Insights & Blog

DE&I Survey Results - Salary/Earning Details

Posted on
November 29, 2022
Posted by
James Walker

*WITH NEWLY ADDED FEEDBACK BELOW EACH QUESTION*


As part of our ongoing DE&I strategy we asked our clients several questions with view to tackling the perceived bias in the current recruitment process.

The results show a clear split particularly when it comes to the omission of salary details from CVs and refraining from asking candidates their salary/earning details.  

Much work is required in this area, and we will continue to work with clients to help them adjust their recruitment processes and actively look at implementing new strategies.


Would you support the omission of current or historic salaries/earnings from CVs?

Feedback:

YES:

  • “Current salary is no reflection of candidate ability. Market pressures and gender pay gap play an important role in determining salary, not what the individual is currently on. “
  • “Benchmarking future salaries on previous employment feels like crude way to determine pay and there are many situations where it drives a poor result for both parties.”

NO:

  • “This information in my view is important to ensure the candidate is at the right level for the role”
  • “It provides some indication of the level that the candidate is operating at and also can prevent wasted time if the budget for the role being recruited for is much lower than current earnings.”


Would you refrain from asking candidates’ current or historic salary details?

Feedback:

YES:

  • “It should be irrelevant what salary the candidate is currently earning.  The only reason to ask current salary/past history is to hire as cheaply as possible.  I would ask salary expectations to ensure it fits with our budget and take the conversation from there if it is not a match.”

NO:

  • “I have always asked about current employee benefits and I see no reason to stop asking. There is so much we cannot ask any more, understanding current remuneration seems a sensible question to ask at outset.”


Would you support disclosing job pay bandings on external job adverts?

Feedback:

YES:

  • “It's important that candidates are happy with the salary range before they spend time putting their application together”

NO:

  • “There can be such a wide band depending on experience that it would in effect be meaningless. It can also set unrealistic expectations with a candidate with very limited experience expecting the top of the band"

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The BWD Census: your definitive guide to salaries, earnings, and benefits in the UK financial services sector. 

Our independent survey gathered data from over 550 professionals including Financial Advisers, Business Development Managers (BDMs), Paraplanners and Compliance Professionals, all completed via an online, confidential questionnaire in January 2024.


BWD Financial Services Earnings & Benefits Census 2023/24
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