. 

Aviva’s previous How We Live report (November 2021) discovered two thirds of employees intend to make changes to their careers in the next 12 months. 

Aside from potential pay-cuts, the study found that around three fifths (58%) of UK workers would consider changing their current role for a “greener” career. 

The study suggested that this attitude is more prevalent in some sectors than others, with workers in finance and engineering / building among those most likely to hold this view at 70% in both cases. 

Industry   Percentage of workers who would consider switching to a “green” career 
Finance  70% 
Architecture, engineering and building  70% 
IT and telecoms  69% 
Legal  64% 
Manufacturing and utilities  63% 
Healthcare  58% 
Education  58% 
Retail, catering and leisure  57% 
Travel and transport  54% 

Green schemes in the workplace 

However, there is increasing evidence that employers are becoming greener with three quarters of workers saying their employer has made changes to improve its environmental impact in the last five years – although 75% of people within this group feel there is still more to do. 

More than a fifth (21%) of workers say they are already participating in initiatives to make their employer more environmentally-friendly, while an additional 50% of employees would like to get more involved in this area. 

The report also reported welcomed news regarding the uptake of existing “green” schemes with current employers with the majority of employees saying that their organisations offer some initiatives aimed at reducing their impact on the planet, ranging from cycle-to-work programmes, to removing single-use plastic from workplaces, to electric vehicle leasing schemes. 

 

Workplace scheme for employees  Percentage of employees saying scheme is offered at their workplace  Estimated number of UK employees able to make use of such a scheme*  
Cycle-to-work / bike loan scheme  68%  22.1 million 
Subsidised public transport / loans for transport season tickets  60%  19.5 million 
Removing single-use plastic from the workplace  77%  25 million 
Paperless office  71%  23.1 million 
Vegan / vegetarian options in workplace canteens  70%  22.7 million 
Hybrid / remote working (to reduce commuter pollution)  67%  21.8 million 
Making use of video calls to reduce unnecessary travel  79%  25.7 million 
Using refillable cups for drinks  85%  27.6 million 
Volunteering through environmentally-friendly workplace schemes  60%  19.5 million 
Electrical vehicle (EV) leasing scheme  55%  17.9 million 

Jon Marsh, MD, Partnerships, Aviva General Insurance says:“Sustainability is very much on the radar for businesses large and small and it is positive news that so many UK people are bringing green thinking into their working routines, as well as their personal lives.  

“The latest How We Live data shows that a great many employees are already involved in environmental initiatives in their workplace – from simply re-using cups, to limiting unnecessary travel, to making use of electric vehicle leasing schemes.   

“Three quarters of workers acknowledge that their employer has made environmental progress in the past five years – but they want to do more to make a difference. This could mean actions taken in a current role or switching to a position with a more environmental focus – but the emphasis on green career ambitions is clear.” 

Share this article on social media

Salary secrecy culture is detrimental to hiring

New research commissioned by Reed.co.uk, one of the UK’s leading jobs and careers sites, has revealed that that 78% of jobseekers are less likely to apply for a job vacancy that does not display a salary.

Amid labour shortages and a cost of living crisis, a culture of salary secrecy is limiting hiring managers’ ability to secure the best talent. The research revealed that 22% of jobseekers will only apply for jobs with a listed salary, with recruiters admitting that they still either don’t include the salary, or only sometimes include it, on nearly half of all job ads.

Money talks, but employers remain silent

With more than 42% of companies currently finding it more difficult than usual to generate applications, the research indicates that there is a clear need for businesses to update their salary transparency protocols.

With jobseekers stating that salary is the number one reason to apply for a job, almost two-thirds (62%) of hiring managers believe a lack of salary transparency on job ads has no negative impact on applications, and less than half (46%) of employers have a salary transparency policy. There seems to be a disconnect between hirers and candidates despite data from Reed.co.uk showing that ads that display salaries receive 27% more applications than those that don’t.

Furthermore, almost half (48%) of all jobseekers say the absence of a salary on a job advert negatively impacts their perception of the hiring company with a quarter (26%) reporting that the word “competitive” in a salary description is likely to put them off applying for the role.

Transparency enables greater diversity

Improving salary transparency could contribute towards solving the nation’s hiring challenges, as well as widening the candidate pool for employers.

A high proportion of hiring managers found that providing salary details delivered more applications (42%), greater relevancy of applications (38%), and saved time in the recruitment process (35%).

More than a quarter (27%) also said showing salary generated more applications from diverse candidates. This is supported by data from the study which found that women (81%), disabled (81%), LGBTQ+ (81%), and black people (87%) were much less likely to apply for a role without a salary being shown, compared to the national average (78%).

Simon Wingate, Managing Director of Reed.co.uk made comment: “You wouldn’t shop in a supermarket that doesn’t list its prices, so why should we expect people to sift through job ads that don’t advertise salary? From our research, it’s clear that jobseekers want to apply for roles at businesses that are open about what they pay.”

“Not only will [revealing pay] generate more applications, you’ll likely improve relevancy and save time in the process. You’ll also be able to attract from a wider talent pool and avoid any negative impact to your employer brand. Businesses need to be more open to salary transparency or risk losing out on the best candidates.”

Share this article on social media

Mass exodus of workers expected by June

“The Great Resignation” continues to make the news with new research from talent solutions agency Robert Half finding that 32% of employees will search for a new role in the first six months of the year.

According to new research from the specialist talent solutions nearly a third (32%) of employees will search for a new role between January and June this year – the equivalent to 9.4 million workers across the UK.

Analysis of Robert Half’s internal data revealed that job applications surged in Q1 for the past five yearsand this year looks to be no different. According to findings, nearly a quarter of candidates (23%) will begin their new job search in the next three months – with trend data suggesting that the uptick usually begins in the third week of January.

The research found that around two fifths (42%) of workers seeking new employment are looking for a higher salary, but money is not the only factor they’re considering. In order to retain staff employers should focus on career progression opportunities and benefits which are triggers for 25% and 21% of jobseekers respectively.

Aquent, the innovative recruitment agency for creative, digital and marketing roles have announced the results of its 2021 Talent Insights Report and the key takeaway from the report echoes that of Robert Half’s research: There is going to be a significant impact on the post-pandemic supposed “Great Resignation” and the driving factors are access to flexible working and increased salaries.

Following the rise of hybrid working throughout the pandemic, 24% of those looking for a new role are seeking more flexibility in their working arrangements on a permanent basis. The findings reiterate what we already know that is that flexible working is an essential offering if employers want to attract and retain their talent.

But it must be stated that dissatisfaction with remuneration, opportunities and working arrangements are not the only push factors for employees, the study found. The pandemic had 23% of job-seekers saying lockdown gave them time to re-evaluate priorities, with more than one in five (22%) saying they want to change career path or move into an entirely different field. Aquent’s findings also reflect this and worryingly, job dissatisfaction increased to almost 33% in 2020 and 2021, compared to 22% in 2019. This unhappiness was most likely influenced by poor leadership and layoffs. While trying to find a new work-life balance in the middle of a global pandemic, talent was frequently expected to maintain the same level of production, if not more, especially for middle-management roles (VP, Director, Manager). Talent in this category are facing increased pressure from above and below, with 54% to 59% of middle-management employees considering leaving their role in the next three to six months.

It remains a candidates’ market with the industry seeing a dramatic shift in what talent expects from their employers. Over the past few years, the job market has seen an unprecedented shift towards employees expecting more from their employers, and they are showing more confidence to leave if they don’t get it.  Although the number of people actively looking for a new role in 2021 has fallen by 10% compared to a year ago, talent are clearly still in the driver’s seat as millions of job openings remain vacant.

Aquent’s survey revealed that candidates are now choosing flexible working arrangements almost as much as higher compensation (28%). Further, career advancement slipped from a high of 25% last year to 17%, indicating changing priorities post-pandemic.

Matt Weston, UK Managing Director at Robert Half, commented on the findings: “While we always experience a sharp increase in job applications at the start of each year, we are anticipating unprecedented levels of UK workers looking for a new job this year. Despite an uptick in the number of employees looking for a new role, demand from employers will still outstrip supply – placing the cards firmly in the hands of candidates.”

Share this article on social media

3 in 5 UK professionals are unhappy with their current salary 

CV Library’s latest survey has revealed that a staggering 61% of professionals are unhappy with their salary, with the 1,500 surveyed professionals showing that lawyers, teachers and new graduates were the most unhappy with their current salary packages.

Despite this, the majority (54.6%) of respondents stated they had never tried to negotiate for a higher salary.

Results demonstrated that the reason respondents hadn’t negotiated a higher salary was that 51% feared it would risk losing their job, while 40% replied that they didn’t want to be seen as too pushy and finally 31% saying they didn’t know how to negotiate.

The pandemic appears to have worsened the issue as 29% of respondents said they were even less likely to ask for more money in 2021 than they were before the arrival of COVID-19. However, the landscape has change with record numbers of job postings in the last six months and confidence among the UK workforce has grown as we enter into 2022.

According to CV Library, the salary shift is already reflecting in the 2022 job market with average salaries on the rise in 16 sectors in January 2022 so far, compared to January 2021. The top 5 sectors with salary increases are:

  1. Hospitality/hotel +65.8%
  2. Marketing +12%
  3. IT +11.6%
  4. Administration +10.3%
  5. Management +9.4%

Lee Biggins, CEO and founder of CV-Library comments: “When the pandemic first struck, businesses held all the power and competition for top jobs was tougher than ever. However, in the last few months we have seen this power shift back in favour of candidates and the year-on-year salary increases we are seeing across many industries already in 2022, substantiates this. As such, candidates should feel able to negotiate on salary without fear of losing out on an exciting opportunity.”

Biggins continued: “The key to negotiation is to be prepared. Be sure that you know what you’re worth and what you can bring to the business that will justify a higher salary. To successfully negotiate a salary increase, it’s vital that you take the time to think about what you want, and you check out the latest salaries on offer for your specific role. This will give you the supporting evidence that your expectations are realistic for the 2022 job market.”

Share this article on social media

40% rate healthcare benefits packages more important than salary

A survey by Aetna International has revealed that 88% of expats in key global markets want the choice to pick their employer health care package inclusions based on their own lifestyles and health concerns, promoting the need for personalisation.

Proactive self care, according to the survey forms a central part of expat lifestyles and those surveyed expressed a desire for more holistic benefits that supported wellbeing, mental and physical health. With 52% stating that having tailored benefits featuring wellbeing elements was more important now than pre-pandemic. Furthermore, the survey revealed that a quarter (25%) of expats thought counselling and therapy sessions should be included in packages. Overall, this was the largest endorsement for any well-being offer which respondents were surveyed on.

Of the markets surveyed, counselling and therapy topped the inclusions list in the USA and Singapore, ranked second in the UK and UAE, and fourth in Hong Kong. These findings underline a growing global recognition of the importance of mental health.

Interestingly, 40% of expats surveyed ranked a health care benefits package as the most important job offer consideration, compared to 52% who stated salary.

Fitness sessions and apps, life coaching and yoga and meditation sessions round out the top* inclusions respondents were keen on. Mindfulness app subscriptions followed closely at six on the list, overall demonstrating an appetite for a more well-integrated healthy lifestyle offer.

Dr Hemal Desai, Global Medical Director, Aetna International commented: “People are becoming more aware of all areas of their health. They are understanding that a healthy lifestyle amounts to more than just exercising and eating well, and that each person is different. Mental health is clearly growing in focus and more people are learning about how to manage it. There are plenty of tools available to help an individual with everything from mindfulness and sleep to calming and alleviating stress. We’re also observing that convenient access to these tools included as part of an employer’s benefits offer appears to be a growing priority for busy expats.”

Share this article on social media

64% of workers will resign if not paid more in 2022

According to new findings in Robert Walters’ 2022 UK Salary Guide, two thirds of professionals have stated that they will actively be seeking work in the New Year, with 59% feeling ‘very confident’ about job opportunities in their sector. This, despite calls to return to working from home.

Robert Walters believes that the large majority of white-collar workers have held onto their December bonuses and January pay increases and that the Great Resignation is still on its way.

According to the findings in the survey conducted of 6,000 white collar workers, January appraisals could trigger a mass employee exodus if workers are not duly rewarded for their loyalty and hard work during the pandemic. It found that 72% of professionals are expecting a pay rise in the new year, where are a poll of 500 companies by Robert Walters revealed that less than 28% of employers plan to make changes to existing pay packages.

The stark difference between employee’s expectations compared to what employers are willing to pay – dubbed The Great Pay Divide – could result in the Great Resignation peaking in February/March 2022.

Toby Fowlston, CEO of Robert Walters & Walters People commented: “For firms that have performed well in 2021; the talks of your organisation ‘bouncing back,’ hitting record profits, or hiring in certain areas rapidly, will all be front of mind for employees in their upcoming appraisal. This conversation is a sensitive one – but it is exactly that, a conversation. Companies need to prepare their management teams on how to best articulate their company’s narrative around remuneration and career opportunities. Meetings should be face to face (where COVID-19 rules allow) to maximise a human connection. If this process isn’t managed correctly businesses will be faced with the challenge of high staff turnover in the first quarter of the year.”

Pay or we’ll leave

The survey revealed that two thirds (64%) of professionals have stated that they would leave their job if they are not offered a pay rise in 2022.

Toby continued: “Employers should not rest on their laurels assuming that an employee of 5+ years will not leave their business in times like these.

Professionals with the most in demand skill sets across legal, accounting and finance are achieving 20 to 30% pay increases when moving roles. In technology the pay rises are even higher, sometimes up to 50% for those with software development or cyber security experience.

More than ever organisations need to take the time to make detailed assessments of market rates and competitor pay to ensure their January pay and bonus meetings are aligned with their industry.”

Share this article on social media