Market Insights April to October 2024

Autumn 2024 brings our bi-annual salary survey where we present the results from our detailed research for our sector, drawing from recruitment industry professional bodies, government statistics, and our own comprehensive survey reaching over 5000 candidates.

We have chosen to streamline the data presentation to bring a clearer picture to our statistics and to reflect the transferrable skills of our candidates across sectors.

The Recruitment and Employment Confederation (REC) JobsOutlook, collecting data from 500 UK employers involved in hiring, reflects the UK’s economic outlook improving when compared to the three months to June. However, employer confidence in the economy does remain slower than previously predicted by the REC analysis.

Overall, the REC Report shows hiring intentions remain positive for businesses. It also shows that SMEs are more optimistic about temp recruitment in the short and medium-term, with a positive sentiment in London, which is always a labour market bellwether. Turning to temporary labour is a predictable and secure way of hiring in uncertain times for companies and the agency working demand is on the increase reflecting this.

The permanent hiring specifically for the London market, showed 32% of employers in the REC survey plan to increase permanent hires in the medium term.

SALARIES

In our survey 72% had not received a payrise in the last 6 months, and almost 60% are not expecting a payrise in the next 6 months. This may give rise to a greater movement in employees seeking a salary uplift as a priority. Our consultants have found the rise in interest rates and consequent mortgage payment hikes among other factors are squeezing our candidates financially more than ever, pushing them to seek higher salaries as a priority.

For Bain and Gray the biggest growth area in salaries has continued to be across the senior end of the market with senior and private PA, EA and Chief of Staff positions, pushing these salaries comfortably into six figures. Notably Private PA roles have continued to climb hitting record levels since we started gathering data.

Our consultants have sighted working in partnership with clients having the best results for everyone. Companies who listen to our market knowledge and advice on hiring have a far more positive hiring experience with quality shortlists. The quality of our service has never been more necessary and we are constantly developing our technology and training to better enhance our leading position in the Executive Support Market.

The previous sharp increase for Graduates and first jobbers has held steady at an overall average of £32,000, and has had a knock on effect pushing up the mid salary roles for second and third jobbers. The result being employers who are not paying competitively at the second/third jobber mid-level are missing talent.

Temp to Perm has been a significant hiring choice for companies this year, reflecting the slightly more cautious hiring strategies of SMEs.

We have simplified our salary survey this year with regards to industry categories as we see a similar hiring level in many areas, and the transferrable skills at all role levels. We will advise specifically on salary levels with each brief we work on, so for further advice and guidance specific to future hiring please contact your consultant directly.

RETAINED SEARCH

We have seen a higher volume of searches for Chief of Staff roles. These roles tend to arise in slightly different formats depending on the size of the organisation and the scope of the CEO role. To read more on hiring for these roles and find out what skillset and career path is typical, see, Chief of Staff Job Description | Bain and Gray.

With this shift towards Chief of Staff roles becoming more common place, we have seen a rise in the number of retained assignments we have been working on at this level. There is a real benefit to our clients working with their recruiter on a retained basis, as it provides a comprehensive mapping of the market, control of the messaging and unique access to passive candidates. Chief of Staff Recruitment Agency | Hire Chief of Staff | Bain and Gray.

To discuss retained searches please contact our Managing Director, Tray Durrant: tray@bainandgray.com

BONUSES

Many candidates are now looking ahead to their year end bonuses. As previously the Financial sectors command the most significant percentage payouts, and attract talent with their bonus schemes. The anticipation of a bonus payment will often be a significant deciding factor in the timing of a candidate’s search. Our survey conducted (October 2024) shows that 35% of candidates surveyed are not expecting a bonus this year with a further 22% unsure whether they will receive a bonus or not. 29% expect a bonus of between 5-15% of their salary and 8% a bonus of 20% of salary or more.

BENEFITS

This is always an area for regular Employer review and continues to feature as a key offering for candidates looking to make their next career move.

The current split between our candidates surveyed working full time in the office and hybrid working was almost fifty fifty, and in the changing world we see hybrid/office working as more of a detail in a wider future career picture.

COMPANY CULTURE & STAFF RETENTION

When asked what the main driver for seeking a new role was, of our candidates surveyed 40% sited career progression, followed by 33% stating salary as their main reason.

This was supported by our specific questions regarding positive company culture, the most important for our candidates surveyed was personal development and career progression. Aside from the salary driver, flexible working was the second highest reason. Salary is important but is certainly not the number one driver for a career move.

We are seeing a continued growth in engagement by employers with Equity, Diversity, Inclusion and Belonging (EDIB), with 77% of our respondents agreeing that their employer is engaged positively with EDIB. We will continue to monitor this, as an area with which we continue to see strides forward and a deeper cultural long term shift.

RECRUITMENT PROCESS

Feedback from our candidates surveyed continues to be frustrations around lengthy hiring process and multiple interviews, some stating the repetition of interview questions and hirers not always having a clear picture of their requirements. Another consistent area of concern is lack of constructive feedback coupled with poor communication, and lack of transparency; an area we continue to concentrate on with our clients.

Hiring success is driven by a clear recruitment processes and timelines from the start. Clarity with the hiring strategy is hugely advantageous in the management of the hiring process by the Recruitment Agency, the communication with the Candidate and crucially the results for the Client. It allows for a positive outcome and for all expectations to be managed right at the beginning. Good candidates will manage their interviews better with this information and this in turn will allow for more choice and clarity on their final offer. As an agency, our consultants will manage the process best with the businesses that work in partnership with us and we see this working best with clients that work with us on an exclusive basis, where they benefit from the recruitment processes all in one place. This additionally allows for an agile response to the information and market knowledge we have access to as well as management of the process through to a successful hire.

THE TEMPORARY MARKET

Over the course of the last six months we have seen a greater number of candidates registered and looking for temporary work. Temping has always been an excellent way to develop new skills and gain experience and clients have recognised that as we see a steady increase in the number of companies choosing to hire candidates on a temporary basis, before taking them on permanently. This trend we expect to continue in an economy where growth is near zero as it provides a flexible way for organisations to add specific skills or keep workforce numbers flexible.

As the previous 6 months (October ‘23 to March ‘24) candidates looking for temporary work are landing work quickly but the hiring process on occasion is quite protracted. Clients who are taking longer with the hiring process are finding they are losing out on the best candidates. In our view, making the process as streamlined as possible, with perhaps an initial meeting online, followed by subsequent face to face meetings is the most productive interview process. It means that candidates can get an initial feel for the role and the organisation in that first virtual meeting before then taking more time out to meet face to face. Temporary workers are increasingly being considered for permanent roles as clients like the tried and tested option of candidates who have already been working within their organisation. They can see that they are enjoying the office environment and know how the organisation works; giving the candidate the edge on other unknown candidates from a permanent shortlist.

Companies that do hire temporary workers find they benefit from an agile workforce and they are able to control costs more effectively. For these reasons we expect to see this continue through 2025. Rates remain largely unchanged other than some small scale increases at the more junior end of the roles we cover. See the table below.