Chamberlain recently conducted a series of LinkedIn polls. The results shed light on companies’ challenges in today’s fiercely competitive job market.
The Shortcomings of Industry Salary Benchmarks
Nearly 90% of respondents highlighted the shortcomings of industry salary benchmarks in truly assessing the value of top performers. Relying solely on generic benchmarking data can distort perspectives, especially when aiming to attract top-tier candidates.
Instead, a more nuanced approach is advocated. Collaboration, context, and accurate insights play pivotal roles in setting salaries effectively:
- Armed with up-to-the-minute expertise, recruiters ensure that compensation aligns with market trends
- Clients, considering their unique circumstances, contribute essential context
- Market dynamics, including supply and demand, set realistic expectations
Remember: One size does not fit all. By embracing this multifaceted approach, companies can craft competitive, appealing salary offers that resonate with potential candidates.
The Dilemma of Counteroffers
Securing top-notch bankers in a fiercely competitive environment poses significant challenges, especially when counteroffers from current employers enter the equation.
Our recent poll revealed that 62% of respondents received counteroffers when leaving a job, and only 12% accepted them. Notably, 29% dismissed the prospect of a pay rise. Why? Because they believe that such offers should not be contingent on resignation. Additionally, over half (54%) of bankers who rejected counteroffers cited cultural concerns or instability within their existing employers.
Counteroffers may seem flattering initially, but they fail to address underlying issues prompting job changes.
At Chamberlain, we understand the emotional pull of counteroffers but also focus on the bigger picture. We develop compelling offers beyond salary, addressing long-term career aspirations and cultural fit.
Conclusion
The insights from these LinkedIn polls underscore the need for a comprehensive understanding of salary benchmarks and counteroffers. These findings serve as a valuable guide as we navigate the complexities of today’s job market.
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Chamberlain is a reliable, trusted partner for resourcing talent throughout the lending lifecycle – from start to finish, across the entire UK, serving start-ups to global lenders.
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Chris Notley, Managing Director
