Bryony Gibson, managing director of Bryony Gibson Consulting, discusses the different variables, factors and trends that play a role in determining your salary.
Ever wondered if you’re being paid fairly? The Office for National Statistics (ONS) released figures showing the average full-time salary in the UK is currently £35,423.
By analysing over 400 jobs, unsurprisingly, it was senior managers and directors who take home the highest pay packets. Amongst the lowest rewarded are the care and leisure industries. Others, like healthcare, show huge discrepancies between roles, which goes to show that your salary expectations need to differ significantly depending upon the industry you work in and the job you do; but there’s so much more to it than that.
Education: The better qualified you are, whether that’s a university degree or a work-based qualification from a trusted institution, the more positively your salary will be affected.
Experience: As your professional experience grows, the value you bring to your employer increases, so it goes without saying that your salary should follow in line. Employer: Whether it’s big, mid-tier, small, corporate or entrepreneurial, the type of organisation you’re part of – and its culture and focus on investing in people – will determine how much you receive for your endeavours and loyalty.
Location: Where you live impacts your potential to earn. Whether it’s the area of the country you call home or commuting to a workplace that’s in a rural or city location; it all has an impact on your salary.
Gender: The gender pay gap fell to 8.6% in 2018, in favour of men. For full-time workers the figure is close to zero when aged between 18 and 39 but, upon closer inspection, the figures show women’s salary growth peaks earlier than their counterparts. It is when women are over 40 that they can expect to start earning less than their male peers. Age: As you grow older there’s an expectation your salary will increase alongside your years. Starting out in your late teens or early twenties, earnings can grow quite quickly while you build up experience. Your thirties are when you can begin to outstrip the national average and the forties are where what you have done with your time will begin to pay off.
No matter how old you are, or what level of education and experience you have, there’s always room to grow and increase your earnings. Keep improving, learning and developing your skills with a focus on your own big picture.
We all want to be paid well, but sometimes the best move isn’t the one that brings you the most money right now. It’s important to consider all of the factors mentioned and remain realistic about your salary expectations in relation to your longterm goals; especially if you’re looking for a new job.
Salaries are predicted to increase in the majority of sectors during the next twelve months. As employers compete to recruit and retain the best staff, not only will this apply to basic wages, but also the wider renumeration packages, bonuses and the benefits people receive. If you’re searching for a new challenge, want to know if you’re being paid fairly or think you’re overdue a pay rise, the first thing you need to understand is the state of your industry.
There’s a lot of research available to help but, if you’d like a free copy of Bryony Gibson Consulting’s annual North East Tax & Accountancy Salary Survey (2019), then please get in touch at email@example.com.