The gender pay gap in the UK stands at 15% – though it is much higher for startups & scaleups (25%). The two main drivers of the gap are (1) a skew in seniority levels (men tend to be in more senior positions than women) and (2) a skew in terms of functions that men and women work in (highly-paid technical jobs are predominantly held by men). In this article, we explore various ways in which companies can aim to close the gap and improve gender parity.
(1) A UK startup CEO typically has a lower salary than their COO. (2) Stock options are a key part of startup compensation and are commonly awarded to employees at all seniority levels. (3) >70% of UK startups have a 25 day holiday allowance while 8% of companies offer unlimited holiday. (4) Working from home is here to stay with 80% of UK startups opting for a hybrid model (most typically 50/50). (5) 92% of startups have a higher average salary for male than female employees, leading to a pronounced gender pay gap. (6) If you’d like to benchmark your own startup/scaleup, get in touch.
(1) In some industries hours decrease over time while in others they increase over time. (2) Consulting is not well paid on a per-hour basis. (3) You can work up to 60h/week without feeling unhappy. (4) Working hours have increased during the pandemic.
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.
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.
The median UK salary is £31,461 and the mean UK salary is £36,834 per year. These numbers change significantly when you look at differences between industries, educational backgrounds, age, gender or regional differences.
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.