View financial services market salaries within change management.
|Job title||Salary range||Day rate|
|PMO Analyst||£45,000 - £50,000||£300 - £400|
|Senior PMO||£50,000 - £70,000||£450 - £550|
|Business Analyst||£50,000 - £80,000||£400 - £500|
|Senior/Niche Business Analyst||£65,000 - £85,000||£500 - £700|
|Project Manager||£70,000 - £90,000||£600 - £700|
|Senior Project Manager||£80,000 - £100,000||£650 - £800|
|Programme Manager||£100,000 - £120,000||£750 - £1,100|
|Programme Director||£120,000 - £175,000||£1,000 - £1,500|
Employees in the United Kingdom can be categorised as full-time, part-time, casual, freelance and contract workers, with the self-employed bracket now making up 15% of the entire working population. The number of self-employed workers jumped from 3.3 million in 2001 to 4.8 million in 2017, with a corresponding fall in the unemployment rate showing the overall boost in jobs growth from the rise in self-employment. However, the attractive market for freelancers and contractors has been hit with some uncertainty in recent times, thanks largely to the 2018 Autumn Budget’s announcement of IR35 tax reforms. Here’s what the new IR35 rules could mean for you and your business: What is IR35? IR35 is a piece of legislation originally introduced to the UK in 1999. Its purpose is to differentiate between those workers who operate as genuine contractors and those who work as ‘disguised’ employees to avoid paying tax. It came about to challenge contractors who were taking advantage of the tax efficiencies of working through a limited company, with the aim of defending both the Exchequer from lost taxes and protecting workers’ rights from unscrupulous employees. However, the IR35 has proven to be ambiguous for many, with some contractors taking advantage of loopholes and a lack of clarity. Hence, the new IR35 rules aim to tighten up the contractor market and ensure tax avoidance loopholes are closed. How does IR35 work? There are three principles that can help to determine employment status and whether a contractor falls inside or outside IR35: Control (the degree of control the client has over the work a contractor does and how and when they do it) Substitution (whether the worker needs to do the work themselves or if they could send a substitute in their place) Mutuality of obligation (whether the employer is obliged to offer work and the contractor is obliged to accept it). Additionally, the contract type, provision of equipment and whether a worker is “part and parcel” of a business can all help to determine whether someone falls inside or outside IR35. The change in IR35 rules shifts the responsibility to determine tax status away from the contractor and onto the business that takes them on. Until now, contractors have been able to self-determine their status, however as of April 2020, when the new rules come into effect for the private sector, companies will risk being fined if they don’t make the correct assessment. How will IR35 impact contract workers? It’s anticipated that many contract workers who have been enjoying the tax benefits of working outside IR35 will fall under the legislation when employers are tasked with determining their status. This will see more contractors having tax and National Insurance contributions deducted from their pay. However, if you operate as a legitimate small business and are determined to work outside of IR35, you will not be affected by the rule changes. How will IR35 impact employers? The major change for businesses is that they will now be responsible for determining the IR35 status of any contractor working for the company. The new rules will only apply to medium and large sized businesses, so contractors who work for small businesses can continue to set their own IR35 statuses. Those businesses that the IR35 rule changes do apply to will face paying back taxes and fines should they be found to be noncompliant. What should I do to prepare for IR35? Contractors may wish to speak to an accountant or personal finance expert to determine whether IR35 will impact them and if a move to permanent work may prove to be more beneficial after the rules come into effect. For many, contracting will remain appealing regardless of increased tax responsibilities, however it’s important to factor in any change in income that IR35 may bring about. Businesses are being warned not to make blanket assessments that cover all their contractors, as this can leave workers without a fair assessment and risk them paying unnecessary taxes without equivalent employment rights. Instead, businesses should consider IR35 status on a case-by-case basis or they may risk losing out on top talent. The HMRC has released a consultation document for businesses to prepare for the IR35 changes, recommending identifying and reviewing current contract workforce status and putting processes in place for taking on new workers. At Marks Sattin, we pride ourselves on keeping abreast of all industry legislation, updates and changes that affect our candidates and clients. Speak with us about how we can help you. References: https://www.bbc.co.uk/news/business-44887623 https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/trendsinselfemploymentintheuk/2018-02-07 https://www.contractorcalculator.co.uk/what_is_ir35.aspx https://www.axa.co.uk/business-insurance/business-guardian-angel/how-ir35-changes-will-affect-freelancers-and-self-employed-contractors/ https://www.telegraph.co.uk/business/ir35-rules/new-contractor-tax/ https://www.telegraph.co.uk/business/ir35-rules/how-will-new-rules-impact-business/ HMRC consultation document
According to Buffer’s 2019 State of Remote Work report, 99% of respondents admitted wanting to work remotely in the future. While that may have seemed like a distant reality for some, in what felt like an overnight transition, the majority of the workforce went from seeing their colleagues every day to communicating entirely online. Managers too had to adapt to this ‘new’ normal and familiarise themselves with hiring and onboarding remotely. In the first few weeks companies were caught up in the flurry of activity, but as things have started to settle, many employers are beginning to question what impact remote working will have on employee engagement. Most organisations have likely brought their daily stand up meetings into the virtual space but there’s much more that can be done. The following tips will help companies engage their remote employees by creating a positive working culture that not only works during the pandemic, but also in the post-coronavirus world. Create a distinction between home and work Buffer’s State of Remote Work report also shows that 22% of remote workers struggle with switching off from work, making it the top problem these employees face. Employers must help their team maintain good mental health by creating a separation between work and leisure time. Take inspiration from others: Good-Loop has offered each employee £50 to spend on their home office, inspiring them to create a space that helps them to concentrate. Meanwhile, advertising agency Merkle has sent out printable artwork for their employees to bring some life to their virtual background. This is also helpful for managers who want to conduct a video interview for maximum impact. Recognition According to O.C Tanner’s 2020 Global Culture Report, company leaders see an 83% boost in engagement when they recognise their employees. For recognition to be effective, leaders must ensure they celebrate those big achievements whilst also showing appreciation for the small wins. A learning culture Isaac Newton achieved some of his greatest mathematical breakthroughs whilst in quarantine and the modern-day workforce also has the opportunity to unlock their stores of creativity during times of limited social interaction. Virtual classrooms and content co-creation tools like online whiteboards are just two options for boosting workplace learning during Covid-19. Here are some other methods: Initiate a ‘learning from home’ hour Having employees block out a ‘learning from home’ hour in their calendar ensures they have the time to dedicate to improving their industry knowledge. This time can be spent taking a course, reading thought-leadership articles, or learning about anything that helps them feel more engaged in their work. Internal learning sessions Hosting internal learning sessions is a great way to encourage knowledge sharing within and across teams. Employers can either schedule fortnightly meetings where teams present insights from their ‘learning from home’ time or give employees the option to share thought-provoking ideas in the Friday wrap-up session. Involve external thought leaders Invite external industry experts to bring a fresh perspective into the business, either through a presentation or by collaborating with them on a webinar. Working alongside a thought leader can spark innovative thinking, boost motivation and help employees feel more engaged in their field of work. Use surveys and questionnaires This is a dynamic way for organisations to engage their team because it empowers the employees to generate fresh ideas, mention pain points and state what helps them feel more involved in their work. This method receives bonus points because it saves companies the time of trialling and testing engagement practices that have worked for other organisations and skip right to applying practices that are personally suggested by their team. It’s important to remember that what works for one employee or team may not for the next. Employee engagement organisation, Effectory, began surveying employees since the outbreak of coronavirus to gain insight into the new working pattern and what it means for productivity and wellbeing. The results show that 66% of the workforce are able to do their job effectively from home and though this is a majority it still leaves one in three people struggling with the new working culture. Effectory have created a free Covid-19 Workforce Pulse survey which enables organisations to gain fast feedback on their employees’ engagement levels during the pandemic. The aggregated data from the survey shows that the top-performing companies all have one thing in common – they actively involve their employees. Use values to cultivate a sense of community Involving employees in the decision-making process through questionnaires also creates a sense of community. To nurture this environment, employers should seek more ways of helping their teams feel connected, something that’s particularly important for remote workers with limited social interaction. Emphasising the company values will ensure that employees working remotely feel as though they are marching to the beat of the same drum whilst encouraging camaraderie. To ensure their team feel connected and engaged, GitLab is hosting virtual coffee mornings. Boasting the world’s largest remote workforce, GitLab understands the importance of bringing colleagues together and promoting a shared sense of purpose. From e-birthday cards to online quizzes, there’s a lot that organisations can do to create a positive and inclusive virtual office culture. Are you looking for advice that’s relevant and timely? Since our advent in 1988, Marks Sattin have gained the expertise and knowledge that enables us to source the very best talent for businesses at every level, from start-ups to global organisations. Our recruitment consultants are committed to staying on top of trends in their specialist markets meaning they're able to provide our clients with the most relevant advice. Contact us to find out how we can help you recruit the top talent in your industry or register a vacancy now.
Why should we bring wellbeing into the workplace? Wellbeing is in the workplace whether we like it or not, and the healthier your workforce the better your business will perform. Businesses in the FTSE 100 who have a robust wellbeing strategy are outperforming all of the others and evidence suggests that for every £1 invested in employee wellbeing your business will generate another £3. It’s hard to understand in 2019 how some boardrooms are still seeing employee wellbeing and mental health as a ‘fluffy subject’ and not seeing the direct links between employee energy and their business results. How do you open a conversation about mental health in the workplace? The stigma of mental health is the huge ‘wall of silence’ that exists around this subject. We choose not to speak about this subject because we fear saying something wrong and making someone feel embarrassed or awkward so we choose to say nothing. We don’t know how to open up the wellbeing conversation which makes us even less likely to start what could be a lifesaving conversation. The answer is in training your people on the right language to use in such circumstances. We should never say to somebody ‘I am very worried about your mental health’. They would go into a ‘shut down’ mode and find it far too invasive. If you say you have noticed a change in their energy levels (as part of a much wider conversation) they are far more likely to tell you what is going on in their life and the impact it is having on their wellbeing. As a counsellor I am trained to ‘notice, not interpret’ as it is far less judgemental and I share this with my clients. What can we do to encourage employees to proactively enhance their own wellbeing? Employees take on average six to eight years after the initial symptoms of poor mental health to seek professional advice. This is largely because they are not aware of the early indicators combined with the powerful stigma that prevents them from being honest and open about their mental wellbeing. To encourage employees to be proactive we need to invest time and resource into the workplace to help them understand their mental wellbeing better. We need to provide them with simple tools to measure their energy levels and create cultures where people want to flourish and live a healthier way of life. What are the business risks if we fail to address these issues? Teams that operate with high energy are successful, but teams that are not healthy and energised will never get anywhere near optimising performance. It feels like I am stating the obvious but the risks are high levels of absenteeism, poor employee engagement, high staff churn, inefficiency and reduced productivity. If your culture is not focussed on employee wellbeing, you will lose more staff to long term work related stress. It is evidence based that employees who have suffered stress related illness are very difficult to get back to work and businesses are exceptionally poor at dealing with these type of wellbeing issues. How do we create the right culture of trust to create a stigma free workplace? The tone has to be set from the very top of your organisation. My clients who realise the importance of senior executives sharing how mental health has touched their own lives are seeing a tangible cultural shift. When top executives talk openly about mental health it makes it much easier for all employees to feel safe to do so. All people managers should be trained on how to create a kinder culture that drives employee energy. It is evidence based that managers will not speak to employees about wellbeing because they do not feel qualified. The great news is they don’t need to be qualified but educated on the importance of becoming more personable and how to direct employees to get appropriate professional help. David Beeney is a mental health advocate and a business advisor. David brings his personal experience of struggling with mental health problems, commercial background and business knowledge to help organisations implement mental health & wellbeing strategies within the workplace. David is committed to reducing the stigma of mental health in the workplace. The 10th edition of our highly regarded Market Insight Report represents the views of over 1,100 professionals, and contains insights from our specialist consultants and key business partners on market and employment trends. If you’re looking to find out more on salary benchmarking and the motivations driving the modern workforce today, download our full report which contains key contributions from Western Union Business Solutions, Women in Fund Finance, Intoo UK & Ireland and Seddons Solicitors.