Salary Guidelines
Attract Top Talent With Market Competitive Salaries
At Tech Bridge Recruiting,we have worked with numerous private equity-backed companies and SMEs, so wehave a deep understanding of salary guidelines and their importance.
We implement a team assessmentmethodology to help your organisation determine the right salary range for eachrole. Our process involves analysing job descriptions, benchmarking againstsimilar roles in the market, and considering geographic location, company size,and industry-specific factors. Tech Bridge Recruiting’s three-step assessmentprocess is as follows:
Assessment
How does your organization’s structure look? What is everyone doing? How does it compare to market structures?
Benchmarking
What are the market rates for similar roles in the industry? How does your company’s salary range compare?
Review
Are you offering competitive benefits and compensation packages? We provide aftercare services, during which we ensure your restructuring efforts yield positive results.
Benefits You Should Offer to Attract IT Talent
Non-Managerial Benefits
- A generous leave allowance of up to 25 days
- Work-from-home opportunities
- Flexible working hours
- Discretionary bonuses (up to 5%)
- Training and development opportunities
Managerial Benefits
- A company car or car allowance
- Private healthcare coverage
- Pension scheme contribution matching
- Performance-based bonuses (up to 15%)
- Enhanced work flexibility
- Enhanced work flexibility
Factors Affecting Salary Ranges
Industry
Tech itself has become an industry. However, the type of tech industry, such as healthcare tech or fintech, also affects salaries.
Ownership Structure
Private equity-backed organizations tend to pay more than family-run or privately-owned companies. The latter may offer more job security and stability, but the former has a higher potential for growth and larger budgets.
Geographic Location
Salaries can vary greatly depending on the region, even within the UK. For example, the cost of living in London is significantly higher than in other cities, so salaries tend to be higher there as well. Employers in Shropshire or Worcestershire can get away with offering lower salaries.
Salary Trends for the IT Industry
At Tech Bridge Recruiting, we’reproponents of staying abreast of the latest advancements in the businesslandscape. In the spirit of staying relevant and informed, we’ve compiled alist of salary trends and insights for the near future.
Tech Transformation and Automation
Automation and AI havefound their places in the tech industry. The changing machine-to-human ratiowill affect employment rates. However, that doesn’t mean organisations get toexploit candidates due to their vulnerable positions. Instead, it could be hardto find AI-knowledgeable candidates in the tech industry, which is the need ofthe hour. Organisations will have to increase spending on reskilling andupskilling initiatives.
Benefit Expansion
Benefit expansion will also bemuch-needed as companies compete for top talent. Traditional benefits likehealth insurance and paid time off will need to be supplemented with moreunique offerings such as mental health support, child care assistance,educational assistance, and gym memberships.
Pay Transparency
The discussions around paytransparency have been going on on the Internet for quite a long time. Goingforward, employers will have to mention salaries or at least salary brackets onjob descriptions.
Emphasis onDiversity and Inclusion
As the world becomes more inter connected, diversity and inclusion will continue to be a top priority for organizations in the years to come. Besides ethical considerations, an elevated focus on getting a competitive edge will also drive companies to hire more diverse talents.
Focus on Work-Life Balance
Mental health and work flexibility will take the front seat as organizations head into 2024. Companies would have to offer more flexibility in terms of work location and hours, especially after the pandemic has normalized remote work.
Pay Transparency
The discussions around pay transparency have been going on on the Internet for quite a long time. Going forward, employers will have to mention salaries or at least salary brackets on job descriptions.
Salary Trends for the IT Industry
Understand Salary Guidelines for the IT World
At Tech Bridge Recruiting,we ensure the IT salaries and benefits your organisation offers is attractiveenough to appeal to the top talent in the market. Get us to review your salary structure to make sure it’s aligned with the current market trends.