Latest employee finance news

Sharing two of the latest employee finance updates, alongside some extra tips…

1) Employee finance: the ignored payslip!

Our first article reveals that almost 1/3 of UK employees are failing to check their payslip on a regular basis. Yet 15% of people are concerned that their payslips aren’t accurate.

Perhaps most amusingly, finance and accounting professionals are some of the least likely to review the accuracy of their monthly income (41%)! ‘Media, marketing and sales’ employees, however, top this list (47%), followed by those working in education (42%).

Employees may want to rethink their approach, as the feature also cites a number of high-level payouts as a result of payroll errors.

TIP: as the article suggests, one of the main reasons that people fail to read their payslip is because it doesn’t make too much sense to them in the first place (finance professionals aside, hopefully)! Make sure you know what’s on your slip and how much tax you should be paying with the help of this post

2) Employee finance: avoiding festive debt

The second employee finance feature raises the topic of how to avoid debt this Christmas. An important topic to consider…even though we weren’t planning to discuss the festive season just yet!

Most people are said to be spending around £567 this Christmas, with 46% covering these costs through the use of ‘credit cards, store cards and overdrafts’.

We’ll leave you to read the advice in full. Many of the tips are somewhat straightforward, yet may serve as good as reminders. Also, there are some excellent nuggets within – including where to find a 2019 Christmas budget planner and who to speak to for further advice if you’ve already taken out a high-interest loan (AKA ‘payday’ loan).

TIP: if you have some time to spare this festive season, why not submit your CV for some temporary work? Many offices are looking for people to provide extra support and/or cover for annual leave or Christmas parties. You’ll find a list of current temporary openings on our site. Please note: due to the nature of temporary work, many vacancies are swiftly filled. Even if you can’t see relevant openings listed, it’s worth submitting your CV alongside an overview of your availability

Follow us on Twitter, Facebook and/or LinkedIn to receive future employee finance news and tips.



A promotion without a pay rise?

Would you accept a promotion without a pay rise? Professionals in certain sectors are more likely to do this…

This is the first in our Vanquis Bank ‘Professional Gripes Survey’ series. The survey is a nationwide office study exploring ‘what makes UK workers tick and what ticks them off!’

For many people, the whole purpose of a promotion is that it allows them to step up the career ladder and increase their salary in the process.

Yet what if you were offered the bigger job title without the bigger salary?

  • 20.5% of British employees would definitely say yes to this.
  • 36.6% are sure they’d say no.
  • However, the largest group at 42.9%, would take the time to consider this offer further.

Professionals in certain job sectors are more likely to jump in with a definite yes. These include those working within:

  1. Marketing (58%)
  2. Agriculture & Environment (46%)
  3. Beauty & Wellbeing (44%)
  4. Art & Design (39%)
  5. IT & Digital Telecoms (29%)
  6. Media (24%)
  7. Construction (22%)
  8. Customer Services & Retail (20%)
  9. Science & Mathematics (20%)
  10. Security & Emergency Services (20%)

At the other end of the scale, only 11% of people working in legal or political services and 9% of those in hospitality would respond with a yes.

So, why would you accept a promotion without a pay rise?

This is perhaps the most interesting of all the questions. Not to mention the most important for anyone considering making or accepting such an offer.

  • The greatest incentive is the belief that this will help ‘secure a better job in the future’ (68.6%). Other responses included…
  • To have a greater ‘authority over colleagues’ (23.1%)
  • And to impress a ‘date or loved one’ (9.9%).

Perhaps this is why those in Marketing are so much more likely to say yes than other industry professionals – they understand the power of perception that the new job title can offer.

How are employees achieving their promotions?

This is where things get really worrying. While most respondents simply accept additional work in a bid to impress their seniors (32.5%), others are taking far less honourable routes, including…

  • Complimenting senior colleagues and/or bosses (25.1%)
  • And even flirting with them (12.9%) or wearing suggestive clothing (11.10%), which makes for alarming reading in a post-#MeToo world.
  • What’s more, some have admitted to sabotaging their closest working rivals (10%), bribery (9.6%) and blackmail (9.6%).

Across all categories, male employees were more likely to push for a promotion.

Of course, this is a national study conducted across a real range of sectors. Meaning the findings may not reflect what’s happening locally and/or in your industry.

Thankfully, the vast majority of people know that good quality work is the best way to garner a promotion.

Should you consider a promotion without a pay rise?

In some cases, this can be a savvy move when considering your longer-term job prospects. There’s certainly some truth behind the idea that a better job title can improve your future job opportunities.

Previous findings suggest that job titles do matter and can form a core part of your benefits package.

Naturally, you also need to consider your financial situation. If the improved job title comes with a salary cut, or you know that you’re unable to commit to the new role for a reasonable time, you’d be wise to rethink things.

It’s also worth staying on top of your local research. See how much other employers are paying for people in your prospective new role. You may find that you can negotiate a slight pay rise or that there are alternative opportunities that offer promotions in both job title and salary level.



At breaking point + common job complaints

As two separate studies say employees are at breaking point, we take a look at what this means. Also sharing the most common job complaints…

An issued shared by 61% of male professionals:

The first survey (conducted by CV-Library and reported by Recruiting Times), reveals that…

  • 61% of men have reached their breaking point. In this case, saying they wish to leave their role due to its impact on their mental health.
  • Female respondents are more likely to admit to experiencing mental health issues in general. However, men are more likely to experience the ‘effects of poor mental health’ at work (81.8% of men versus 67.8% of women for the latter).
  • Sadly, 60.9% of men also feel unable to raise their concerns with their boss for fear of being negatively judged and/or misunderstood.
  • Men would actually be most likely to discuss their mental health experiences with their GP. Conversely, women tend to seek out their friends for support.

The findings also contain a number of proactive recommendations from male professionals. These include:

  • Efforts to ‘promote’ a better work-life balance
  • Counselling service referrals
  • ‘Reduced pressure’ regarding long working days
  • Enabling employees to ‘take time out’ when needed
  • More open discussions about mental health

2 in 5 UK employees are nearing their breaking point…

Separately, the Chartered Accountants’ Benevolent Association (CABA) has carried out research on employee stress levels. This shows that:

  • 40% of all UK employees are nearing breaking point due to increasing stress.
  • Professionals are losing an average of 5 hours’ sleep each week due to work pressure.
  • Respondents also feel stressed for a third of each working day.
  • 70% have ‘vented’ to someone about their experiences, yet 46% have done nothing beyond this – hoping the issues would simply disappear in time.

CABA’s findings also include the most common job complaints:

  1. General workload levels
  2. Poor sense of recognition and reward
  3. Salary/pay rates
  4. Their colleagues
  5. The day-to-day job role
  6. ‘Company culture’
  7. Long working days
  8. How their workload compares to their colleagues’
  9. Their clients
  10. Progression or career path potential

What does this all mean for employers and employees?

  • Both sets of data reflect recent findings regarding job satisfaction in general. Only last month we reported on the swathes of professionals planning to switch roles.
  • Poor work-life balance, high stress and a sense of not being supported all keep cropping up.
  • Employers need to be reading such data and working out how they can do more to listen to their team, reduce pressure levels and make everyone feel more supported. This is all vital for longer-term employee attraction and retention.
  • Employees also need to look at what they can do to improve their own working lives. At the lighter end of the scale, there are ways to increase levels of joy at work and make sure you’re doing enough of what you enjoy outside of your job too.
  • In more serious cases, when you (or someone close to you) see that work stress is really starting to affect you, you may need to seek the support of your GP.

Everyone reaches those times when they simply need to find a fresh environment more suited to their life and career goals. Visit our jobs page to see the latest vacancies. 



Job Search September! Is everyone looking for a new job?

Will this new season also spell the start of a new job frenzy throughout the nation? Some of the latest findings suggest so…

Wix (the web development platform) has conducted its own research among professionals. They’ve found that:

  • 49% of British professionals intend to leave their job on return from their summer holiday.
  • September is one of the most popular times to change jobs, next to January.
  • A number of workers are deliberately missing return flights and hiding their holiday social media updates so their employers won’t see!
  • There is also data regarding the desire to set up new businesses, the industries people want to specialise in and the type of breaks that inspire a new job search!

Why are professionals feeling so fed up?

  • 69% of respondents experience a sense of ‘dread’ about returning to the office.
  • 42% of people crave more flexibility in their working lives.
  • 39% state that they feel ‘undervalued’.
  • In addition, 37% believe they’re underpaid for their role.
  • 34% say they either don’t like their boss or colleagues.
  • And 31% cite poor management at work.

Will we really experience a Job Search September?

It’s unlikely that the whole study pool will hand in their notice this month! While holidays often spark a period of reflection, many people won’t follow through on their ideas on return from their break.

That said, some of the group will, and the fact remains that this is a popular time to make a change. Other findings reflect some of the above sentiment, yet less dramatically(/imminently)!

For instance, a separate study suggests that just under 1/3 of office employees are ‘considering’ finding a new job within the next year.

Many of the triggers are the same…

  • 39% hope to achieve a better work-life balance, with 32% specifically wanting flexible working options.
  • 38% are looking for a pay rise.
  • This group also believe that their skills will be ‘more desirable in the coming months’ (32%) – and that they’ll still receive ‘multiple job offers with competitive salaries’ (33%).
  • The youngest age group (comprising 16 to 24-year-olds) appears most likely to search for a new role, with career progression and work-life balance the greatest incentives for this demographic. They also prioritise corporate culture over pay rates.
  • Employees aged 35 and over are 10% less likely to job search, yet place an increased value on salaries (42% versus 17% for 16 to 24-year-olds). This is unsurprising if you consider career stage and life factors, including average household and/or caring responsibilities.

Both articles mention the need for employers to prepare themselves for a period of change. Alongside exploring staff retention strategies, this may naturally include an increased recruitment focus.

Please call the office on 01225 313130 to discuss your recruitment requirements or email the team directly. Job-seekers can apply for the latest openings via the jobs page, CV upload, or by email. Here’s what to include in your cover email if you’re looking for a new job!



Bath is one of the UK’s most woke cities!

Bath is one of the UK’s most woke cities in which to live and work…

For those less familiar with the term, the word ‘woke’ originates in American slang. The Merriam-Webster dictionary defines this as being “aware of and actively attentive to important facts and issues (especially issues of racial and social justice).”

To this end, it’s often used interchangeably with other words that describe progressive attitudes and behaviours.

How do you measure a city’s woke status?

Bankrate has ranked 50 cities across seven specific categories, which include:

  1. Google search trends: how frequently the city’s web users have searched for the followings terms over a 5-year period:  ‘LGBT’, ‘Fair Trade’, ‘Volunteering’, ‘Climate Change’, ‘Feminism’, ‘Protest’, ‘Sustainability’, ‘Charity’, ‘Human Rights’ and ‘Politics’.
  2. The gender pay gap: the disparity between wages for men and women.
  3. Recycling rates: the quantity of household waste that is recycled.
  4. Voter turnout: comparing ‘the size of each electorate with the total number of votes in the 2017 General Election.’
  5. Vegan & vegetarian: from the perspective of a reduced carbon footprint; counting the number of exclusively vegan and vegetarian eating establishments.
  6. ULEV registration: the number of vehicles registered as ‘ultra-low emission’, which usually refers to ‘electric or hybrid cars.’
  7. Council diversity: exploring the representation of women and minority groups in local government.

Full details of each category and data sources can be found on the Bankrate site.

How progressive is Bath?

Bath is officially the third most woke city in which to live and work, according to this assessment scale. The city receives a total score of 22.31.

Only Oxford and Brighton & Hove achieve greater progressiveness scores, reaching 23.82 and 23.33 respectively.

Bath performs especially well for its:

  1. Recycling rates: achieving a score of 4.6/5. This surpasses Oxford’s 4.2 and Brighton’s 2.4.
  2. Vegan/vegetarian establishments: 4.5/5. Brighton achieves a perfect 5 for this aspect, however, Oxford falls behind with 3.5.
  3. Voter turnout: 3.9/5. Mirroring Oxford (3.9) and only just behind Brighton (4).
  4. ULEV registration: 3.7/5. Beating Brighton’s 2.6 and scoring only marginally less than Oxford’s 3.8. 

However, Bath still needs to work on its:

  1. Council Diversity: 0.6/5: the city’s weakest ranking. Oxford and Brighton, however, each only achieve scores around 2/5 for this element. Wolverhampton, in contrast, receives a 4.3.
  2. Gender Pay Gap: 2/5: this was a low-scoring area for each of the top three cities. None of which even reach a 3/5. Swansea, however, receives an impressive 4.1/5 for its minimal pay gap.
  3. Google Search Trends: 3.1/5: Bath residents and professionals could use the Internet for more progressive means! Brighton & Hove achieves its second perfect score (5/5) for this aspect, yet Oxford also has work to do with its 3.4.

Interestingly, if it wasn’t for the Council Diversity ranking, Bath (21.8) would beat both Oxford (21.4) and Brighton & Hove (21.3). Please note: we haven’t totted up the scores for the rest of the cities to see how else the rankings would change.

Want to work in a woke city?!

We’re proud to have recruited for businesses in Bath and the surrounding area since 1999. You’ll find the latest local job openings listed here.



More holidays and a pay rise

The New Economics Foundation is calling for more holidays and a pay rise for the good of the British economy!

This recommendation (and its accompanying report) focuses on ways in which to improve national productivity.

The idea being that if consumers are able to spend more money, and have more time in which to spend it, the demand for products and services will increase. This, in turn, will help bolster business productivity and the wider economy.

Do we need more holidays?

Few employees would decline the opportunity to have more time off. Especially on hearing that Britons receive fewer public holidays than many of their European counterparts.

While the UK minimum stands at 28 days, EU employees receive anywhere from 30 to 40 paid public holidays each year.

This report also reflects employees’ priorities, according to a separate study

When looking for a new job, British people prioritise:

  1. Their salary (98%)
  2. Holiday allowance (91%)
  3. A pension plan (89%)
  4. Promotion opportunities (78%)

Talking of holidays…

Therefore, while the ideas sound welcome, there may be additional issues to tackle in practise! In the meantime, don’t forget to use your jobs research as a chance to review your personal priorities. 



Perks & pay: for employees earning less than £30K.

What’s more important, perks or pay for employees earning less than £30,000 a year? 

If you keep your eye on the jobs news, you’ll spot a common theme. Researchers always want to know more about your working values and how these compare to each other. The perennial question tends to include ‘what matters more to you, your salary or your…!’ (As a case in point, we recently reported on the topic of company culture versus salary level.)

Today’s source specifically explores the parity of the work benefits package and salary for the ‘under £30,000 workforce’.

Perks or pay?

In this instance, the title suggests that they’re ‘just as important’ as each other – and many of the employees surveyed place more weight on other work-life benefits.

  • 45% of respondents are happier when offered learning and development opportunities
  • 36% value flexible working hours, including ‘leniency in start times and/or breaks’
  • 26% already enjoy non-typical work schedules
  • ‘Frequency of pay’ is briefly mentioned as an additional motivator
  • Candidates are also eager to source jobs local to home (27%)

The income issue:

This sample explores the ‘Hidden Heroes’ workforce: those who earn an average salary of £16,403. This comprises employees in multiple sectors and across a variety of working ages.

So, from the above findings, you may think this group just isn’t as reliant on their income. However, many of the respondents express financial concerns.

  • Over 1/3 are ‘unsure or worried’ about covering their general bills
  • While 72% do not think they’d be able to fund ‘a large unexpected’ payment
  • Alongside this, 54% of this employee group report feeling ‘underpaid’
  • Millennials most often relate to feeling ‘overqualified’ (45%) for their roles
  • And the hospitality and catering industries contain the greatest number of workers who feel overqualified (54%)

What this tells us…

Employers looking to attract candidates for openings of this salary level would be smart to explore their wider benefits packages. What else could be offered to motivate and incentivise employees? Small changes could prove invaluable to professionals.

Naturally, extending benefit schemes across the entire workforce helps companies to maintain a competitive advantage.

For further recruitment advice, please call the office on 01225 313130. 



Forced into side hustles

Why do employees opt to work in so-called side hustles? Is it by choice or is there something else forcing their decisions?

If you read our recent salary news roundup, you’ll know that more than 1/2 of professionals are finding it difficult to meet their financial needs on a monthly basis.

So, it’s of little wonder that the majority of people who undertake side jobs are motivated by the chance to earn more money.

The top motivations for side hustles are:

  1. To increase income (59.9%)
  2. For personal enjoyment (14.1%)
  3. To ‘improve a hobby’ (10.4%)
  4. For better job security (9.4%)
  5. Or to enter a new career (6.3%)

The fact that 67.7% of respondents could be willing to stop their side jobs if their employer increased their salary adds further proof of their financial incentive.

That said, the remaining 1/3 of respondents intend to eventually turn their side gig into their career role.

Should employees and/or their employers be concerned?

There are important considerations for all parties…

  • As the Onrec post suggests, employees should have a good look at their employment contracts before embarking on any side jobs. Many businesses place restrictions on work that can be completed out of office hours.
  • Naturally, employers need to promote productivity and will be concerned if their team members turn up unreasonably tired or distracted. There’s also the chance of competitive overlaps and even public relation problems.
  • Yet, as the piece also mentions, businesses need to do more to attract and retain their employees; particularly in a time of continued skills shortage. Where possible, increased salaries can help professionals to better balance their work and home needs.
  • Business leaders can consult their recruitment agencies for more guidance on achieving competitive and attractive salary packages. We’re delighted to assist local employers with their recruitment enquiries – please call the office on 01225 313130 for more information.
  • Employees who feel overwhelmed with balancing extra work alongside their careers should consider whether their day job is the right role for them. If they’re not able to negotiate a salary increase, they may find their earning potential is greater in a new role. Regularly reviewing local job opportunities can help you to gauge your salary potential.


The best work-life balance jobs (+ salary details!)

Exploring which jobs have the best work-life balance scores – and whether you’ll have to pick between your lifestyle or your salary…

As each Monday rolls around, you may find yourself wishing your weeks featured less work and more leisure. It’s a common wish and one that often appears to involve a level of financial sacrifice.

After all (and as Recruiting Times reports), this choice often entails a shorter working week and/or part-time hours, which often spells reduced pay.

Well, the latest research by Glassdoor has identified the 15 best roles for work-life balance, with 13 of these meeting or exceeding the national salary average.

The top 10 work-life balance jobs are…

Please note: the brackets indicate the standard national base salary for each role.

  1. Sales Development Representative (£27,000)
  2. Research fellow (£34,000)
  3. Customer Success Manager (£40,000)
  4. Marketing Assistant (£20,000)
  5. Engagement Manager (£48,000)
  6. Data Scientist (£46,000)
  7. Recruiter (£25,000)
  8. Copywriter (£29,000)
  9. Web Developer (£31,000)
  10. Audit Manager (£52,000)

The complete job list and associated ratings can be found in the original post.

Using these findings…

We agree with the positive sentiments expressed in the piece. These findings show that you don’t always have to sacrifice your salary level in order to achieve a more favourable working lifestyle.

What’s more, as Glassdoor suggests, the vast majority of the roles listed can be found in a variety of working sectors and industries.

As ever, we encourage you to do your research to gain more of an understanding of what’s realistic for you to achieve locally. Regularly visiting our jobs page will allow you to see the salaries offered in a variety of different roles.

Your career choices are also highly individual. One person’s ideal work-life balance may be quite different from another’s. Plus what suits you at one point in your career can change with time. Where possible, seek to understand what matters to you…and let your recruitment consultant know your job search priorities!



The latest salary news

Sharing four of the latest salary news findings. How many of these ongoing issues can you relate to?

1) The monthly money struggle

Source: onrec

  • The majority of people (64%) are working beyond their contractual hours. Yet more than half of employees (55.1%) are struggling to meet their financial needs at the end of each working month.
  • Respondents are working anywhere from £1,607.08 to £12,045.60 of unpaid overtime each year.
  • Still, most workers (61.8%) are entering their overdrafts before the month is out, while almost 1/3 of respondents (32.2%) are unable to clear their credit card on a monthly basis.
  • In addition, 74.9% of people think they’re currently underpaid for their job role.

2) Working in insecure, low-paid positions

Source: Personnel Today

  • It can’t help matters that 1 in 6 UK employees are undertaking ‘insecure, low-paid’ jobs.
  • This accounts for 5.1 million people; 2 million of which are working parents.
  • Younger workers are most affected. That said, 46% of those working insecure, low-paid roles are over the age of 35.
  • As a result, the Living Wage Foundation has launched a new campaign titled ‘Living Hours’. This calls for organisations to pay the ‘real Living Wage’ as well as committing to advance notice for shift workers, more accurate contracts, and minimum working hours.

3) The over-30s still require financial support

Source: HR News

  • With the above findings in mind, it’s little surprise that many employees aged over 30 are still asking for financial help from their parents.
  • This age group is the most likely to request financial support (45%).
  • 42% of parents also admit to diving into their ‘own savings and disposable income’ to provide support, even though this may affect their own financial security in the future.
  • We’re not talking small sums either. 1 in 5 parents has contributed more than £11,000, with 1 in 10 giving more than £21,000 to fund large purchases, such as cars and homes.
  • The top 10 purchases that are being funded by parents are listed here.

4) The fear of asking for a pay rise

Source: HR News

  • Despite the prevalence of financial concerns, more than 1/2 of employees are afraid to ask for a pay rise.
  • Some people don’t know how to phrase their requests (16%), others don’t want to appear greedy (15%),  or are ‘scared of asking the boss’ (12%) or simply worry they’ll be ‘turned down’ (12%).
  • Although, 37% of people feel so confident in requesting a pay rise that ‘nothing would stop them’ from doing so.

Salary tip: regularly researching local jobs in your sector will help you to gauge whether you’re receiving (and/or paying your team!) a competitive salary.