Buchanan Law’s Post

How does your latest salary review compare to your peers across the market? As NQ salaries have steadily risen over the last couple of years, we've seen a huge disparity in how firms have reflected these increases for Associates at more senior levels. In some cases, firms that are only £20,000 apart at the NQ level can be as much as £100,000 apart for 5PQE Associates. Our latest salary survey, published this month, has all the information you need to know where your own compensation fits into the overall picture. If you'd like to request a copy, please drop me a DM.

Let’s talk about benchmarking! With the minimum wage increasing by just over £1 an hour to £11.44 in April, mid-higher earners may be wondering how this will impact THEIR salaries. Businesses are now facing the challenge of paying more than they did just a year ago. For mid-level earners, the question remains: what will happen to our wages as the minimum wage rises? It may be time to assess and benchmark salary structures to ensure your business is on the right path. We can help you at OutThere. ☎️ Call: +44 023 9200 8680 📧 info@outthererpo.com 🌐 www.outthererpo.com 🌟Get in touch to find out more🌟 #OutThereRPO #JobsUK #Vacancies #Opportunity #Portsmouth #Fareham #Hampshire #Recruitment #HR #Team #Growth #Retention #LearningAndDevelopment #HighPerformance #Benchmarking #MinimumWage

Looking to save money while maintaining competitive compensation? By conducting regular salary reviews and benchmarking against industry standards, you can ensure that you are not overpaying or underpaying your employees. This helps in identifying roles where salaries might be inflated compared to market rates and adjusting them accordingly. #BusinessTips #Salary #Accountant

I need help to understand the trend related to salaries from different organisations these days If an organisation mention a salary brackets from 50k to 100k or 70k to 150k or 100k to 250k then why after selection of the competent and talented candidate their budget reduced to the the starting amount of bracket🤔🤔🤔🤔

Does your employer have a policy prohibiting employees from discussing salaries? Does your employer threaten with insubordination if salaries were to be discussed? Thinking about discussing salaries with your colleagues but generally worried about the consequences? Go for it! The dynamic duo of Sections 78 and 79 of the BCEA have got you covered! #Transparency #Fairness #KnowYourRights

The post-covid golden handcuffs 2021 to early 2023 saw some of the most aggressive wage rises on record. Candidates, in some cases, were getting 30-40% pay increases to take on similar roles elsewhere. I can think of more than one organisation who completely destroyed their salary bandings in an effort to attract the right talent. With the market having peaked late last year, pay rises are becoming harder and harder to come by. In some cases, candidates are being asked to take a step back to go forward. A tough ask given the current cost of living pressures! #recruitment #wagesandsalaries #goldenhandcuffs #melbournejobs #accountingjobs

Sadly this is an article I am not surprised to see.   From conversations the SIMKISSGUY RECRUITMENT LIMITED team have had with some employers in the market, there seems to be a general lack of awareness that from 1st April, the National Minimum Wage increases significantly to £11.44ph, for everyone who is over the age of 21.   This means that the entry level annual salary for anyone, even if they have no work experience at all, now must be £22,308 - based on an average of a 37.5 working week.   However, this also then impacts other salaries. If NMW is at £22,308 then salaries for experienced hires also needs to be increased to reflect the level of experience.   Unfortunately, there seems to be an expectation that a salary of say £25,000, is market level and a "good salary" for staff who have several years of commercial experience.   However, a salary of £25,000 is just £1700 a year over NMW. That is not a reasonable uplift for an experienced hire.   So as NMW increases, these average salaries have to increase to reflect the market.   An expeirence hire salary of £25,000, which was perfectly reasonable just a few years ago (we won't even go into the issues of inflation, cost of living, covid impact etc), now needs to be closer to £30,000 in recognition of that experience.    As the owner of a small and independent business, I 100% know the impact that these increased have on employers. It is tough, but there is no getting away from it.   If anyone wants to have a chat about their business and the benchmarking of salaries and wider employment packages, then we are always happy to help, so please do reach out for advice. https://lnkd.in/eedwEymH

Here's some advice on when to review salaries for people on Fixed-Term Contract. https://lnkd.in/dyTQxZwz

Yes you read that correctly, NMW/NLW rates for 2025! Hot on the heels of yesterdays new National Minimum Wage rate increases, today the Low Pay Commission (LPC) Consultation 2024 was published (https://lnkd.in/eMYbHTec). The remit which has been given to the LPC is “to maintain the bite at two-thirds of median earnings and protect progress made to end low hourly pay for this group, without recommending any further revisions to the age threshold.” Currently this would estimate that the rate required to meet this aim would be in the range of £11.61 and £12.18, with a central estimate of £11.89. #NMW #Nationalminimumwage #Nationallivingwage #Payroll #HR

Here's a 2024 wage spiral snapshot for the financial services sector! Our Salary Guide forecast shows the average annual pay growth where, depending on experience, higher salaries are the consequence of a severe shortage of skills. #salaryguide #careers #business #recruitment #financialservices