The latest research from Robert Walters has found that over two thirds of finance professionals working in the UK anticipate a pay rise in 2017. Notably this year, 76% of professionals received a pay rise and 68% received a bonus.
“In 2016 we saw salaries rise in the investment management market attracting qualified candidates, which in turn placed greater pressure on investment banking employers,” said Daniel Connors, Manager at Robert Walters.
Key trends in 2016
Despite employer uncertainty ahead of the EU referendum, 68% of finance professionals received a bonus in 2016 and a further 86% expect to receive one in 2017. Of the employees who found a new role in 2016, only 11% received a counter offer which was a drop of 15% compared to the year prior.
“Salaries for junior to mid-level candidates are likely to see strongest growth with employers also embracing flexible working and other initiatives to improve work-life balance in order to secure top talent,” continued Connors.
Additionally, almost half of finance professionals say that the outcome of the Brexit vote will not impact their motivation to change roles in 2017.
Almost one third of finance professionals are already looking for a new role and another 18% 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.
“With scrutiny from regulators expected to remain high in 2017, financial services professionals will remain highly sought after.”
Read the latest Hiring Advice articles here.
Are your salaries competitive? Request a copy of our Global Salary Survey.