Financial services professionals look set for modest boost to salary
With current market conditions to stay put for a long time to come, forward-thinking employers in the banking and financial services industry are going ahead with hiring and salary plans.
That's according to results of the 2012 Hays Salary Guide, which found that financial professionals can expect a moderate salary increase over the coming 12 months.
Rather than waiting for a "silver bullet" and hoping for global markets to change, businesses need to develop practices to meet the 'new normal', said Hays Banking director Jane McNeill.
According to the report, 51 per cent of financial services employers increased salaries between three and six per cent last year while another 10 per cent gave an increase above six per cent.
Despite this, 30 per cent gave increases of less than three per cent, while 9 per cent gave no increase at all.
Looking forward, 43 per cent of employers intend to increase salaries between three and six per cent when they next review, 5 per cent will increase salaries above six per cent, 42 per cent will increase less than three per cent and 10 per cent will offer no increase at all, Hays stated.
Despite a number of high profile redundancies, hiring activity in early 2012 has picked up and has continued throughout the first half of 2012, the survey found.
Employers are taking a particular interest in temporary and part-time workers in order "to combat fluctuating workloads and to overcome internal permanent hiring freezes", McNeill said.
"Overall, banking remains an employer's market with the number of available candidates increasing. The one exception is for highly specialist and high performing candidates, who remain in short supply," McNeill said.
Businesses with an efficient sign off and interview processes will be better placed to attract and retain these talented individuals, she added.
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