BSA 2024 Salary Guide MAIN v3 [PRINT] - Flipbook - Page 13
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Salary trends
Throughout 2021 and the 昀椀rst half of 2022, starting salaries enjoyed
almost unprecedented growth, both nationally and across Barclay
Simpson’s key markets. This culminated in the sharpest rate of
salary in昀氀ation ever recorded in nearly 25 years of data collection
by the REC and KPMG in March 2022.
However, salary in昀氀ation began to level off in the latter half of last
year – a trend that has continued across 2023. At the time of writing,
starting salary growth had dropped to a 30-month low for permanent roles and a 31-month low for temporary contracts.
Nevertheless, salaries continue to climb, driven by in昀氀ationary
pressures and the ongoing demand for highly skilled candidates
with good technical skills. As such, the rate of growth, while slower,
is still 昀椀rmly in line with long-term averages.
Across our markets, better remuneration remained the biggest
motivator for candidates seeking a new role in 2023, with more
than half (54%) of professionals citing it as their priority. This is up
from 50% last year, with the cost of living crisis and the steep rises in
salaries on offer since the pandemic likely to be contributing factors.
Looking ahead, candidates who remain with their current employer
can expect to see their base salary increase by an average of 5%
over the next 12 months. This is down from 7% from last year’s report,
indicating that company budgets are tightening.
That said, our consultants are reporting that organisations are still
keen to retain top talent, and it’s not uncommon for candidates to
receive generous counteroffers from their employer to discourage
them from accepting job offers elsewhere.
Ultimately, as salary in昀氀ation cools down, more employers are now
con昀椀dent they can offer salaries that meet candidates’ expectations. Previously, just 4% believed their bandings were ‘very aligned’
with market demands, but this has since tripled to 12%.