Salary and Benefits Insights 2022/23
The past year has delivered record-breaking shifts in the private equity and alternative investments employment market. The sector is defying nationwide financial challenges with a recruitment boom offering opportunities for talented business support professionals.
Following the cautious pace of hiring during Covid, speed is now key. Companies are competing to attract and retain their ideal recruits, often fast-tracking top candidates into well-paid roles with generous benefits packages.
In July 2022, we surveyed hundreds of employers, employees and jobseekers within the private equity and alternative investments space to capture the latest commentary on salaries, bonuses and benefits. The figures reveal an employment landscape where businesses recognise the value of exceptional business support professionals – and are willing to reshape perks and pay to prove it.
While earnings are a driver for today’s candidates, caring company cultures, holistic wellness programmes and fulfilling work opportunities matter just as much. Happily, employers are hearing the call. A significant number of companies have introduced new measures – including higher salaries, broader benefits offerings and flexible working – to retain their high performers.
For ambitious business support professionals looking for the right mix of rewards, recognition and progression, the private equity and alternative investments sector is packed with promising opportunities.
Download the full salary survey for salary data and benefits insights here.
Across the sector, private equity and alternative investments firms are negotiating a delicate balancing act: attracting the talent they need to grow while holding onto their valued current employees.
To encourage staff longevity, businesses have boosted salaries at almost every level – from Receptionists to EAs to Chiefs of Staff. However, only 66% of employees told us they were satisfied with their existing income.
So what outweighs pay in the current market? For many business support professionals, it’s feeling listened to, cared for and supported. With salaries consistent throughout the industry, working environment is a vital push or pull factor. Companies that are ahead of the curve with flexible working, wellness provision and inclusivity are more likely to cultivate a committed and loyal team.
When it comes to benefits, the attitudes of business support professionals – and the companies who employ them – are changing. Our survey revealed a brand-new ‘top three’ list that points to fresh priorities and a renewed focus on team building and togetherness. While private healthcare remains the most popular benefit (provided by 85% of companies), social events (67%) rose to second place, with life insurance in third (60%).
Mental and physical health are the cornerstones of packages across the industry, with many firms going beyond basic gym memberships to provide cycle to work schemes, contributions to cognitive behavioural therapy (CBT) sessions, employee assistance programmes and regular mindfulness practice.
The private equity and alternative investments sector has always been at the cutting edge of employee care – and continues to push the boundaries of benefits provision. In response to employee feedback, firms told us they’re considering innovative perks such as menopause plans, wellness allowances, fertility and menopause cover and LGBTQI+ inclusivity initiatives. Other popular options include electric car leasing schemes, emergency carers and summer extras like an additional week off or the chance to work from anywhere in August.
In our 2022 report, 82% of employees regarded remote working as either ‘extremely important’ or ‘very important’ – and the majority of EAs include a flexible schedule in their ‘big three’ requirements when looking for a new role.
While more than 80% of surveyed firms now offer their business support professionals at least one day working from home, a growing number of mid- to senior-level EAs are requesting 2-3 days out of the office. A better work/life balance isn’t the only driver – employees are also aiming to cut commuting and childcare expenses during the cost-of-living crisis. The vast majority of candidates also felt they are more productive when working from home.
Employers appreciate the developing demand for flexibility but are also eager to rebuild colleague connections lost to the pandemic. These face-to-face relationships are, in fact, an attraction feature for junior business support team members, who prize higher base salaries over flexible setups. Our research showed that entry-level candidates enjoy the buzz of an office environment and prefer to learn from their peers in person.
To accommodate the needs of all employees, firms are encouraged to create inclusive, pick-and-choose policies that offer freedom for experienced EAs and inspiring office-based opportunities for staff just starting out.
Download the full report here.