We’re hearing a lot of buzz about it being a “job seekers market” and there is a big push within tech firms to hire specialist staff such as developers and engineers, many of whom are in short supply, which is driving up salaries.
Despite recent news of staff cuts and hiring freezes in some areas of the industry, the overall labour market is healthy, having seen a remarkable jobs boom in recent years.
The employment rate increased by 0.1% in the first quarter of the year, to 75.7%, according to the Office of National Statistics. That is still below pre-pandemic levels, but total job-to-job moves also increased to a record high of 994,000 in the same period, driven by resignations rather than dismissals.
With job movement strong and a lot of potential in the wider labour market, it’s a good time to look at compensation and benefits. Here’s how you’ll know if you’re being underpaid.
While it’s normal for your responsibilities to change somewhat as you adapt to a job, if you’re doing significantly more work, or have taken on additional responsibilities – for example the tasks of someone who has left and hasn’t been replaced – then it’s time for a conversation about compensation. Take into account the fact that the cost of living is rising too and has been since 2021. In May, consumer prices were 9.1% higher than they had been a year before.
This is where the value of networking can come into play. Check in with colleagues or industry contacts and sense-check with them what the salary for the same role at their company is.
Keeping an eye on the job ads your company posts is a great way to gather salary intel. When a new hire makes more for the same job you’re doing, it’s very hard to not feel like you’re paying a loyalty tax for not looking for a new job.
Sites such as Glassdoor exist for this reason, allowing you to not only check out real employee reviews of employers but to also discover compensation and salary information. By searching your job title and location you should be able to get a fairly accurate snapshot of what you could be earning.
So what should you do about it if you do discover you’re being paid under market rate? Ultimately you need to have a conversation with your manager. Bring your carefully sourced information on your salary, workload and responsibilities as well as your new pay expectations to the table and explain what you do want to earn. There may be some compromise involved – but you’ll never know until you ask.
If a new job seems more appealing to you, we have three to check out below – and plenty more on the City A.M. Job Board.
Experian is looking for a Business Analyst to focus on its best-in-class data products and technologies. You’ll be working on the CIS Insurance Portfolio of data products and data assets and will bring a strong background in business analysis, plus a commitment to quality. You will be expected to develop an in-depth knowledge of the current product range and business processes. Experience or a background in software development projects and agile delivery methodologies is required, as is a sound understanding of the software development lifecycle and familiarity with project management concepts. Apply now.
WeWork provides inspiring and flexible workplace solutions to help businesses thrive in more than 150 cities globally. The Senior Analyst, Financial Planning & Analytics will work closely with the Financial Planning and Analytics team, and also with the wider organisation. You will provide financial planning and analysis support for international markets with in-depth understanding of KPIs and financial metrics that support strategic decision-making. You’ll also be the driver to understand the different data sources in the company and develop effective dashboards for company stakeholders to make strategic decisions. Apply now.
Metroline is seeking a Group Finance Director to take on an established role within its Land Transport Business. You will be bringing all the group’s businesses together under one corporate structure, and you will be responsible for the consolidation of the Braddell Group accounts, you will provide oversight for the finance functions of all subsidiaries of Braddell or other ComfortDelGro businesses that fall under the responsibility of Braddell. You will also have specific responsibility for the finance function within Metroline Limited. Apply now