Graduates are poor. They’ve just stumped up a minimum of £27k for their degree and loan on top can rise past £40k. On top of that, they’re starting at the bottom and often moving out of home and towards London to get the top jobs. To attract a graduate, you need to pay well but what salary should a graduate have?
Firstly, if you’re offering £18k to your graduates in London, you’re edging toward criminal. That’s £1500 before tax and £1300 after. Renting is around £800 per month with bills being another £200. Travel is another £200, so you’re leaving this poor graduate with around £100 to spend per month on food etc… If that’s you and your business, you’ve got some explaining to do.
As prices have started to rise, it’s harder to determine exactly what a good graduate salary is, but these days the average is around £22k for sales job (commission on top of this as well) and around £25k-£27k for a job without bonuses. This means, getting your package right is essential for getting the best jobs. Here’s what we think, dependant on the role.
Sales – My word it’s a tough job. It’s practically bipolar with the highs being fantastic, and the lows being utterly gut wrenching. It’s a special kind of person who can not just do a sales job, but succeed. Commission pays a large part, but a good basic salary will take away the anxiety.Our verdict – £22-£24k Basic – £35-£40k OTE
** >Our advice – Keep your sales people happy. Sales is the heart of any business; they give you the fuel to scale. Keep the best talent and replace the worst. Just, whatever you do, never underpay a good salesperson.
Marketing – The world is online and ALWAYS listening. You might not be one of those ridiculous and useless Kardashians, but your marketing team is so important. With a lot of marketing being social, those who know it best are those using it, and graduates know marketing and social incredibly well! A bad marketing team is easy to build, so paying underwhelming salaries will guarantee you one. Our verdict – £25k basic salary with a discretionary performance bonus bi-annually.
**Our advice – Marketing is an art, and one that need allowance for failure too. Don’t be a dick to your grads if they’re not giving you the performance you need from the start. Send them on courses and give them to tools they need to succeed.
Software Development – There is a huge skills gap in the market, and we mean HUGE. They come in all different sizes too… Front-End, Back-End (don’t be immature), Data Scientists etc.. the list goes on, but the point remains, if you find someone good, hold them and never let them go. Verdict – It’s tough but anything from £25k-£40k dependant on the role.
** Getting great developers mean providing a great project. Little does a developer care if you offer monthly dinners, they want to see that they will be creating world class applications that make a big splash in the market!
We know there are plenty more roles, but honestly, the same rules apply regardless. If you’re looking for good employees, you have to pay well and offer a good proposition. If you’re looking to know about another type of role, write in and I’ll put it on our to-do list for 2021.