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INDUSTRY WAGES: WHAT SALARY SHOULD YOUR ROLE BE PAYING?

RS Components discovered that 57% of jobs in the UK are paid under the UK average salary

  • The average weekly wage in the UK is £569, while the average salary is £29,558
  • CEOs earn an average of £67,525 more than the national average wage, being paid £97,083 per annum compared the £29,558 UKs average salary
  • Waiting and bar staff receive the lowest pay in the UK, earning just £15,263 per year
  • On average workers between the ages of 22 and 29 earn £4,747 per year less than the national average

Let’s be honest, we’d all love to see an extra zero (or a few) on our payslips, but unfortunately, that’s not very realistic. When it comes to choosing a career or considering a career change, it’s good to have an understanding of the average salary in that particular field. By analysing ONS data, RS Components has revealed the highest and lowest paying jobs across the UK.

According to ONS data, the average working Brit earns £569 per week, equalling £29,558 per year. However, this can vary greatly based on the type of role, age and even gender.  

Differences in occupations

In the UK, CEOs are the highest paid occupation and earn an average of £97,083 per annum, £67,525 more than the national average. The average CEO also earns £21,228 per year more than the second highest profession, medical practitioner.

Medical practitioners earn around £75,855 per year, closely followed by marketing sales directors who receive around £75,126 per year.

At the other end of the scale, bar staff receive the lowest pay in the UK, earning an average of just £15,072 per year, 6.4 times less than CEOs. Meanwhile, the second lowest earning workers are waiters/waitresses who earn £14,104 less than the national average, being paid a gross yearly salary of £15,454 (£297 per week).

In their analysis, RS Components found 57% of the 270 occupations earnt less than the national average. However, the analysis also found 94% of ‘professional’ roles – such as legal professionals, journalists & newspaper editors, architects and civil engineers – earn more than the average salary.

Differences in age

According to RS Components’ analysis of the Annual Survey of Hours and Earnings (ASHE), people between the ages of 22 and 29 earn £4,747 less than the national average per year, being paid an average of £24,840 per year.

Whilst this sounds like a somewhat healthy salary for those in the graduate age group, Graduate Jobs estimates that graduates are paid somewhere between £19,000 and £22,000 per year.

The highest earning age bracket is 40 to 49 years, where the average salary across the UK is £33,246, more than £3,600 more than the nations average salary. The second highest age bracket is 30 to 39 years, with an average salary £1,744 higher than the national average at £31,332 per year.

Differences in gender

As part of their analysis of the ONS data, RS Components looked at how pay was split between men and women. In their analysis, they found, on average, that men earnt £4,144 more than women per year.

The age group with the highest discrepancy of pay between the genders was 50 to 59, where men were paid £7,950 more per year than women. This is closely followed by 40 to 49, with women earning £7,108 less than men of the same age per year.

The closest age groups to equal pay are those under 30. Although this is something of a positive, there is still a difference of £1,840 per year between the salaries of men and women at the 22 to 29 age bracket. Even women under 21 earn £1,120 less than male counterparts.

Conclusion

Overall, the UK Wage Chart by RS Components indicates how different occupations are paid. While it isn’t too surprising to see CEOs come out on top, it is something of a surprise to see such a gap between them and the next highest salary.

The additional analysis by RS Components reiterates the need for equal pay, with discrepancies between the genders reach as young as 16; when young adults are just entering the workforce often in part-time roles.

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Business

THE EMOTIONAL AND FINANCIAL COST OF WORKING WITH OUTDATED TECHNOLOGY

technology

Slow Tech Could Waste 24 Hours of Worktime a Year

In this digital age, businesses are hugely reliant on technology to get work done. And this is especially the case for one-man-bands and small home-based businesses who may count on a single computer to keep things running smoothly from their home office space.

This said, if the technology at hand is slow or outdated, it could become more of a hinderance than a help. Investing in upgraded tech may seem like a steep expense, however, delays cost time and time is money. In fact, recent research looking at the impact of tech troubles in the workplace found that delays caused by slow technology could add up to a hefty 24 days’ worth of worktime a year per person.

Here’s why keeping hold of outdated tech when its past its best could cost your business in the long run.

 

The biggest tech hold-ups

Delving deeper into the research, it’s evident that the most time can be lost on some of the smallest of tasks. Simply waiting for your computer to boot up, for example, can add up to 8.8 days of lost time over the space of a year (17 minutes a day), while 8.5 days can be lost to opening emails (16.5 minutes a day).  Slow software has the most to answer for, however, contributing 10.4 days’ worth of wasted worktime (20 minutes a day). When you think about your own day rate or that of an employee’s, this lost time all adds up to some serious money, right? Probably more than it would cost to upgrade your tech.

Productivity can suffer too

Glitchy tech may not only cost your business time and money; productivity can take a serious hit too. According to the study, a third of workers admit losing motivation when they have to wait on tech to respond. And this comes as no surprise. When faced with freezing programmes and buffering browsers every day, frustration can build up. And when someone’s suffering frustration, productivity and motivation can drop. As a result, it may turn out it’s not just the tech that is slowing down tasks, but a reduction in employee efficiency too.

Tech expert and anti-futurist, Theo Priestley, argues that the issues caused by outdated tech at work can even have a negative effect on someone’s work-life balance and wellbeing. He explains, “not being able to complete work or feel productive or have a sense of accomplishment in a task can be a stressful experience. And depending on the nature of the work, more often than not, employees will need to work additional hours to compensate for the wasted time, which has a knock-on impact on personal and family life.”

 

Outdated tech can put your business at risk

Beyond the costs to your business, outdated tech can also put it at increased risk of cybercrime. The older the technology, the easier it is for hackers to exploit it. What’s more, if you don’t update your security software regularly, it won’t be equipped to address the latest security threats.

Priestley explains “outdated technology and software means easy exploitation from inside and outside the organisation. If you’re not using the latest versions of operating systems, or software that you’ve invested in, then there’s greater chance for someone to exploit known weaknesses in that system and expose or steal data or valuable company information from them.”

 

What is the solution?

Regularly assess what condition your hardware and software are in and where delays are occurring. If you find yourself waiting on the same problem day in day out, it’s probably time to do something about it. But how often should you be upgrading your IT equipment?

In general, a computer being used for business could do with being upgraded every two to three years for optimal performance. Alternatively, sometimes simply upgrading the memory or hard drive can help applications run more quickly. Any other equipment such as printers, keyboards, etc. only really need to be replaced when they break.

As for software, upgrade it regularly. While it can be a temptation to stick with older versions that you’ve grown accustomed to, the newer versions will offer improved capabilities, efficiency and security.

While computers slowing down over time seems inevitable and something that we’ve accepted will happen, it’s important for businesses to recognise the problem can have a bigger knock-on effect than you may think. By investing in updated, efficient technology, the savings experienced via productivity are likely to vastly outweigh the price of the tech itself. So, next time your computer freezes, perhaps consider whether it’s time for an upgrade.

 

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Business

OFFSHORE COMPANY FORMATION TACTICS FOR SMEs

Company

James Turner, Director at company formation specialists, Turner Little

 

Starting a business brings with it its own set of challenges, as well as opportunities. But when setting up a business, the where is often as important as the how, and knowing what to expect in terms of company formation regulations and requirements is key, so you can start your entrepreneurial journey on the right foot.

 

James Turner, Director at company formation specialists, Turner Little, takes us through what we need to consider when it comes to offshore company formation, and the benefits it can offer start-ups and SMEs.

 

“Despite what the media will have you believe, there are numerous legitimate reasons to use an offshore company. Offshore companies can often provide SMEs with access to better infrastructure and legal frameworks. Regulations in different parts of the world could prove to be restrictive for businesses by preventing foreign entities from launching factories, buying property or investing in local companies. In this instance, setting up an offshore company can help in completing transactions and provide you with the ability to hold any local assets necessary,” says James.

 

“However, one of the fundamental reasons for setting up an offshore company is often privacy. Moving assets or setting up a business is often done in a country that offers more tightly protected data security, has a robust legal framework and a network of service providers that streamline the setting up process. Switzerland is often the country of choice when it comes to privacy, as it’s synonymous with security and data privacy. Another reason SMEs should consider setting up an offshore company is tax efficiency. Tax advantages are offered by different jurisdictions. For example, Singapore has one of the lowest corporate tax rates, while the Cayman Islands might be more ideal for freelancers who are looking to minimise the effective tax rate on their businesses,” adds James.

 

“Offshore companies provide SMEs with the ability to mitigate risks that arise from political instability or currency volatility. We have already seen businesses starting to register European entities in order to limit their exposure to the fallout that may result from Brexit. Whatever the reason, spreading your operations across jurisdictions may be the best long-term business strategy SMEs can adopt to secure future growth,” adds James.

 

Turner Little specialises in creating bespoke solutions for individuals and businesses of all sizes. The knowledge and expertise of their specialists will be able to assist with any enquires, no matter how complex.

 

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