Ntrinsic Salary Guides 2024 I UK
Lisa Holt, Group MD, Cpl
2024 Market Trends
The talent market has undergone significant transformations since the pandemic, influenced by geopolitical events, technological advancements as well as employees’ needs.
These have collectively influenced the way businesses now address talent acquisition and management.
In this year's Salary Guide for the UK, we explore how the next 12 months will unfold and the transformations we anticipate in the world of work.
AI and Recruitment
According to Forbes, the most in-demand skills in 2024 will comprise a blend of technical proficiencies and essential soft skills. Some include generative AI, data, communication, and project management skills.
The European Union’s parliament has taken a proactive approach in this respect, having approved the world’s first major set of regulatory ground rules to govern the mediatised artificial intelligence at the forefront of tech investment.
Ntrinsic’s survey revealed that less than 7% of people think that AI will have a negative impact on their job over the next 12 months. The majority of respondents (47.5%) think AI will have a positive impact, while 38.5% think AI will have no impact or the impact will be neutral.
Skills-Based Hiring Maximises Candidate Potential in a Competitive Job Market
It’s not where you have worked that matters, but what you know. The shift towards skills-based hiring opens opportunities for candidates who may have been overlooked in the past, but digital skills continue to be a critical focus in driving this transformation.
Some skills such as data analysis, artificial intelligence, cybersecurity, and software development will be highly sought-after. People will upskill or reskill to meet these expectations.
Retaining Existing Talent
Using internal mobility to retain top talent is a cost-effective and culturally positive way to allow employees to grow and evolve within the company.
People who have moved internally have a 64% chance of remaining with an organisation after three years. (according to LinkedIn)
A growing blended workforce model
2024’s workforce will encompass a blend of full-time employees, part-timers, contingent workers, and digital workers.
According to Forbes and Statista there are between 4m – 4.3m freelancers in the UK in 2024, full- time and part- time combined. In the EU, 15% of the workforce is either freelancing or self-employed (explodingtopics.com), a trend which is projected to grow over the next few years.
Compensation no longer the at the top of the USP
According to Statista ‘By the end of 2023, the employment rate of the United Kingdom was at one of its highest ever levels, with 75 percent of the working-age population in some form of paid work.’ Despite this, UK unemployment is expected to rise and wages growth to fall due to the technical recession that recently hit the UK.
Based on the research conducted by Cpl’s Future of Work Institute, organisations are refining their innovative strategies to retain and attract top-tier talent by enhancing their value proposition beyond just compensation.
Upskilling through L&D
Whilst adult participation in Education and training increased by 8.6% (Explore education statistics – GOV.UK), professionals who continually enhance their skills will stay more relevant in the workplace and have an advantage over their peers who do not upskill.
This is becoming even more important as the generation gap broadens and leaders need to develop new skills to connect and motivate Gen Z workforces.
Sustainability is a Top Priority
More and more companies are emphasizing the importance of sustainability and social responsibility in their daily operations.
Cpl has fully embraced sustainability and the Cpl annual sustainability report highlights how the group is tackling issues which will impact us all over the coming years.
DE&I Takes Centre Stage
Companies where women make up over 30% of their executive team tend to achieve a stronger financial performance compared to those with a lower representation.
In the upcoming year, we will see a greater emphasis on tangible results and responsibility concerning diversity, equity, and inclusion (DEI) initiatives.
Mental Health & Well-being
Whilst studies show that 1 in 6 people experience mental health problems in the workplace 53 workplace mental health statistics you can’t ignore in 2024 (spill.chat), they also revealed that happy employees are 13% more productive than those who experience poor mental health.
According to McKinsey, the economic value of enhanced employee well-being in the UK could range from £130 billion to £370 billion annually.
Welcome Gen Z
According to Forbes, by 2025, Gen Z will make up 27% of the workforce in OECD countries and one-third of the Earth’s population.
According to a Stanford study, Gen Z is not only more tech-savvy, but they are more pragmatic and expect and demand constant change as they are looking to make a difference in the world. They value collaboration and teamwork and care deeply about mental health and achieving a work-life balance.
As such, employers will need to tailor their strategies to resonate with their values and social responsibilities.
Return to office and balancing remote and hybrid working models
The post pandemic workplace suffered a great transformation, with hybrid and remote working models becoming the norm.
As an outcome of this rebalancing, employers focused on hybrid working models, with Ntrinsic's survey showing that 89% of respondents avail of hybrid working. This has proven to be a very efficient way to work given that 55% of hybrid workers are high performers, compared to 36% of on-site employees.
