Joslin Rowe Reports On Banking And Investment Employment In Scotland
on: October 12, 2009, 9:22 am
Industry: Human Resources
Joslin Rowe has revealed new research conducted over a
six-month period from March 2009 that shows signs that financial
services companies are now finding it difficult to attract new staff to
vital business areas, with some teams operating too leanly for any
business up tick.
Data collected on recent job offers by Scottish financial services recruitment
specialists, Joslin Rowe, shows a clear pattern of hot and cold spots emerging from
the pay packets involved. Salaries for new joiners within banking operations have
remained steady following the introduction of internal pay freezes whilst entry
level roles have ground to a halt, with applicants at this level struggling to even
gain a foothold via temporary work.
However, the corporate actions talent pool remains limited and this has exerted an
inflationary pressure on salaries. For example, at the start of the year, the top
range a corporate actions analyst could expect was £28,000, while today this is
closer to £30,000. Team leaders could now secure up to £40,000, a big jump on the£35,000 ceiling that was in place in March.
"It's important to understand that our research is based on the salaries
professionals receive when they secure a new job rather than annual salary reviews
for existing employers," explains Margaret Dyer, Director of Joslin Rowe's
Scotland offices. "Whilst there's an enormous amount of debate about remuneration
in the financial services sector, moving jobs almost always carries a premium -
especially if the skills required are in short supply and a prospective employee is
working at a competitor. Indeed, many talented professionals would simply remain in
their current company without this incentive. Fresh ideas are crucial to drive
businesses forward through this recession so it's imperative to attract the best
According to the Joslin Rowe research, business change professionals have been in
huge demand in the investment management world, though salaries for permanent hires
have remained steady since 2008. On the temporary side, however, average hourly
contract rates are rapidly increasing (in some cases by over 13%) from £15.09 six
months ago to £17.36 an hour now.
Dyer added: "Certainly, project driven roles are attracting higher rates of pay as
firms work to effect real change for the future."
Notes to Editors:
Joslin Rowe recruits for financial services jobs in Scotland, including jobs in Edinburgh and jobs in Glasgow. The salary survey analysed salaries
and rates of pay attached to job offers and vacancies comparing Sep08-Mar09 with
About Joslin Rowe:
Established in 1982, Joslin Rowe is one of the leading UK financial services
recruitment firms in the UK. Joslin Rowe consultants, candidates and clients work
together to achieve the best employment opportunities and long term relationships.
Joslin Rowe recruits for finance jobs and banking jobs along with other
financial services roles across London, Edinburgh and Glasgow including long-term
contracts, temporary and permanent positions. Joslin Rowe is a Randstad company -
the second largest HR services group globally.
For further information contact:
Bell Court House
11 Blomfield Street
+44 207 786 6907