The 2023 Guide
With extensive survey data from both employers and employees within each sector, our 2023 Salary & Benefits Guide not only provides valuable insight, but the answers you need to get your talent management and career decisions right.
Key Findings - 2023 Guide
We surveyed over 100,000 employers and employees across the UK and internationally to complete our survey. Their responses were aggregated by an independent data specialist to avoid bias. Key insights were drawn out and contrasted between datasets to provide comprehensive analysis.
Understanding market trends is crucial when hiring top talent. With factors like skills shortages and rising living costs driving salary expectations, navigating these issues whilst recruiting is key when both hiring and retaining staff. Our findings can provide you with the answers you need to get your talent management and career decisions on the right track.
Our research explores a multitude of areas from macroeconomic factors through to the most sought after soft skills. Reviewing the past year, with its various challenges, this guide also provides insight into predictions, market sentiment and industry outlooks for 2023 and beyond.
Survey Highlights
Market Outlook
Skills in Demand
Salaries
Employee retention
Benefits
Survey Highlights
Nearly 70% of employers state that the wider economic climate is the biggest challenge to their organisation in the next 12 months, with a close second being the challenge of recruiting the right staff. News reports about recession and interest rates can make both employees and employers more nervous, however the overall data shows that there are significant opportunities for career progression for skilled professionals within their specialisms.
In addition, employers rated the cost-of-living and inflation as two major challenges for the year ahead – with 56% and 49% agreement respectively. Keeping up with new legislation (24%) and technical advances and innovation (22%) were also cited as notable challenges. All of these pose a risk to employers unless they are able to attract fresh talent into their organisation.
When asked if organisations felt they had the right talent within their business to meet their future objectives, a massive 30% reported that they do not. This poses a significant threat to businesses as they try not only to compete and survive during increasingly tough times, but to develop and evolve their offerings. 73% of organisations said they found it difficult to recruit staff in the past year in technical, client facing, administrative and sales roles. Technical was rated as being the most challenging specialism, with nearly half (48%) of employers finding it especially hard to find the right candidates.
This challenge is by no means isolated, with nearly 90% of organisations reporting a skills shortage in the last year and nearly 10% of those categorising it as an extreme shortage.
Salary & Benefits Guide Sectors
We’ve surveyed thousands of professionals across the General Insurance, Financial Services and Legal sectors to understand the micro and macro economics influencing hiring and recruitment trends across each industry.
General Insurance
2023 is set to be a positive year for General Insurance professionals, with employers expecting turnover to grow, and employees feeling positive about their career prospects.
Financial Services
A strong employer brand is becoming more important for professionals looking to move jobs in Financial Services, and employers are feeling more positive about profitability and growth in the coming year.
Legal
Our research shows that big name brands within Legal are struggling to attract and retain high-quality talent, as employees value work-life balance and benefit packages over an employer brand.