Christmas is over, January is out of the way and most romantic of months is upon us. January was incredibly busy with the most amount of activity we have seen for 4 years.
There were record numbers of firms looking to hire, we’ve worked more man-hours on Talent Advisory in January than the whole the previous 4th quarter (of 2016) and we have seen more people start their new positions this month than we have in the previous 6 years.
All indicating that the effort that our clients have made and the decision we have helped them support has been worthwhile and effective.
Salaries, as you would expect in this continuing talent led market are slightly raised but bonuses remain static, even with some quite large differences in the performance of firms in the sector.
The most notable trend though, is still focused around reasons for change with money being mentioned more often than last quarter indicating that certain people have stayed in their current positions for too long and now feel adrift of the current wage curve. Worrying times for firms with a heavy reliance on long serving members of staff they haven’t evaluated recently. We would advise considering a compensation review to understand any potential exposure in this area.
On to the, data which was accurate up to 31st January 2017
As usual, hover your mouse over the points on the charts to see the underlying data.
This data has been subjected to our usual data smoothing formula (which, in summary, is the top and bottom 5% removed, currencies converted to GBP £ and no allowances made for regional salary differences).
Why are people changing jobs in management consulting?
The order of the reasons hasn't changed much since last quarters review but the point of interest is that 'more money' is now 12% higher than the last survey.
Top reasons for changing job
We have more in-depth information relating to reasons for moving but we have kept this to the headlines for the sake of brevity. Please contact your account manager or one of the Directors of the firm for more specific data.
SALARIES
The data below shows the average low and average high salary for each of the roles. Very slight upwards movement from the previous month.
Base salary
BONUS PAYMENTS
The following average bonus payments are made based on the same roles. This is the average bonus payment as a percentage of the base salary. Bonus payments remain relatively static month on month.
Bonus payments as a % of base salary
TOTAL COMPENSATION (BASE AND BONUS SEPARATED)
The following shows the base salary plus the typical bonus for the roles. This data shows the average salary for the role and the average bonus in GBP £ for the same role. It clearly shows the roles the roles at the up end of the career ladder reward more in bonus than base salary at the moment and the entry level roles pay little to no bonus.
TOTAL COMPENSATION (BASE AND BONUS SEPARATED)
For ease of reading, here is the same data with the base and the bonus added together to show total compensation.
TOTAL COMPENSATION (AVERAGE BASE PLUS AVERAGE BONUS)
The chart below shows the average base salary plus the average value of the bonus at that level, added together, to provide an indication of average total compensation.
Total package
GEOGRAPHIC SOURCE OF THIS MONTH'S DATA
The data for this month's survey was sourced from the following locations.
Where the data was sourced
WOULD YOU LIKE TO KNOW MORE?
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