Economic uncertainty over the past couple of years has been hugely detrimental to young people at the start of their careers, which has made securing a well-paid first job an even bigger priority.
Global jobs website Glassdoor found that financial transaction processing company Thought Machine offered the highest pay for an entry-level job, with an average base salary of £60,000 ($76,409). The average U.K. total pay in January 2022 was £596 a week, or £30,992 a year, according to the Office for National Statistics.
In its rankings, released Wednesday, Glassdoor identified the companies offering the highest-paying entry-level roles by looking at more than 100,000 salary reports on its website over the year to the end of March, posted by both former and current employees. It classed entry-level jobs as roles that required less than 2 years of relevant experience and are non-senior positions.
These findings come as the U.K. grapples with a cost of living crisis, with inflation hitting a 30-year high of 7% in March, as Russia’s invasion of Ukraine has helped drive a surge in food and energy prices. This latest shock to consumer finances has come on the back of two years of economic uncertainty due to the Covid-19 pandemic, with young people among the hardest hit.
Indeed, more than half of young people in the U.K. believe that the pandemic has negatively affected their career opportunities, while a similar proportion think that there are fewer entry-level jobs available than before the crisis. That’s according to a separate survey by Glassdoor of 1,000 U.K. adults aged 18 to 25 years old, conducted at the beginning of April.
So it’s unsurprising that amid such a challenging economic backdrop that 53% of those surveyed said salary was the most important factor when considering where to work.
Technology giant Meta, formerly Facebook, was named as the second highest-paying company for entry-level jobs in the U.K., with a median base salary of £57,000.
Financial services firm Macquarie Group came in third place, with an average salary of £55,000 for non-senior roles. In fact, financial services companies accounted for eight of the top 10 best paying companies for entry-level jobs.
However, Glassdoor EMEA economist Lauren Thomas said “pay shouldn’t be the only consideration when determining where to work.” She cited other findings in the survey, which showed that it was a company’s culture and values, as well as its senior leadership team and the career opportunities available, that sustained employee satisfaction.
Even so, here’s a rundown of the companies offering the best salaries for entry-level roles in the U.K.
Top 10 highest paying companies for entry-level jobs in the U.K.
- Thought Machine – £60,000
- Meta – £57,000
- Macquarie Group – £55,000
- Goldman Sachs – £50,000
- Bank of America – £50,000
- Deutsche Bank – £50,000
- BlackRock – £50,000
- BNP Paribas – £50,000
- Credit Suisse – £50,000
- Clifford Chance – £50,000
Check out: The 5 factors every successful diversity, equity and inclusion policy should have, according to an expert