Revolut ramped up remote hiring as pay fell
London's biggest digibank Revolut may have been hiring like crazy in the past few years, but its pay is a bit underwhelming compared to its rivals... or so was thought. While accounts for 2021 filed via companies house indicated the average pay at Revolut was just £29k, Revolut's annual report for 2022, released at the end of last year, tells a very different story.
The report makes a correction to the headcount reports filed in March. While the prior report claimed Revolut had 4655 employees in 2021, the new one nearly halves that number to 2365. In fact, Revolut's employee count in 2022 was only narrowly higher, with 4657. Revolut says that while its broader financial statements haven't changed, this correction was "made in reflection of our commitment to technical accuracy and consistency with the equivalent disclosures for the current year."
Pay is also significantly higher in the new report, but it fell from 2021 to 2022. On average, Revolut paid a total compensation, consisting of "wages, salaries and bonuses" and "share based payments", of £78k ($99k) per head in 2021. In 2022, that number dropped to £62k ($78.5k).
The two fastest growing areas in terms of headcount are customer operations and sales, which may explain the falling average. The former more than doubled in size to 1444 people, becoming the largest individual group with 31% of total headcount. The latter grew by more than three and a half times its size, reaching 495 employees.
Half of these new hires are remote. The report says "roughly 50% of new joiners were remote, compared to 36% in 2021." This growing demand for remote roles at Revolut is at odds with other fintech giants. Stripe, for example, recently said it has become more pro-office than the consensus post-pandemic.
In 2023 Revolut has been hiring even more. It said it was aiming to hire 1000 people this year which would bring headcount to around 5657, providing the figures are correct this time.
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