Our thinking

The employer playbook

29 November, 2024

What truly makes a great employer?  

The answer might be more complex than we think. The British Opportunity Index, a study by the Burning Glass Institute and The Economist, offers a fresh perspective on the UK employment landscape. This comprehensive analysis of 151 major British employers, representing 9.4% of the country’s workforce, reveals striking disparities in how companies approach career development, compensation, and retention. 

Unlike traditional rankings that focus solely on salaries or benefits, this index evaluates employers across four key categories: access to jobs (how open a company is to hiring people without university degrees), chance and quality of promotion, staff retention, and average salary and pay rise. 

The index also allows you to compare sectors, or specific companies. Top-performing companies promote 17% of their staff over a three-year period, compared to just 8% in the lowest-performing firms. In roles like data science, salaries can range from £38,000 to £73,000 between lower-ranked and top-tier firms. Perhaps most interesting is the seemingly lack of correlation between these factors. High pay and chance of promotion doesn’t necessarily translate to better retention, challenging potential preconceptions about what makes a “good” employer.  

Deloitte’s 2022 Gen Z and Millennial Survey found that 45% of respondents have rejected jobs that don’t align with their values, highlighting the growing importance of purpose and meaningful work to younger generations. As the job market continues to evolve, indices like this could play a crucial role in shaping how we define and measure workplace success, and in addressing inequality and social mobility. The future of work is likely to prioritize employers who make their staff feel truly valued, combining multiple factors such as meaningful salaries, growth opportunities, and a sense of purpose. 

By Emma Alajarin