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|NewsletterSometimes it seems everyone is getting a better deal than you. Unfortunately, sometimes they are.
When it comes to a contributory pension you can feel particularly hard done by if you have not got one, as 73 per cent of respondents in Electronics Weekly’s industry salary survey have. But they are not the really fortunate ones here, where the honour goes to the 12 per cent who enjoy a non-contributory pension, leaving just 15 per cent with no company pension provision at all (see graph below).
A health plan is enjoyed by 55 per cent, performance related bonus by 38 per cent and a share option scheme by 32 per cent. In an industry where long hours are often worked, and this is often expected too, only 17 per cent get paid for any overtime - the same percentage as have a company car.
The least common benefit is profit share, with just 11 per cent receiving this perk.
When it comes to what is important at work, a massive three quarters of respondents consider challenging and interesting work to be a very important factor for a job (see graph below).
We all like to be told we are doing a good job and ‘recognition of work done’ comes next, with 51 per cent saying this is very important. Nearly half of respondents also have a strong independent streak, with 49 per cent valuing ‘freedom to make decisions’.
Salary is important to 42 per cent. Of course salary tends to be less important to people who are already earning a lot and this is reinforced when the factors are separated by job status.
Here we find that the corporate director, who tops the salary scale with an average £60,000, is least worried about salary, with around a quarter saying it is a very important factor.
Interest then increases as average wage decreases, ending with non-managerial status. Earning an average between £33,790 and £26,460 depending on job function, around 45 per cent of these respondents say it is a very important factor.
Fringe benefits such as those previously mentioned are apparently least important with only six per cent voting for them.
These responses tie in to some extent with those given for joining the current employer (see graph), with the top reason - given by 46 per cent - being that the new job offered a fresh challenge.
For 38 per cent the new job offered better long term prospects.
While only 42 per cent say salary is a very important factor in their job, 36 per cent cite a higher salary as why they joined their current employer.
The electronics industry does seem to attract a loyal bunch though, with the majority - 30 per cent - being with the same employer for ten or more years. Ten per cent last changed employer eight to ten years ago; 22 per cent were five to seven years ago; 22 per cent were three to four years ago; and 11 per cent changed one to two years ago. Only five per cent changed employers less than a year ago.
On average it is 6.81 years since the respondents changed employers.
However there is unrest in the ranks with 32 per cent thinking about changing employer within a year and 35 per cent considering the prospect in one to two years.
This means over two thirds of respondents intend to move on within the next two years. Another 20 per cent are considering it in three to four years.
On average a change is expected in 2.37 years.
When the job search did come around, 42 per cent chose to find their current job through a recruitment agency. Second choice was an electronics industry publication, such as Electronics Weekly, for 37 per cent.
A brave eight per cent chose the direct approach and contacted the employer directly via telephone while seven per cent opted for a slightly less direct contact via the website.
Word of mouth was used by 35 per cent of respondents, but whether this relates to the 27 per cent of companies with a referral scheme is unclear.
| Part One: Salaries and Raises In part one of this survey, Electronics Weekly looked at overall rates of pay within the electronics industry and pay be job function. We also examined engineers' salary increases at their last review. Read more here. |