Our 2021 work and pay report, Understanding the Impact of COVID-19, will be out soon. As before, it is based on more than 35,000 data points, combining proprietary data from movemeon.com with a survey of our candidate community of 50,000 strategy and commercial professionals.
The report still answers questions about pay and job satisfaction by industry, role type and country. But this year, we have also added insights about the impact of COVID-19 on compensation and the workplace. While the final document receives its finishing touches, we’ve put together a preview of some of our key findings for 2021.
To receive the full report when it is published, click here.
1. PER HOUR PAY for each industry
The large number of hours worked means startups are better paid per hour than consulting, which is the lowest-paid industry when analysed from a ‘pay per hour’ perspective.
At Manager level, the pay per hour for startups is £44/hour vs Consultancies £45/hour.
2. PAY BREAKDOWN FOR STARTUPS
Startups offer the highest level of equity on most levels of seniority, while high bonuses mean that the share of base salaries as a percentage of total compensation is lowest in PE/VC companies.
At Associate level, the salary constitutes 87% of the package and at Manager level, it constitutes 86%. For Director level, the package is split up as 73% salary, 7% bonus, 2% pension and 18% in equity.
3. PAY RISES
Around a fifth of all corporates, consultancies and startups have taken government support during the pandemic. At the same time, startups gave pay rises to about half of their employees (45%).
The seniority with the most pay rises was Associate (13%), then Director (12%) then Manager (10%).
4. PAY EXPECTATIONS – employers vs candidates
The gap between salary advertised and candidate expectations decrease with seniority. For all levels of seniority, the gap between expectation and reality has become a lot narrower in 2020 – overall more than a third of the gap has disappeared. This points to a softer labour market in which the balance of power has somewhat shifted to employers because of the Pandemic.
The differential between candidate and employer expectations is greatest for startups at 23%.
5. GENDER PAY GAP
The gender pay gap exists and is substantial across all levels of seniority, though it’s particularly pronounced at Director level with 23%. Half of this gap comes from bonuses, which are significantly lower for women than for men.
In our data and as shown in other research too, the gender pay gap is persistent and hasn’t changed much over the years (25% in 2018, 19% in 2019 and 22% in 2020).
While vaccines provide a ray of hope, the pandemic is far from over, and we are still to see its full impact. Nevertheless, our analysis can shed light on some of the ways COVID-19 has impacted every aspect of the job market. Additionally, it provides in-depth comparisons of pay and job satisfaction by industry, role type and country, and much more. Request the full report here.
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