We are seeing increases in salaries, which mirrors recent research by Applaud showing 64 % of UK businesses confirmed more employees are asking for pay rises.
The research which conducted interviews with 250 decision-makers at small, medium, and large businesses, found that 67% saw their employees’ voicing concerns about the upcoming recession. 50% of businesses were also experiencing a higher staff turnover than usual.
This is demonstrative of the local market at a time where we are seeing significant salary increases and subsequent counter offers in the fight to hold onto talent!
Whilst the recession and cost of living are and shall be more of an impact over time here in Jersey, the key driver for the increases we are seeing are in relation to a limited candidate pool, the majority of our clients growing and unable to fill the opportunities they have so having to increase their offers to attract and retain.
We don’t envisage this trend changing as the demand pushes up salaries at all levels! We have recently seen offers for Trainee School Leaver (A Level) roles (in funds and trust sector) ranging from £23,000 to £26,500 as a basic salary, this has exceeded some graduate level offers from 2021. The offers come with growing benefits not only in relation to more traditional healthcare and pensions but with additional holidays, wellbeing days and other incentives.
It will be interesting to see how the New Year’s salary reviews and increased cost of living makes an impact for 2023............