SALARY SURVEY 2013 - Robert Walters Singapore

NORTHOFENGLANDNORTHOFENGLANDBANKING&FINANCIALSERVICESNORTHOFENGLANDBANKING&FINANCIALSERVICESBANKING&FINANCIALSERVICESRobertWaltersGlobalSalarySurvey201349OurManchesterbanking&financialservicesdivisionrecruitspermanent,temporaryandcontractprofessionalsintofinancialservicesfirmsacrosstheNorthofEnglandandScotland.Weworkinpartnershipwitharangeoffinancialservicesinstitutions,includinginvestmentbanks,retailbanks,insurancecompanies,buildingsocietiesandwealthmanagementfirms.MarketOverviewThebankingandfinancialservicesrecruitmentmarketintheNorthwassignificantlyimpactedbybusinessmigrations.Firmsthatpreviouslyconsideredtheideaofmovingpartsoftheiroperationstotheregionwerecommittingandformallyrelocatingdivisions.Specifically,wesawanumberofbusinessesmovebackandmiddleofficefunctionsfromtheSouthEastandLondontotheregion.ThesemovesweredrivenbythecostsavingbenefitsonofferbutalsoarecognitionofthestrongtalentpoolavailableintheNorth.Whiletheincreasednumberofmigrationsledtoatemporaryriseinjoblevels,italsocreatedalargerfinancialservicescommunityintheregionandgrowthacrossthemarket.Inparticular,thistrendledtosignificantdemandforbankingprofessionalswithtwoyears’experienceandabackgroundofmanagingateam.Thenegativesentimentaroundtheglobalfinancialservicesmarketinitiallyresultedincautiousnessfromlocalorganisationstohire.Asnewbudgetswerereleasedandtherewerenewentrantstothelocalfinancialservicesmarket,however,wewitnessedincreasedjoblevels.Inaddition,professionalsfromacompliancebackgroundcontinuedtobehighlysought-afterduetoextensiveFSAreforms,increasedregulatorypressureandpotentialrestructures.Treasuryriskprofessionalswerealsoindemandasfirmsassessedtheirbalancesheetmanagementandwaystomitigatelossesandmaximisetheircostpotential.Asthenumberofvacanciesincreased,wesawahighernumberofqualitycandidatesbecomeavailable.Thepositivesentimentfiltereddownthroughthemarketandweincreasinglysawtop-tierfinancialservicesprofessionals’movetotheregiontosecurenewjobs.Whilethemajorityofsalariesremainedfairlystableduringtheyear,someriskandcomplianceprofessionalswereabletosecureupliftsofbetween5-10%whenmovingrolesduetotheemphasisfirmsplacedontheseskillsets.Outlookfor2013Theregion’sbankingandfinancialservicesmarketisinarelativelystrongposition,withnewentrantstotheareahavingasignificantimpactandsentimentintheNorthisnowmorepositivethanwewitnessed12monthsago.WehaveseenalotofinvestmentintheregionandthecreationofoperationalcentresofexcellenceintheNorth.Thesearesignificantinvestmentsanddemonstratealong-termcommitmenttotheregionwithapositiveoutlookbothnextyearandlong-term.Weexpecttoseesignificantmigrationalactivitytocontinueandalargerfinancialservicescommunityoveralltodevelop,whichwillsubsequentlyleadtogreatermovementinthemarketandanincreaseinreplacementrecruitmentandgrowth-focusedhires.Withmanybusinesseshavingproventhebenefitsofmovingtotheregion,weexpecttoseefurtherinterestintheNorthWestasafinancialservicesdestination.