The last few years have seen a general wage freeze with the stubbornly under-performing economy taking most of the blame, however, it seems that despite George Osborne’s claims, we are not all in this together.
Despite the lean few years and salaries for employees being depressed, it seems that senior executives and company directors have continued to do very well in recent years.
Figures from the Chartered Management Institute and XpertHR shows that company directors have seen their salaries increase by more than double the increases experienced by other executives. When looking specifically at chief executives the gap is even more pronounced. Chief executive pay increased at around five times the rate experienced by other executives.
XpertHR head of salary surveys and HR benchmarking Mark Crail says: “Through good times and bad, those at the very top have enjoyed pay rises over a period of 40 years that have opened up a massive gap, not just with workers on the shop floor but with middle and even relatively senior managers.”
When looking at financial services, salaries for employees have remained reasonably depressed. According to recruitment firm Robert Walters around 50 per cent of permanent employees received a pay increase in 2012, with the average increase around 2.1 per cent.
Interestingly, employees in the north of England have been experiencing larger salary increases, with the average increase for workers in London and the south east just 0.4 per cent.
However, it is not all doom and gloom for financial services employees. According to recruitment firm Randstad Financial and Professional, the economy has caused a shift in the way that people evaluate their employment, with a good company stability and general working environment becoming more important and the level of salary becoming less important when it comes to job satisfaction.
According to Randstad’s figures, financial services employees tend to be generally satisfied with their employers, with 67 per cent of people happy with their employment compared to the national average of 61 per cent.
Financial services employees also compare favourably when it comes to pay levels, with 51 per cent of employees saying they are happy with their pay. This compares to 41 per cent for employees generally.
And if that is not enough to cheer you up, you can at least take comfort from the fact you are not an accountant.
According to Randstad, accountants fair the worst for general contentment with their jobs, with just 42 per cent saying they are happy with their employment, and for their level of pay, with just 35 per cent satisfied with what they are currently earn