Are you yearning for a higher salary? Have you ever wondered which employers pay the most?
If making more money is a key priority for you, we’re here to help - Glassdoor has compiled its inaugural report identifying the UK’s 10 Highest Paying Companies for 2016. Our study uncovers that the best paying companies are willing to offer their UK staff a median compensation package between £73,000 (#10) and £90,000 (#1).
To put this into context, the annual salary of a Member of Parliament currently stands at just £74,962, so working for one of the below companies means your annual income could be higher than your local MP or even a Secretary of State. An employee on £90,000 at the #1 highest paying company (SAP) could be earning nearly 20% more than a senior political figure in the UK today.
Check out the top 10 companies below, along with insights from Glassdoor Chief Economist Dr. Andrew Chamberlain explaining why these companies pay so well. Interestingly, only one company in our 2016 report is headquartered in London (Nomura International) with a total of just three industries represented across the top 10: Tech (5), Banking (3) and Consulting (2).
UK’s 10 Highest Paying Companies:
- Median Total Compensation: £90,000
- Median Base Salary: £75,000
- Industry: Tech
- Median Total Compensation: £86,500
- Median Base Salary: £70,000
- Industry: Tech
- Median Total Compensation: £85,499
- Median Base Salary: £78,000
- Industry: Consulting
- Median Total Compensation: £83,311
- Median Base Salary: £80,000
- Industry: Consulting
- Median Total Compensation: £79,500
- Median Base Salary: £68,420
- Industry: Tech
- Median Total Compensation: £75,000
- Median Base Salary: £65,000
- Industry: Banking
- Median Total Compensation: £74,990
- Median Base Salary: £65,000
- Industry: Banking
- Median Total Compensation: £74,000
- Median Base Salary: £58,952.5
- Industry: Tech
- Median Total Compensation: £73,300
- Median Base Salary: £60,225
- Industry: Tech
- Median Total Compensation: £73,000
- Median Base Salary: £62,000
- Industry: Banking
Why do these companies pay so well?
Glassdoor Chief Economist Dr. Andrew Chamberlain explains:
Tech Companies
Salaries are high largely because of shortages of the highest skilled employees needed to advance business into new realms. Booming demand on a global scale for software engineers, database administrators and data scientists has far outpaced the supply of these skilled, hard-to-find employees. With tech companies scrambling to poach these valuable workers from competitors, a bidding war has pushed tech salaries to unprecedented heights in recent years.
Consulting Firms
In consulting industries, high salaries are largely the result of what economists call “barriers to entry.” Top consultants have personal contacts, reputations, and specialised skills and knowledge. Many clients stay with the same consultant for decades at a time. As a result, these employees are even more valuable to their employers, pushing their salaries to sky-high levels, and making it tough for other people to compete for their jobs.
Banking
A talented banker will be worth a huge amount to the company as they generate sizeable profits. In return, they can often be generously compensated for their deals as part of their bonus incentive programme. There’s also a theory that pay in the industry is high because of the stress associated with these jobs. Protracted hours, high stress and big risks mean workers demand a premium in these roles.
While the companies on this list pay handsomely, Glassdoor research also shows that salary is not among the leading factors tied to long-term employee satisfaction. By contrast, culture and values, career opportunities, and confidence in senior leadership are the biggest drivers of long-term employee satisfaction.
This pay report comes on the heels of Glassdoor’s Pay Equality Roundtable Discussion, which featured Hillary Clinton and other leaders, last month in New York City. Want to check out the highlights? Watch our 3 minute video replay.
How much do you earn at your company? Help others by anonymously sharing a salary report. #ShareYourPay
Methodology: Glassdoor’s 10 Highest Paying Companies in the UK report identifies companies with the highest median total compensation package (including base salary and other forms of compensation, such as commissions, tips, bonuses, etc.), as reported by UK-based employees on Glassdoor over the past year (30/3/15-29/3/16). Companies considered for this report must have received at least 30 salary reports in pound sterling by UK-based employees during the timeframe. While ‘other forms of compensation’ is an optional field on Glassdoor, salary reports considered for this report must have been from employees who shared both their base pay and other forms of compensation. In cases where companies have the same median total compensation, the company with the higher number of salary reports receives the higher rank. Subsidiaries of companies were considered for this report if they met the methodology, have their own distinct job listings and profile on Glassdoor.