Financial services professionals at the top of the career ladder are seeing salaries rise in specialist areas such as risk and compliance, as companies become concerned about sourcing and retaining critical skills in the face of increased regulatory requirements, according to research by recruitment consultancy Robert Half.
According to the 2014 Robert Half Financial Services Salary Guide, 94% of executives say that the management of regulatory reform is a challenge for their businesses - 14% more than last year. Getting on for two thirds (61%) expect the financial workload resulting from regulatory change to increase, resulting in additional recruitment for permanent and interim regulatory professionals.
A quarter (24%) of financial services executives say the finance function is taking the lead on managing regulatory change, with the result that salaries in this specialty are rising in the face of shortages. The highest salary increase recorded in the survey is for head of operational risk at 8.9%, while one in four (23%) executives plan to hire interim staff to manage compliance initiatives.
A separate survey, the REED 2014 Salary and Market Insight report confirms that the market for both part-qualified and senior finance professionals is now 'back at pre-recession levels - both in terms of job opportunities and remuneration.
REED 's research confirms that many organisations now have to counter-offer top-performing staff to prevent a loss of talent, as well as devising more creative packages, including flexible working, to attract new staff. Its research shows 43% of managers view losing staff with key skills as a problem.
According to REED, more than half (53%) of managers within finance report skills gaps in their organisation, compared to an average of 37% across all sectors, and 70% of these also see these skills gaps as having a negative impact on their bottom line, up from 66% the previous year.
However, the REED survey also shows that job satisfaction among finance staff is very high, with 84% of part-qualified professionals and 74% of fully qualified professionals feeling 'satisfied' or 'very satisfied' in their current role, compared with an average of 70% for the UK workforce as a whole.
Phil Sheridan, managing director, Robert Half UK, concluded: 'Financial services businesses are realising that demand for the most highly skilled talent is outweighing supply, particularly within niche specialisms. Firms looking to attract the market's most sought-after professionals know that financial remuneration is only one factor affecting candidates' decisions. As employees aim to balance work and life commitments, offering a comprehensive benefits package - often flexible and tailored to each employee's preferences - is helping companies position themselves as great places to work.'
