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Data collected on recent job offers by financial services recruitment specialists, Joslin Rowe (a Randstad subsidiary), 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. At the start of the year, the top range a corporate actions analyst could expect was 28,000 Pounds, while today this is closer to 30,000 Pounds. Team leaders could now secure up to 40,000 Pounds, a big jump on the 35,000 Pounds 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 is 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 Pounds six months ago to 17.36 Pounds 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."