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Pay Most Important Factor When Seeking New Job

Brits Say Remuneration Biggest Factor When Seeking New Job
With the huge rise in inflation we've seen in last few years its unsurprising to hear that most Brits now claim that pay is the most important factor when considering job opportunities.  
 
A recent study conducted by Ranstad Technologies reveals ‘starting pay’ is now the single biggest deciding factor when choosing a new career. Ranstad, a Dutch recruitment firm, conducted this survey solely in the tech industry.
 
The art of knowing one’s market value
 
22% of those surveyed said pay was the deciding factor when choosing to enter the technology sector.  This figure contrasts with just 11% in 2012 when the majority of those surveyed said they were 'just happy to be in a job'.   
 
Therefore there exists a clear increase in the number of people motivated by money when it comes to choosing a specific career over another. Ranstad termed this 'generation remuneration'.
 
67% of those surveyed said they would change their job if offered more pay.
 
What this means for employers
 
In light of this study employers may need to consider paying more money in order to attract and keep top talent, particularly as the skills shortage continues.  Particularly you may need to revise the salary package on offer to new graduates.
 
Where the money is
 
The best paying jobs for graduates include:
 
Electrical or mechanical engineer (£40k per annum)
Teacher (£38k per annum)
Scientist (£40k per annum)
Architect (£45k per annum)
Finance manager (£40k per annum)
Computer programmer (£41k per annum)
 
The best paying jobs for non-graduates include:
 
Train driver (£50k per annum) 
Journalist  (£30k per annum)
Waste manager (£38k per annum)
HR manager (£38k per annum)
Air traffic controller  (£40k per annum)
 
Why employees want more pay
 
Demand for talent continues to outstrip its supply.  This has been the case since the UK economy came out of recession back in 2010.  Since the economy has improved demand for talent has boomed.  Ranstad's 2015 survey reveals there are 71,000 more workers in tech sector when compared to 2013.
 
Because of this rise in demand for quality talent, workers are now more astute at recognising their market value.
 
Unfortunately for employers, the skills shortage is set to continue well into the future.
 
Mark Bull, chief executive of Randstad UK told Amanda Wright Recruitment: “Those just entering the workforce recognise that the weather has turned in the jobs market following the recession.
 
"Employers are widely expanding their teams and scrapping over a limited supply of new talent, meaning new workers have the power to negotiate on pay.
 
"These money-driven individuals are also often paying back large student loans, meaning the incentive to get a good starting salary is even more powerful."
 
An unquenchable demand for talent
 
Managing director of Randstad Technologies, Ruth Jacobs, said: “The Technology sector is rocketing into the stratosphere. More start-ups are popping up throughout the country, and companies of all sizes are realising the importance of cyber security roles and big data analytics and hiring specialists in these fields. But this in turn has changed the tone of the jobs market – Tech workers are now much more in demand and can command higher salaries than ever before.” 
 
Ms Jacobs continued: “Younger workers are often in the best position to capitalise on the hot jobs market, as they usually have fewer financial and familial commitments, making it easier for them to take up new opportunities and move jobs.
 
However, this freedom to chop and change won’t necessarily help them gain new skills.” 
 
 

Paul | Thu 27th Aug 2015

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Amanda Wright Rec to Rec - Recruitment Specialists for the Recruitment Industry, specialising in recruitment to recruitment. © 2018 Amandawright rec to rec recruitment consultants