Is salary compression pushing you into a new job?


You know the score: you’ve been at your company for a few years, doing a good job, contributing to the bottom line, and in general, making it a better place to be.

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Apart from annual cost of living increments of 2% or 3%, you may not have seen much in the way of a salary increase. Now, with costs continuing to rise – the Office for National Statistics says that 91% of adults in Great Britain reported an increase in their cost of living between June and July 2022 – getting a salary bump would be a pretty welcome thing.

It can be frustrating when new hires come in on the same money or get paid even more. It’s called salary compression and it happens when there is little variance in pay between team members, despite differences in areas such as skills, experience, performance or seniority.

While salary isn’t everything – the Jabra Hybrid Ways of Working: 2021 Global Report, which surveyed 5,000 workers in the UK, France, Germany, Japan and the US, found that 59% of respondents said flexibility is more important than salary and other benefits – it is still very high up on the list of most people’s agendas, especially with the news that inflation will remain above 9% into early 2023.

Talent squeeze

One of the most common causes of salary compression at the moment is the much talked about “talent squeeze”, where companies are in competition to win talent and fill roles. Hiring managers are finding a need to increase candidate salary offers to secure them but are failing to adjust current employee salaries at the same time.

In the UK, around 3.2% of workers moved from one job to another in the first quarter of 2022, almost a full percentage point up on a year earlier. This points to an environment where the solution is to look for a new job in order to achieve better earning potential. In truth, job hunters know that being a new recruit is the most powerful position to be in to negotiate higher wages.

So, if you are demotivated by salary compression in your workplace and feel undervalued, it may be time for a change.

You won’t be alone. A Microsoft survey of more than 30,000 global workers earlier this year found that 40% were likely to consider changing jobs in 2022. Below, we’ve got three exciting roles to check out – and as always, there are hundreds more to discover on our Job Board.

Data Scientist, iwoca

As a Data Scientist at iwoca, you will develop cutting-edge algorithms using statistical modelling and machine learning techniques and will use Python to produce data-driven solutions. You will be expected to derive meaningful and actionable insights from data as well as develop the innovative technologies behind the platform.

Iwoca is looking for a Data Scientist who loves to code and get their hands dirty with raw data. You will have a strong numerate background, with a degree in engineering, mathematics, physics or equivalent, and you must have a background in probability and statistics as well as programming experience in Python, Java, C/C++ or similar.

Discover more about the Data Scientist role or browse other jobs at iwoca.

DevOps Tech Lead, Yapily

Yapily is seeking a DevOps Tech Lead to join its DevOps team, which is responsible for building and maintaining the Yapily infrastructure which serves almost a million API calls per day, as well as all the engineering teams at the company.

You will be deploying microservices on Kubernetes clusters across multiple clouds, using helm charts and ArgoCD for deployments. You will have demonstrable leadership in a dynamic environment with shifting priorities and you will have designed, built and maintained a container-based distributed platform. Working experience with configuration management tools is required and you will have built and optimised CI/CD pipelines for applications and to eliminate toil.

Find out more about the DevOps Tech Lead role or see what other jobs Yapily has on offer.

Data Reporting Specialist, Soldo

Soldo makes it easy to manage business spending. As a Data Reporting Specialist, you’ll be working with the performance marketing team to create visual data representations that address meaningful business questions and unlock key insights around acquisition campaigns, while implementing the strategy to keep the key data sources well connected.

The ability to tell compelling stories with data, so as to communicate trends to technical and non-technical stakeholders, is vital. You will be proficient with data representation tools such as Datastudio, Tableau and Power BI and web analytics tools including Google Analytics 4 and Tag Manager.

See the full job description or browse other open positions at Soldo.

Are you ready to accelerate your career? Explore thousands of open roles on the Fintech Futures Job Board today.


About the author:

Kirstie works for our job board partner, Jobbio.

Based in Dublin, she has been a writer and editor across print and digital platforms for over 15 years.





Image and article originally from www.fintechfutures.com. Read the original article here.