I recently worked with a client who was on the hunt for a Senior Loans Agency Manager, someone who could guide them into the intricate world of facility agency. The role attracted a great deal of interest, and I found myself in conversations with dozens of industry professionals who are currently leading Loans Agency functions at their respective organisations.
As I sifted through these discussions, one thing stood out to me: the huge disparity in salaries, ranging from £90,000 to £150,000, even though their roles were quite similar.
So, why such a difference?
Here’s what I discovered:
- The company they worked for: Some organisations simply pay better across the board.
- Time in the company: Managers who’d been in their roles for 10+ years often had salaries that didn’t reflect the current market rates.
- Team size: Generally, those managing larger teams earned higher salaries.
- Hands-on involvement: Managers who were more hands-on with their teams tended to earn less than those focused on management, strategy, and projects.
- Expectations: Some businesses are aware they expect a lot of their staff especially around working hours and pay higher salaries to compensate.
- Time in management: Interestingly, there was no significant difference in salary between managers with 20 years of experience and those with just 5 years.
It’s fascinating to see how these factors influence earnings significantly, even in similar roles. Understanding these nuances can be crucial for both professionals looking to advance in their careers and organisations aiming to attract top talent.