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Annual review of graduate vacancies & starting salaries at Britain’s leading employers - page 22 / 38

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The Graduate Market in 2011

C h a n g e s t o G r a d u a t e S a l a r i e s s i n c e 2 0 1 0 L o o k i n g a t h o w g r a d u a t e s t a r t i n g s a l a r i e s a t i n d i v i d u a l o r g a n i s a t i o n s h a v e c h a n g e d f o r 2 0 1 1 , i t i s a p p a r e n t t h a t t h e m a j o r i t y o f e m p l o y e r s i n c l u d e d i n t h e r e s e a r c h h a v e o p t e d t o l e a v e t h e i r s t a r t i n g s a l a r i e s u n c h a n g e d t h i s y e a r . O v e r h a l f o f r e c r u i t e r s h a v e l e f t t h e i r p a y a t 2 0 1 0 r a t e s ( s e e C h a r t 3 . 4 ) . A r o u n d a q u a r t e r o f o r g a n i s a t i o n s a r e p l a n n i n g t o i n c r e a s e s a l a r i e s f o r n e w r e c r u i t s c o m p a r e d w i t h 2 0 1 0 l e v e l s , m o s t b y n o m o r e t h a n 5 . 0 % . T h i s c o u l d b e c o n s i d e r e d t o b e a c o s t - o f - l i v i n g i n c r e a s e , g i v e n t h a t t h e r a t e o f i n f l a t i o n ( C P I ) i s c u r r e n t l y b e t w e e n 3 % a n d 4 % i n t h e U K . J u s t s e v e n o r g a n i s a t i o n s h a v e o p t e d t o i n c r e a s e t h e i r g r a d u a t e p a y b y m o r e t h a n 5 . 0 % . F o u r w e l l - k n o w n e m p l o y e r s h a v e r e d u c e d t h e i r s t a r t i n g s a l a r i e s f o r 2 0 1 1 , a l b e i t b y a s m a l l a m o u n t i n e a c h i n s t a n c e .

L o o k i n g a t p a y w i t h i n d i f f e r e n t i n d u s t r i e s a n d b u s i n e s s s e c t o r s , m a n y s t a r t i n g s a l a r i e s r e m a i n v e r y s i m i l a r i n 2 0 1 1 a s t h e y w e r e i n 2 0 1 0 ( s e e C h a r t 3 . 5 ) . I n e i g h t o f t h e f o u r t e e n e m p l o y m e n t a r e a s f e a t u r e d w i t h i n t h e r e s e a r c h i n c l u d i n g i n v e s t m e n t b a n k s , c o n s u m e r g o o d s m a n u f a c t u r e r s , a c c o u n t a n c y & p r o f e s s i o n a l s e r v i c e s f i r m s , I T & t e l e c o m m u n i c a t i o n s c o m p a n i e s a n d l a w f i r m s t h e r e i s n o c h a n g e t o t h e m e d i a n s a l a r y . M o d e s t s a l a r y i n c r e a s e s a r e e x p e c t e d i n f i v e s e c t o r s o i l & e n e r g y , e n g i n e e r i n g & i n d u s t r i a l e m p l o y e r s , b a n k i n g & f i n a n c e f i r m s , m e d i a o r g a n i s a t i o n s a n d c h e m i c a l & p h a r m a c e u t i c a l s c o m p a n i e s . A l t h o u g h n o i n d i v i d u a l p u b l i c s e c t o r e m p l o y e r i s p l a n n i n g t o r e d u c e i t s g r a d u a t e s t a r t i n g s a l a r y i n 2 0 1 1 , t h e m e d i a n s a l a r y f o r t h e s e c t o r h a s m o v e d l o w e r d u e t o a r e d u c t i o n i n g r a d u a t e v a c a n c i e s a t s o m e o f t h e h i g h e r - p a y i n g o r g a n i s a t i o n s . C o m p a r i n g s t a r t i n g s a l a r i e s i n 2 0 1 1 w i t h t h o s e o n o f f e r i n p a s t y e a r s , i t i s a p p a r e n t t h a t p a y r a t e s o v e r t h e l a s t f i v e y e a r s h a v e i n c r e a s e d d r a m a t i c a l l y i n s e v e r a l e m p l o y m e n t a r e a s . T h e l e a d i n g l a w f i r m s a r e n o w p a y i n g a q u a r t e r m o r e t h a n t h e y d i d i n 2 0 0 7 , w h i l s t t h e t o p i n v e s t m e n t b a n k s h a v e s t e p p e d u p t h e i r s t a r t i n g s a l a r i e s b y a f i f t h o v e r t h e s a m e p e r i o d .

Chart 3.4 Changes to Graduate Salaries at leading UK Employers since 2010

More than a 5.0% rise in salaries

7%

Up to a 5.0% rise in salaries

8%

Up to a 2.5% rise in salaries

12%

No change in salaries

56%

A reduction in salaries

4%

Unknown

13%

0

20

40 60 Percentage of top graduate employers

80

100

Source - The Graduate Market in 2011

22

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