Morgan McKinley has today released two 2012 Salary Surveys for the accounting, finance & business support market and the financial services sector including insight from professionals working in these areas as well as comprehensive salary data for 2012.
Accounting, Finance & Support UK 2012 Survey Highlights:
Financial Services London 2012 Survey Highlights:
Morgan McKinley conducted a survey in November 11 with 350 senior-level operational and HR managers working across accountancy, finance and business support in the UK and a second survey with 372 professionals working across the London financial services sector.
Modest rise for accountancy, finance & business support remuneration levels
Results from the survey of accountants and support professionals showed that most respondents (52%) expect to see hiring start in the first quarter of 2012. Altogether, 62% are confident that salaries will rise in their own team or division, however most (99%) think pay increases are likely to be modest – up to 10% of current basic salaries.
Another positive sign for the jobs market is that more than half (58%) of respondents are expecting bonus payments for 2011/12 to be up to 20% of basic salaries.
Chris Leeson, Chief Operations Officer, Morgan McKinley Accounting, Finance & Support UK commented,
“This cautiously positive sentiment from our survey respondents illustrates the start of jobs market recovery that we saw in 2011 for accounting and finance professionals and the business support jobs market. Commercial organisations really started to increase their hiring of accounting professionals in 2011 compared to 2009 and 2010. Professional services firms are also showing greater inclination to hire new staff, particularly in specialist and advisory-related functions. However the public sector has seen a marked decrease in hiring activity in the last year due to Government austerity measures forcing cutbacks.
“Overall, the last 12 months have seen employers focused on elements such as flexible benefits and work/life balance to attract staff, rather than purely remuneration. Looking ahead, 52% expecting hiring to start in Q1 12 gives us confidence that we will see further slow growth and modest rises in compensation throughout this year.”
Focus on attracting and retaining key talent in financial services
The London Financial Services Salary Survey found that half of respondents in both the permanent (51%) and temporary (52%) jobs markets are more confident about job opportunities than they were last year.
Salaries for permanent employees are predicted by 35% of respondents to rise by up to 25%, while half of those surveyed expect them to remain the same. In the temporary jobs market, rates are anticipated by 15% of professionals to grow by up to 25%. An additional 46% of respondents expecting them to remain at the same level.
The predominant reason for salaries to rise is a focus on attraction and retention of talent in 2012 for employers in both the permanent and temporary financial services jobs market. For those who anticipate that salaries may decrease, this is predicted to be due to a focus on cost management for 66% of permanent employers and 78% of temporary employers.
Andrew Evans, COO, Morgan McKinley Financial Services UK commented:
“The last 12 months have been mixed for global financial markets and consequently hiring levels in the London financial services sector have suffered. As a result, remuneration levels have fluctuated. Our survey findings reflect market conditions with a relatively low level of confidence in the hiring market compared to a year ago. Despite this, just over a third of those working in the permanent hiring market (35%) are optimistic that remuneration levels will rise over the course of 2012. In the temporary market, 61% expect rates to remain steady or rise.
"It’s no surprise that attracting and retaining key staff is a real priority for financial services institutions, with a focus on cost management being the flip side of the coin for hiring managers. Overall the mixed findings and cautious optimism on remuneration levels shown in our survey reflect the lack of visibility that has over-shadowed the City hiring market since H2 11. We hope to see a conclusion to the eurozone crisis and clarity on regulation, bringing greater stability to the financial services sector this year, and subsequently a clearer picture for remuneration trends should emerge.”
Accounting, Finance & Support Salary Survey
Chart 1: Do you expect salaries in your organisation to increase over the next 12 months?
Chart 2: By what percentage do you a15icipate that salaries will increase0
Financial Services Salary Survey
Chart 1: Do you expect basic salaries in your organisation to increase, decrease or stay the same? (permanent)
Chart 2: Do you expect temporary/contract rates to increase, decrease or stay the same?
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Notes to editors:
Accounting Finance & Support Salary Survey
Morgan McKinley conducted a telephone survey with 350 senior-level operational and HR managers working in accounting, finance & business support between 19 October and 4 November 2011. The aggregated results of this research have been used in the Morgan McKinley Accounting, Finance & Support Salary Survey UK 2012. The salary information provided in the report has been compiled by dedicated researchers across Morgan McKinley’s Accounting, Finance & Support division.
Financial Services Salary Survey
Morgan McKinley conducted a telephone survey with 372 professionals across multiple functions and roles in the London financial services sector between the 14 and 23 November 2011. The aggregated results of this research are used in this edition of the Morgan McKinley London Financial Services Salary Survey 2012.
About Morgan McKinley
Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.
With 21 offices across the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans across banking & financial services, commerce & industry and professional services. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors, as well as thousands of smaller local employers.
Morgan McKinley is a fully owned subsidiary of Premier Group which was recently named in the 50 Best Small and Medium Workplaces in Europe by the Great Places to Work Institute.