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Payspective insights

What you didn’t know about Covid-19 & the labour market – 3 astonishing but unsurprising facts

What you didn’t know about Covid-19 & the labour market – 3 astonishing but unsurprising facts

The diference between the salary which candidates for a position expect and the salary that employers offer has decreased by >1/3 in 2020, pointing to a shift in the labour market power balance in favour of employers. Meanwhile, half of all professional report a negative impact of Covid on mental health. Companies that made use of financial support from the government were less likely to grant pay rises to their employees.

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Working hours UK & average hourly wage UK

Working hours UK & average hourly wage UK

The average number of weekly working hours in the UK is 41.8, which is somewhat normal in international comparison. Job satisfaction is unaffected by working up to 60 hours a week but takes a big hit beyond that. Meanwhile, the average hourly wage in the UK is £16.6. Looking at white-collar professionals, there are substantial differences in both working hours and average hourly wages for different company types and seniority levels in the UK.

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Why Payspective?

Why Payspective?

Knowledge about compensation, satisfaction and working conditions is a key contributor to a fulfilled working life, which we believe everybody has a right to. Our mission is to help you answer questions like How much should I be paid?, Would I be happier in a different job?, or Does my pay justify the working hours? and thereby make great career and life choices.

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