Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Personnel Today

Register
Log in
Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+

Economics, government & businessLatest NewsSkills shortagesPay & benefitsPay structures

Firms offer huge pay hikes to retain skilled workers

by Greg Pitcher 11 Sep 2007
by Greg Pitcher 11 Sep 2007

Employers are handing out five-figure pay rises to keep young workers as the skills shortage continues to bite, experts have revealed.

City-based financial firms are having to pay young professionals in excess of £20,000 to retain their services because of a shortage of qualified people in the market, according to recruitment company Robert Walters.

And staff ‘buy-backs’ do not only occur in the City, according to chief executive and founder, Robert Walters. “It’s happening everywhere, although the remuneration package is 50% higher in the City than anywhere else,” he told Personnel Today.

“By retaining an existing valued employee, a company can save on replacement costs, recruitment fees and the time lost to the induction and change process.”

Sharon Fraser, Deloitte managing partner for talent, said the market for high-calibre staff had been competitive for some years, with salary just one factor in the battle to retain and recruit.

Walters agreed that money was not the only reason staff left a company, pointing out that 80% of people who were bought back ended up leaving soon after anyway.

He added that the recent stock market scare had been shown to have very little impact on City jobs.

“If we had to cut our posts in half, we would still have too many vacancies for people with financial qualifications,” he said.

Avatar
Greg Pitcher

previous post
Talent Management: Practising what we preach
next post
Businesses in Dubai race to modernise HR as expat salaries soar

You may also like

Royal Mail strike: Union urges it to ‘get...

10 Aug 2022

Supporting non-binary and transgender staff: four key steps...

10 Aug 2022

Personnel Today Awards 2022 shortlist: Health and Wellbeing...

10 Aug 2022

Train conductor unfairly dismissed after ‘black privilege’ comment

10 Aug 2022

Nurses set to vote on strike over pay

9 Aug 2022

Former MP’s aide unfairly dismissed after whistleblowing

9 Aug 2022

Private spaces for focused work key to office...

9 Aug 2022

Top earners’ pay soars by 10% while lowest-paid...

8 Aug 2022

National Payroll Week: A compliance guide for SMEs...

8 Aug 2022

‘Pushy’ lawyer awarded £152k for sex discrimination

8 Aug 2022
  • 6 reasons why work-based learning is better than traditional training PROMOTED | A recent Fortune/Deloitte survey found that 71% of CEOs are anticipating that this year’s biggest business disrupter...Read more
  • Strengthening Scotland’s public services through virtual recruiting PROMOTED | This website is Scotland's go-to place for job seekers looking to apply for roles in public services...Read more
  • What’s next for L&D? Enter Alchemist… PROMOTED | It’s time to turn off the tedious and get ready for interactive and immersive learning experiences...Read more
  • Simple mistakes are blighting the onboarding experience PROMOTED | The onboarding of new hires is a company’s best chance...Read more
  • Preventing Burnout: How can HR help key workers get the right help? PROMOTED | Workplace wellbeing may seem a distant memory...Read more

Personnel Today Jobs
 

Search Jobs

PERSONNEL TODAY

About us
Contact us
Browse all HR topics
Email newsletters
Content feeds
Cookies policy
Privacy policy
Terms and conditions

JOBS

Personnel Today Jobs
Post a job
Why advertise with us?

EVENTS & PRODUCTS

The Personnel Today Awards
The RAD Awards
Employee Benefits
Forum for Expatriate Management
OHW+
Whatmedia

ADVERTISING & PR

Advertising opportunities
Features list 2022

  • Facebook
  • Twitter
  • Instagram
  • Linkedin


© 2011 - 2022 DVV Media International Ltd

Personnel Today
  • Home
    • All PT content
    • Advertise
  • Email sign-up
  • Topics
    • HR Practice
    • Employee relations
    • Equality, diversity and inclusion
    • Learning & training
    • Pay & benefits
    • Wellbeing
    • Recruitment & retention
    • HR strategy
    • HR Tech
    • The HR profession
    • Global
    • All HR topics
  • Legal
    • Case law
    • Commentary
    • Flexible working
    • Legal timetable
    • Maternity & paternity
    • Shared parental leave
    • Redundancy
    • TUPE
    • Disciplinary and grievances
    • Employer’s guides
  • AWARDS
    • Personnel Today Awards
    • The RAD Awards
  • Jobs
    • Find a job
    • Jobs by email
    • Careers advice
    • Post a job
  • XpertHR
    • Learn more
    • Products
    • Pricing
    • Free trial
    • Subscribe
    • XpertHR USA
  • Webinars
  • OHW+