A leading UK recruitment firm based in Covent Garden says it is providing graduate lawyers with starting salaries of £150,000 due to labor shortages.
Robert Walters focuses on recruiting professionals at all levels and has a global presence on six continents.
Chief Financial Officer Alan Bannatyne told the BBC that people across all UK industries were resigning for better pay in the face of rising demand.
He said: “15% is the minimum wage increase we see, but some are increasing their salaries by as much as 50%.”
“Unless something significant happens, 2022 should be even better for employees.”
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Job vacancies in the UK have smashed records since the economy opened up as companies rush to meet demand and employers compete to find the right people.
As a result, employers have increased salaries to attract top talent, although not all have succeeded.
Sectors like airlines are struggling and as a result are unable to hand out bonuses and pay rises, Mr Bannatyne told the BBC.
Skills shortages have hit sectors like law particularly hard, with vacancies for solicitors in London rising 131% between January and November last year, according to a study by recruiter BCL Legal and data company Vacancysoft.
Newly qualified lawyers in the biggest firms are now reportedly making up to £147,000 before bonuses.
City banks have also raised starting wages to retain talent, and wages are rising in lower-paying jobs.
Sainsbury’s has just become the latest supermarket to pay store workers at least £10 an hour, following similar steps by Lidl, Morrisons and Aldi.
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This all comes after lockdowns caused many people to re-evaluate their careers, quit their jobs and look for something else.
Speaking to the Standard, Bannatyne said extra pay has skyrocketed globally, with employers now offering between 15% and 20% above current salaries to attract workers.
“We’re seeing salary inflation that I haven’t seen in my 20 years at Robert Walters, generally around the world,” he said.
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