One of the most common questions we get from candidates is ‘What salary should I be asking for?’ or ‘How much would my salary increase if I changed jobs?’ That’s why we’re excited to announce a re-launch of our London Startup Salaries website.
Based on our live database of 15,072 startup professionals in the UK, you can now get a personalised, data-driven salary reference for your role and learn your market value (or gauge your earning potential in 5-10 years).
- For hiring managers: you can now benchmark salaries, make data-informed decisions on what you should be paying your next hires and plan your salary budget in advance.
- For investors and VCs: you can better understand the hiring budgets of your portfolio companies and forecast their funding needs.
Below, we’ve shared top trends that have been shaping and will continue to shape the startup job market in 2021.
1. By comparing the data from Jan to Sept, 2020, candidates’ salary expectations decreased across all subsectors, except Data Science & Business Intelligence
Job searching in the coronavirus era has changed drastically. Hiring processes take longer, fewer companies are hiring, and the whole process is often remote. The current economic climate has taken a toll on candidates’ confidence. Not surprisingly, our findings show that median salary expectations significantly dropped across all subsectors compared to the beginning of 2020.
Data Science and Business Intelligence jobs are the exceptions, where we’ve seen a 30% increase in median salary expectations (Jan to Sep 2020). This is likely due to the high demand for Data Science professionals during the pandemic.
As a candidate, the good news is that we’re seeing a positive momentum shift in startups starting to hire again. According to data from Beauhurst, 456 Tech startups in the UK have raised funding in the last 6 months, and now we’re seeing that this has translated into jobs on the market. If you need help with finding your next role, join the Kandidate platform.
Alex van Klaveren, CEO & Co-Founder of Kandidate comments:
“It’s not a massive surprise candidate salary expectations have lowered this year given many startups have made layoffs, staff have been furloughed and for some (but def not all verticals as SaaS, e-learning and e-commerce have thrived) revenues are lower than expected. Hiring is back to March 2020 levels based off the numbers of job opportunities and investor funding is only 20 percent down on 2019 levels. Founders are being advised by their boards to hire more cautiously. Our estimate is that salaries expectations will start increasing from April 2021 as the UK starts to recover.”
2. Entry-level Sales professionals receive the highest compensation, compared to other subsectors
According to our findings, the median base salary for a young sales hire (SDR or Account Executive) with less than 2 years of experience is £28,000 and £38,000 including OTE, second only to salaries in Operations, Strategy, Finance & Management and Data Science & Business Intelligence.
3. Entry-level professionals in Recruiting and HR and Marketing, Community & PR receive the lowest salary, compared to other subsectors
While their peers in Sales can count on £28,000 of median salary, professionals in Recruitment and HR and Marketing, Community & PR typically start at £25,000. The good news is that compensation in both of these subsectors grows big-time along with years of experience. At the executive level, professionals in both of these subsectors get £60,000 on average.
4. On the Executive level, the highest paid jobs are in Sales
Compared to other subsectors, experienced sales executives get the highest median salary when including commission – £115,000, followed by executives in Operations, Strategy, Finance & Management, who get £80,000.
Chief Revenue Officers (CRO) on average receive the highest compensation compared to Chief Marketing Officers (CMO), Chief Operating Officers (COO), and Chief Product Officers (CPO).
Curious to learn what is the average salary for some of the most popular startup roles? Check out our selection of median salaries organised by the subsector below (or browse our Startup Salaries database which is being updated in real-time).
Did you find our findings interesting? How do they compare to the situation you’re seeing on the job market at the moment? Spread salary transparency and let us know by sharing this article on LinkedIn.