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Senior professionals could see 25% pay rise as companies fight to retain staff | Business

Senior professionals can expect pay increases of up to 25% in the first quarter of 2022, as the economy begins to open up after Omicron-related restrictions are lifted and companies struggle to retain their best employees.

Seasoned employees with salaries of £80,000 and above across a wide range of disciplines from marketing to finance and information technology are already beginning to enjoy raises of £20,000 or more a year, according to recruitment firm Robert Walters.

And the search for talent extends further down the pay scales as professional services firms budget to increase their wage bill by between 10% and 15% — the largest increase seen since 2008 and nearly triple the rate of inflation, the employer said in its report. Salary guide 2022 uk.

Chris Paul, the company’s managing director, said that after a year of salary increases for new employees, companies were under pressure to increase pay rates for existing employees to prevent them from resigning to work for a rival company.

Business lobby groups report that many of their members complain of a backlog made worse by staffing shortages. The situation was made worse by the fact that many people over the age of 50 were suffering from the long illness of Covid, while skilled and experienced workers quit their jobs in search of a new challenge, which was called the Great Resignation.

The shift to digital commerce during the pandemic has also disrupted the labor market, causing many people to become stranded in jobs that are no longer required.

The report found that in the past year, new start-ups’ wages have grown on average by 6% to 8%, while professionals who have moved into industries at the forefront of fighting the pandemic or meeting pandemic-related demands, such as technology or healthcare, have seen wage increases. up to 15% to 20%.

“Looking into the coming year, we will see more companies raise the salaries of their existing employees to align with the new entry-level salaries,” he said.

He added that more than a third of companies (39%) said they were increasing wages to keep pace with rising inflation.

Many companies, unable to recruit from the broader job market, are looking to hire and train existing staff, which often means promoting CEOs from regional offices who refuse to move to London.

“There is a lot of compromise and flexibility in the search for talent,” a company spokesperson said. “So boards allow people to work from very far away and make commitments that executives only need to attend part of the meetings in person.”

The acceleration of digital services means that tech-savvy executives who can interpret large amounts of data are “head and shoulders above the rest,” she said.

However, many workers, including some of those with in-demand skills, start from a low base in their search for higher wages. More than half (54%) of workers said they expect a wage increase this year after a two-year salary freeze.

The survey also revealed a significant degree of employee dissatisfaction with their treatment by employers during the pandemic, with two-thirds saying they would quit their jobs if they were not given a fair reward. Three-quarters of them said they were “very confident” of job opportunities in their sector this year.

The report said that the majority of professionals gave top priority to “excellent compensation, benefits and reward system”, while 40% considered job security their most important requirement.

In fact, flexible hours (29%), telecommuting (22%), and vacation benefits (20%) are all far less important to professionals—perhaps because more than half of white-collar workers stated they ‘would not’, he said. He bothers “asking about flexi-time at a job interview next year because they naturally assume ‘it’s a given now’.”

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