Joslin Rowe has revealed new research conducted over a six-month period from March 2009 that shows signs that financial services companies are now finding it difficult to attract new staff to vital business areas, with some teams operating too leanly for any business up tick.
Data collected on recent job offers by Scottish financial services recruitment specialists, Joslin Rowe, shows a clear pattern of hot and cold spots emerging from the pay packets involved. Salaries for new joiners within banking operations have remained steady following the introduction of internal pay freezes whilst entry level roles have ground to a halt, with applicants at this level struggling to even gain a foothold via temporary work.
However, the corporate actions talent pool remains limited and this has exerted an inflationary pressure on salaries. For example, at the start of the year, the top range a corporate actions analyst could expect was £28,000, while today this is closer to £30,000. Team leaders could now secure up to £40,000, a big jump on the£35,000 ceiling that was in place in March.
“It’s important to understand that our research is based on the salaries professionals receive when they secure a new job rather than annual salary reviews for existing employers,” explains Margaret Dyer, Director of Joslin Rowe’s Scotland offices. “Whilst there’s an enormous amount of debate about remuneration in the financial services sector, moving jobs almost always carries a premium – especially if the skills required are in short supply and a prospective employee is working at a competitor. Indeed, many talented professionals would simply remain in their current company without this incentive. Fresh ideas are crucial to drive businesses forward through this recession so it’s imperative to attract the best staff.”
According to the Joslin Rowe research, business change professionals have been in huge demand in the investment management world, though salaries for permanent hires have remained steady since 2008. On the temporary side, however, average hourly contract rates are rapidly increasing (in some cases by over 13%) from £15.09 six months ago to £17.36 an hour now.
Dyer added: “Certainly, project driven roles are attracting higher rates of pay as firms work to effect real change for the future.”
Joslin Rowe recruits for financial services jobs in Scotland, including jobs in Edinburgh and jobs in Glasgow. The salary survey analysed salaries and rates of pay attached to job offers and vacancies comparing Sep08-Mar09 with Mar09-Sep09.