Employers are offering graduates starting salaries of up to £60,000 a year while desperate companies compete for the best talent.
Financial services companies are the most likely to offer newcomers lucrative salaries, in some cases offering tens of thousands of pounds more than the average wage.
The highest-paying entry-level position is at Thought Machine, a finance company that pays an average base salary of £60,000 to employees with less than two years of relevant experience, according to Glassdoor, a job website.
Meta, the tech company that owns Facebook and Instagram, pays the second highest salary at £57,000 a year, followed by financial services group Macquarie, which pays £55,000, and banking giant Goldman Sachs, which offers £50,000.
The average base salary was £45,000 across Glassdoor’s top 25 companies, nearly £15,000 more than the average UK salary.
Employers have been struggling to hire new workers after the pandemic-triggered “Big Layoff” caused workers to quit in droves. Companies have been forced to throw money at candidates to fill a record number of positions.
Glassdoor’s Lauren Thomas said that finance and technology companies would like to offer “big money” to attract entrants and fill vacancies.
Compensation is still the most important criterion for young people when looking for a job. Of 1,000 job seekers between the ages of 18 and 25 surveyed by Glassdoor, more than half prioritized salary.
Work-life balance, company location and flexible working were the next priorities for employees early in their careers.
Ms Thomas said: “While the majority of young people say salary is their number one consideration when looking for a job, pay shouldn’t be the only consideration when it comes to where they work.
“Once on the job, it is a company’s culture and values, the leadership team and the available career opportunities that increase employee satisfaction.”
Even as elite graduates benefit from a hiring frenzy, the typical worker has suffered a drop in living standards as prices rise more than twice as fast as wages.
Average payroll for the first three months of the year offered a 3 percent increase, according to data group XpertHR.
His study of 263 pay reviews covering more than 460,000 workers found the vast majority received larger pay rises than a year ago, but earnings continue to lag behind the cost of living as inflation hit 7 percent in March.
Wage increases are expected to hit 4 percent in April, still lagging prices as inflation is expected to rise to more than 8 percent. It comes at the same time as the Chancellor’s social security crackdown came into effect and increases the monthly contribution for employees and employers by 1.25 percentage points.
XpertHR’s Sheila Attwood said there is “a widening gap between wages and inflation that continues to evolve, to the detriment of workers’ finances”.
https://www.telegraph.co.uk/money/consumer-affairs/employers-offer-60000-starting-salaries-lure-graduates/ Employers offer £60,000 starting salaries to lure graduates