The latest research from Robert Walters has found that over half of compliance professionals working in the UK anticipate a pay rise in 2017. Notably this year, 65% of professionals received a pay rise and 59% received a bonus.
Overall, salaries saw modest growth in 2016, despite rising demand for candidates in a number of areas. “Professionals with the largest increase in salaries were those in front office compliance advisory and regulatory advisory roles,” said Chad Lawson, Associate Director at Robert Walters.
Key trends in 2016
Despite uncertainty in the first half of the year ahead of the EU referendum, more than two thirds of compliance professionals received a pay rise. 71% also stated that the result of Brexit did not impact their motivations to change roles.
“Employers favoured specialists over generalists, particularly in financial crime, with junior to mid-level professionals accounting for the bulk of hiring,” continued Lawson. “This led to a shortage of suitable candidates and an increase in salaries at this level.”
Additionally, only 11% of employees who found a new role received a counter offer this year which was a drop of 15% compared to the year prior.
Almost one fifth of compliance professionals are already looking for a new role and another fifth aim to search for a new role in the coming year.
The largest percentage of professionals say that their main motivation for finding a new role is for a pay rise/change in compensation package with the second largest motivation being an improved work/life balance.
“Ensuring compliance with legislation remains a high priority for employers will result in compliance professionals expecting salaries and bonuses to remain high despite economic and political uncertainty.”
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