Consulting and professional services and insurance were the top sectors for promotions in the past five years, according to a study from Emolument.
The salary benchmarking site asked 1,950 professionals if they’d been promoted in the past five years and this is what they found…
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Promotions by sector
Have you been promoted in the last 5 years? Yes | No
|Consulting & Professional Services||68 per cent||32 per cent|
|Insurance||68 per cent||32 per cent|
|Retail & Trade||67 per cent||33 per cent|
|Construction, Real Estate, Architecture||64 per cent||36 per cent|
|Apps, Web, eCommerce||62 per cent||38 per cent|
|Consumer Goods||60 per cent||40 per cent|
|Manufacturing & Industrials||59 per cent||41 per cent|
|Financial Services||58 per cent||42 per cent|
|Transportation & Logistics||56 per cent||44 per cent|
|Technology & Telecoms||55 per cent||45 per cent|
|Services, Tourism, Restaurants||54 per cent||46 per cent|
|Energy, Mining, Chemicals, Environmental||54 per cent||46 per cent|
|Public sector & Education||53 per cent||47 per cent|
|Media, Communication||53 per cent||47 per cent|
|Pharmaceuticals & Biotech||48 per cent||52 per cent|
Working for a large firm in a well-established industry paid off; it was one of the best way to obtain regular promotions, while smaller firms were much more restrained on that front.
Consulting and insurance firms promote junior employees on a regular basis – as many as 68 per cent of employees in both sectors said they’d been promoted in the past five years.
Emolument said the constant concern over good employees moving on for a corporate job partly explains this; and a more impressive job title is often used as an incentive when pay doesn’t stack up to expectations.