BSA 2024 Salary Guide MAIN v3 [PRINT] - Flipbook - Page 14
14
Bonuses and benefits
Over the next 12 months, the vast majority (91%) of
employers plan on paying their staff bonuses. This
is higher than last year's report (87%), but remains
lower than the heady days of 2021, when 95% of
organisations committed to paying bonuses.
– well below the pre-existing 200% maximum.
As a result, the vast majority of people across our
markets weren’t affected by the bonus cap previously, and its removal is likely to have minimal
impact moving forward.
The average bonus in 2023 was equal to 21% of an
employee's base salary, a slight rise from 19% the
previous year. Employers typically contribute 9% of
an individual's pay towards a pension, a 昀椀gure that is
unchanged from 2022.
With regards to bene昀椀ts, dramatic changes in the
perks that candidates receive are rare – particularly
over a 12-month period – but we are seeing
a steady increase in companies offering enhanced
maternity, paternity and adoption leave.
On 31 October, the UK’s 昀椀nancial regulators formally
scrapped the cap on bankers’ bonuses. Prior to this,
the cap was 100% of a professional’s base salary, or
200% with shareholder approval.
In 2023, 28% of professionals received these bene昀椀ts,
up from 21% two years ago. This appears to be a
national trend, with Indeed last year announcing
a 13-fold rise (1,316%) in vacancies advertising
enhanced parental leave since 2017.
However, as we highlight above, the average bonus
across our markets is 21%, with even very senior
professionals only receiving around 100% bonuses
A recent study revealed that offering six or more
weeks of paid paternity leave could have a
substantial impact on the UK economy, potentially
closing the gender pay gap by 4%. The UK currently
offers two weeks statutory paternity leave, which only
18% of Brits believe is enough.
Elsewhere, 昀氀exible working continues to be among
the most popular perks offered to employees. In fact,
despite more employers expecting staff back in the
of昀椀ce, the number of candidates who say they have
access to 昀氀exible or hybrid working has actually
edged upwards over the last year (89% versus 87%
in 2022).
As 昀氀exible working becomes the norm, however,
employers may need to identify new ways to attract
top talent in a recruitment market where technical
skills are always in high demand and short supply.