Covid-19 gives employees itchy feet as job hunts are on the rise
Job hunts are rising for those in corporates, consultancies and start-ups, according to figures from Movemeon, as multiple lockdowns have shown bosses under a different light.
A third of those working in management consultancies are looking for a new role, alongside nearly a quarter of those in private equity and venture capital (PE/VC).
Employees getting itchy feet clashes with the data that around a fifth of all corporates, consultancies and start-ups have taken government support, nearly half have given salary increases to employees.
However, only 7 per cent of PE/VC firms took Covid-19 support, where three-quarters of firms gave pay rises.
Movemeon’s 2021 Work and Pay report also found a third of junior analysts now harbour a worse opinion of their employers than before the pandemic. Whereas, only 15 per cent of company leaders now think more negatively of their employer.
“Covid-19 has made work more intense. With PE firms busy on the deal front and digital-first start-ups seizing the prime conditions for growth, it’s no surprise these specialists have seen the biggest increase in working hours,” co-founder of Movemeon, Rich Rosser, said.
“The pandemic instigated rapid digital transformation in many sectors and now the dust has settled, there will no doubt be a need for strategic input as businesses work out their next steps.”
The report, which used data from sister company Payspective, revealed employees at Boston Consulting Group, Bain and McKinsey, not only start with higher pay but earn more than most other consultancies throughout their career.
The next well paid are those in strategy houses like Accenture, Deloitte, KPMG, PWC, A.T., Kearney, Booz Allen Hamilton, Monitor Deloitte and Oliver Wyman. At management consultancies, the likes of Accenture, CapGemini, Deloitte, PwC bag the top spot.
Last year, however, the gap between a candidate’s expectation of their worth and what an employer is willing to pay has narrowed.
The gap is largest for analysts, where a third of expectations fail to align. Then, 16 per cent of managers and 9 per cent for company leaders clash on what their salary might be.
When looking at industries, the report found that there is a larger rift for those looking to work in start-ups, at 23 per cent. Meanwhile, eight per cent of those in consulting clash and just three per cent of workers in private equity and venture capital.
“The number of professionals looking for a new role is higher than normal and churn is costly all-round,” Payspective general manager, Patrick Maier, said.
“The pandemic has hit younger people harder and even in the well-paid world of consultancy, junior employees are more frustrated than more seasoned professionals. The negative sentiment held against employers coupled with the number of people with itchy feet means that bosses would be well placed to invest in initiatives that improve team morale.”