What you need to know about salaries and benefits for business support professionals in 2023

What a year 2022 has been! We’ve witnessed the private equity and alternative investments sectors defying nationwide financial challenges, with a recruitment boom offering opportunities for talented business support professionals.

Earlier this year we surveyed hundreds of employers, employees and jobseekers within the private equity and alternative investments space to capture the latest commentary on salaries, bonuses and benefits. The figures reveal an employment landscape where businesses recognise the value of exceptional business support professionals – and are willing to reshape perks and pay to prove it.

We’ve shared a snapshot of the results below – you can download the full report here or contact our team for further insights.

Salaries

Companies in London, New York and Germany are competing to attract and retain their ideal recruits. It’s a delicate balancing act between attracting the talent needed to grow, while holding onto valued current employees.

Businesses have boosted salaries at almost every level - from Receptionists to EAs to Chiefs of Staff. Every business we've spoken to knew they needed to do this to encourage staff longevity and entice top business support professionals into new roles.

Bonuses

Bonus payments often outperformed expectations in 2022 and recognised the dedication of business support professionals throughout the pandemic.

In our 2021 UK report, 79% of employers planned to offer support professionals a bonus this year. In fact, an overwhelming 98% of business support professionals received a top-up on their base salary.

In New York, bonuses are a point of difference in a crowded employment market. 86% of firms say it's 'very likely' that business support teams will receive a bonus this year, with the remaining 14% indicating that it's 'neither likely nor unlikely'.

Bonuses have traditionally been the reward of choice for German employers, and our survey showed that 87% of business support professionals received a bonus this year. However attitudes are shifting among applicants, and bonuses are not the powerful incentive of past years.

Benefits

Whilst earnings are a driver for today’s candidates, caring company cultures, holistic wellness programmes and fulfilling work opportunities matter just as much. Happily, employers are hearing the call.

In the UK, private healthcare remains the most popular benefit. Firms are also considering innovative packages including menopause plans, wellness allowances and fertility cover in response to employee feedback.

Benefits are currently a make-or-break decider for candidates in New York City. Reassuringly, firms have responded by upgrading their offerings in almost every category. The most significant upswings demonstrate a fresh focus on physical and mental wellness, childcare, financial security and support for passions outside the workplace. Fundamentals like parental leave and life insurance are more widely available, while lifestyle benefits such as paid volunteer days, gym memberships and free breakfasts also grew in popularity. 

Private equity and alternative investments firms have long been ahead of the curve when it comes to benefits. Many already provide first-class packages and have expanded their offerings in response to evolving employee values, and the most competitive multinationals will adapt packages to fit the German norm, rather than standardising programmes across all countries. 

Joss Search are the champions of business support professionals and the chosen recruitment partner of the world’s top private equity and alternative investments firms. 

Check out our live vacancies or chat with our friendly consultants about your upcoming career steps in London, New York or Europe on 020 3096 7050.