Hachette UK lifts entry-level salaries, boosts pay transparency
Hachette UK has announced it is raising its entry-level salaries to a minimum of £24,000, will share salary ranges at higher levels of seniority and will introduce transparency on its bonus structure, reports the Bookseller.
As part of the changes, Hachette UK will internally publish its salary ranges for roles with a median salary of up to £80,000. According to Hachette, the pay band ranges had to be capped as beyond that mark there would be too few incumbents in each role for the pay to remain confidential. It had previously published salary ranges for roles with a median salary of up to £60,000 since 2018.
Externally, Hachette UK says it shows pay ranges for the majority of jobs it advertises. On transparency regarding bonuses, Hachette UK is adding the median ‘stretch’ bonus target range to the pay ranges it publishes internally, so employees can see which roles bonuses apply to, and the typical target percentage.
According to the Bookseller, Hachette UK’s move comes as a number of other publishers review their pay policies. Hachette’s new starting wage brings it in line with Penguin Random House (PRH), where London-based entry-level hires receive a minimum annual salary of £24,000, with an automatic increase of £1000 in each of their first two years of service, bringing their salary up to £26,000 after two years. At HarperCollins, the starting wage is £24,250 for permanent roles.
Category: International news