83% of risk professionals are expecting to receive a rise in their annual salary and 89% expecting to receive a bonus in the coming year, according to the Robert Walters 2015 Guide to Pay and Bonus Expectations for Risk Professionals.
Based on a survey of working professionals across the UK, the results demonstrate that the employment landscape is changing as business conditions improve, and professionals expect to see salaries rise in line with improving economic conditions.
“As competition in the market increases in 2015 and experienced risk professionals are in increasing demand, base salary increases and bonuses are important factors for hiring managers to consider when trying to attract and retain top talent” says Chad Lawson, Associate Director.
Increase in pay and bonus expectations
As business conditions improve, employers that do not adjust their remuneration strategies in line with market expectations risk losing key staff, and may struggle to attract key talent, particularly as skills shortages start to impact employers’ ability to attract the right professionals.
- 83% are expecting a pay rise in 2015
- 89% expect to receive a bonus
- A third are expecting to receive a bonus up to 10% of their base salary
- 42% anticipate a pay raise of between 4% and 10%
Many looking to change jobs in 2015
Over two thirds plan to look for a new opportunity in the next 12 months, with 39% already looking for a new role to fill.
Of those ready to move, 58% cite career progression as the primary motivation to change jobs, with 28% interested in taking on a new opportunity that offered a higher salary then their current role.
The job market for this sector looks promising, with a growing number of both permanent and contract risk roles advertised in the year, with a forecast to continue in 2015. As competition in the market increases in 2015 and experienced risk professionals are in increasing demand, base salary increases and bonuses are important factors for hiring managers to consider when trying to attract and retain top talent.
“We expect the flow of new risk jobs to continue in 2015, as teams stop cost-cutting and focus on investing in staff. With many professionals expressing a desire for better career progression, recognising the achievement of staff will be the key to retaining top talent" according to Chad Lawson.
About the Survey
The Robert Walters Pay and Bonus Survey questioned professionals on a range of compensation questions, including their pay and bonus expectations, their career plans, and how long they intend to stay at their current firm.
Robert Walters produces regular research publications on the recruitment market in the UK – visit the Hiring Advice section for a full list.
Are we facing a skills shortage? What do employers need to do about it? Read the Robert Walters whitepaper Recruiting professionals in a candidate short market.