Spencerbull Salary Survey 2006

Spencerbull’s Salary Survey was conducted during September and October of 2006 to give employers and recruiters an overview of salary ranges, benefits and trends that have been identified during the year. We compiled information from a broad range of industries including Finance, Banking, Property, Media, Advertising, Charities, Management Consultancies and Executive Search. Salaries in some sectors (i.e. Charities) are typically lower than the median range. Conversely, Financial Institutions tend to pay higher salaries.

Summary

London salaries compensate staff for the cost of living and working in the capital, which is reflected in higher basic salaries and a broader range of benefits. Spencerbull works with clients mainly in Central London, so all information relates solely to London positions. Investment banking is the most lucrative industry for candidates in terms of both salary and bonus. Bonuses have tended to increase in line with basic salaries - the average bonus has now increased from 10% to 12% of basic salary.

The London Job Market in 2006

2006 once again witnessed a confident and positive approach to recruiting within all market sectors. Salaries and temporary pay rates increased significantly as the demand for quality staff increased. The recruitment industry is still firmly in what is known as a “candidate driven market” with a limited pool of quality candidates and a surplus of vacancies. Competition between companies is fierce and clients regularly have to compete for candidates who have been counter-offered by their competitors. Clients often have to increase their budget on basic salaries, guarantee bonuses or review company benefit schemes to make their positions more desirable. Timeframes are still key, whereby companies may be pressured to make an offer to a candidate to ensure that they are not lost to a competitor.

The London job market has a shortage of candidates within the £28,000 to £32,000 range, which means that typically more junior candidates are progressing more rapidly within an organisation despite not always having the length of experience. Clients are having to compete to attract the right candidates and then fight to retain them. Our clients want to ensure that if they are going through the recruitment process, they are making the right decision—typically clients are demanding psychometric testing and competency based interviewing. Much of this screening is happening at the agency level, so as recruitment consultants we are taking more steps to ensure that potential candidates’ are technically able to fit the client profile. Many clients now offer internal and external training courses and an opportunity for employees to undertake developmental training programmes at the companies’ expense, in a bid to retain, develop and motivate their staff.

Expectations

Candidates are keen to be rewarded well for their role but, although money remains the number one motivator, other key factors include good promotion prospects, working within a positive team, having a good relationship with their bosses and opportunity to be involved in ad-hoc projects. While retaining their core secretarial skills, candidates are keen to turn their hand to different responsibilities, therefore making the secretarial role far more diverse. Executives are often PC literate and more self-sufficient, enabling staff to get away from the traditional support role. Candidates like to feel valued, respected and well looked after and this means that company benefits play an important part in their decision making.

Junior Receptionist

Six months experience or less, this person would report to a Senior Receptionist or Office Manager. Answering telephones and being the first point of contact at the receptionist desk would be the major responsibilities.

SALARY RANGE £18-22K

Senior Receptionist

This person would manage junior members of staff. Responsibilities would include the daily running of front of house, meeting and greeting clients, answering calls and a small amount of facilities administration.

SALARY RANGE £20-24K

Junior Secretary

This would be a first secretarial role after leaving secretarial college or a role requiring a small amount of office experience. This person would support a large team of management level staff and would work with other secretaries, often reporting in to a senior PA.

SALARY RANGE £22-26K

Senior Secretary

Typically, this role would require three year’s secretarial experience and may support a range of Directors and/or Senior Managers. There may be some supervision of more junior staff within this role.

SALARY RANGE £27-32K

Senior PA/Executive Assistant

Supporting a small team of senior level executives (usually Directors), the role would require four or five year’s secretarial experience. Supervision of junior staff would be expected and this person would be involved in a basic degree of decision-making and client liaison.

SALARY RANGE £32-36K

Board Level PA

With over five year’s secretarial experience, this person would support one or two key people at Board Level. Supervision of staff is likely and the role would include ad hoc projects, some personal work, total commitment and confidentiality.

SALARY RANGE £36-42K

Marketing/Events

• Marketing Assistant £23–27K
• Marketing Manager £29–46K
• Events Co-Ordinator £24–32K

Human Resources

• Assistant £26–28K
• Officer £29–40K

Benefits Packages

London benefits packages reflect the reality that, in the current “candidate-driven market”, employers have to go to great lengths to attract the right candidates with an array of benefits. These can vary hugely from company to company, however most central London companies offer season ticket loans, private healthcare and pensions. Many companies have increased their holiday entitlement; it is common for companies to now offer 25 days rather than the traditional 20 days per annum.

Market Trends

• The market is still very candidate driven with a limited pool of quality candidates and a surplus of roles
• The largest shortage of quality candidates is in the £28,000–32,000 salary band
• 67% of clients plan to expand their workforce (all sectors) during 2006/early 2007
• Salaries have increased 8–10% since 2005
• Yearly bonuses have increased from 10% of annual salary to 12% of annual salary
• 10% of our clients’ secretarial workforce are temporary workers