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Inflation is rising at an unprecedented rate but unfortunately, for most workers, salaries are falling behind. That’s leaving employees across the EU worried about how their finances will be affected, especially as we move towards 2023 and an expected all-time high rate of inflation due in part to continued unrest in Ukraine.
While there are plenty of financial experts sharing ways to tighten your belt, recruitment experts are sharing encouraging news on the back of “the great resignation” – namely that workers who move companies for a new job can expect to get a significantly higher salary bump compared to former peers who chose to remain with their existing employer.
Why? Simply put, we are in a hot hiring market, and job seekers can benefit immensely from this switch in power. In April this year, the European Labour Market Barometer rose again for the fourth time in a row, reaching its highest level since records began in 2018 – showing continued strength in the labour market across Europe.
Pay is rising
What this change means is that employers now have to sell themselves, the culture and the role to ensure job offers are accepted, enabling canny professionals to leverage their knowledge and skills like never before. Research has shown that, on average, professionals who switch companies can expect to receive a 10% pay rise while those who stay with current employers will see salaries increase by just 4.6%.
Of course, monetary benefits are not the only consideration for those seeking to move jobs – work life balance is of more importance than ever before, which means professionals are now negotiating for soft benefits, such as flexible and hybrid working, unlimited holiday allowance, signing-on bonuses and educational support. However, hiring managers remain certain that while these soft benefits are of interest, salary and significant increases remain paramount for companies looking to hire exceptional talent.
How can professionals take advantage of this shift in the market? By doing one of two things. First, by researching their current role at different companies so as to understand their market rate, and learn which companies are industry leaders when it comes to compensation packages.
Second, employees can stay within their sector and leverage expert or company knowledge to move to a competitor – this strategy works particularly well within the tech or information industries as knowledge remains at a premium. In fact, research shows that well established companies, especially those with more than 1,000 employees, tend to offer the highest wage increase, averaging between 6.8-10% depending on industry.
With 8 million people across the EU starting a new role within the first three months of 2022, it seems that European workers are ahead of the curve when compared to our US neighbours who are slow to adopt this quick to move approach.
They might change their attitude when they learn that by using this approach over a six-year period, professionals can expect to see bumps of up to 50% from their starting salary while those who choose to remain with an employer over the same period of time will see a rise of only 12%.
Isn’t it time you got paid what you’re worth? We’ve taken a look at three established companies currently hiring within the tech and information space. For more opportunities and companies currently hiring, explore the Silicon Canals Job Board.
eClerx
We know that those in the tech space can leverage their industry knowledge by positioning themselves as an in demand industry expert, especially if they go to a well established company. One such company is 22-year-old eClerx which has a global staff of 13,000 and provides business process management, automation and analytics services to a number of Fortune 2000 enterprises. eClerx is currently hiring for multiple positions in its London office, Positions are either fully remote or hybrid and include opportunities across technical recruiting, data control and account management. Explore all available roles at eClerx.
Dyson
More than just a tech company, Dyson prides itself on finding innovative solutions to problems the rest of the world ignores and focuses on pioneer technologies. A company for those with an eye on the future, Dyson currently employs 13,000 people and is scaling at speed while maintaining its start-up spirit. It is currently recruiting for a number of positions based in its offices across Europe, with opportunities across departments such as e-commerce, regulation management and IT. Discover open roles at Dyson.
HubSpot
Unlimited leave, a five-year sabbatical and remote work are just some of the reasons over 7,500 professionals have taken a job with leading CRM company HubSpot. Current opportunities at the company include positions across account management, automation and intelligence analysis. Learn more about the available roles at HubSpot.
Catch our interview with Paul Down, Head of Sales at Intigriti.
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