Employers should be alert as top considerations revealed
Over a third of professionals are planning to seek new roles in the coming year, according to The Barton Partnership's Compensation Insight Report 2023-24.
The study found that higher salaries, new challenges, and company culture were primary motivators for job changes, with career progression and financial rewards ranking highest among factors considered for a move.
Despite positive trends when it comes to compensation, 36 percent of consultants and 41 percent of industry professionals anticipated changing companies within the next 12 months. Salaries in consulting increased by an average of 9 percent over the past year, with industry professionals reporting growth in salary and bonus across functional specialisms.
“This report offers a comprehensive overview of salary, bonus and incentives, whilst highlighting perspectives on compensation satisfaction, motivations for career transitions, and key drivers prompting consultants to move from consulting to industry,” says Victoria Montagu, executive vice president of The Barton Partnership.
“Within this year's report, we have explored the underlying factors driving resignations and the varying priorities between male and female respondents. Additionally, our report delves into the evaluation of the efficacy of [ESG] initiatives, as well its impact on job satisfaction and role considerations.”
Key findings of the Compensation Insight Report
78 percent of respondents considered remote work as important or very important when looking for a new role. Higher salaries and bonuses were a priority across all levels, while 33 percent of female consultants favored increased holiday days. Hybrid or remote-friendly workplace setups is one of the examples of employee incentive programs that you can use as inspiration in your own organization.
Moreover, 63 percent of respondents deemed an organization's health and wellbeing provisions important or very important, while 53 percent considered a company's mission or purpose a crucial factor.
The study noted that managers and project leaders at boutique or specialist firms exhibited the highest levels of compensation satisfaction. Former consultants who transitioned to the oil, gas, and utilities industries expressed the highest satisfaction with their compensation.
“Consultants primarily move to industry for a better work/life balance, new challenges, and greater accountability. Employers who are keen to attract new talent will be interested to read how gender can influence motivation, with career progression and financial reward being the most highly rated factors for male and female respondents, respectively, in consulting when considering a move, whereas in industry financial reward is more highly rated by men,” Victoria adds.
The complete Compensation Insight Report 2023-24 is available to read online.
