The annual salary survey 2021-22 from London-based, Executive Support Recruiter, Bain and Gray www.bainandgray.com shows a candidate-tight market where companies need to go the extra mile to attract quality new recruits, particularly in junior positions. The salary survey was conducted among new hires recruited into positions throughout 2021, from a client base including boutique financial services, new media and technology, private and ultra-high net worth individuals, professional services and healthcare. Key takeaways include:
- The pipeline of jobs doubled: the recruitment market has never been busier, and it is a candidate’s market, which means companies must work smarter to attract the best people. The upsurge in roles was in all sectors and particularly in tech, healthcare, boutique finance and heavily funded start-ups.
- Delayed Gappers – Younger and less experienced positions are the roles proving the most difficult to source candidates for. Now that travel has re-opened for the first time in two years, many are choosing to take their delayed gaps years now, exacerbating the dearth in juniors with one to two years’ experience.
- Explosion in demand for Temps – With the return of business confidence, more companies are using temporary staff to plug the gaps in permanent and experienced staff, as well as cover maternity leave positions.
- Benefits and Bonuses are increasing: 25-28 days holiday, generous pension contributions, private dental and health insurance have been complemented with hybrid working arrangements, life assurance, further training and generous bonus payments. Benefits are expected to sharpen even further throughout 2022.
- Hybrid working: 90% of client workforces are returning to the office for at least 3 or 4 days a week. The few companies recruiting for full-time, office-based positions are struggling to hire the best candidates at senior levels. Experienced candidates are accepting lesser paid roles if hybrid working is offered, whereas juniors still expect the most competitive package, regardless of hybrid working arrangements.
Tray Durrant, executive director of Bain and Gray said: ‘This year’s salary survey results underline the competitive nature of the recruitment market and the acute shortage of junior staff with one to two years’ experience. While hybrid working is the ‘new normal’, employers looking to retain full-time, office-based staff must offer highly competitive packages to attract and retain both junior and senior candidates. As ‘remote on-boarding’ ends, companies need to ensure officed-based training is part of the robust set of benefits offered to staff to ensure their retention and evolution within an organisation. In-situ training is now key to ensuring that the supply chain of candidates remains robust over the next five years.’