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Salaries in financial services increase since referendum

Salaries in financial services increase since referendum

Salaries in the financial services sector have increased steadily since last year’s referendum as employers find they have to pay a premium for talent in a post-Brexit world.

Over the past 12 months, salaries have increased by 3.5 per cent in the financial services sector, according to the Association of Professional Staffing Companies.

Meanwhile salaries in the insurance sector have gone up 9.2 per cent year-on-year.

This means the salaries on a three-month average are now at more than £40,000 – slightly behind IT, the industry with the highest pay levels.

Ann Swain, chief executive of Apsco, said: “Despite the current climate of almost constant uncertainty, permanent hiring levels continue to remain stubbornly stable.

“Businesses simply have no option but to acclimatise to this ‘new normal’ and unless they plan to put the brakes on hiring for the foreseeable future decision makers are taking a ‘business as usual’ approach to recruitment.

“The fact that average salaries have increased year-on-year is further indicative of the strength of the current market, with employers willing to pay to attract – and retain – sought after skills and expertise.”

The number of vacancies in the financial services sector increased by 4 per cent year-on-year but the number of temporary vacancies plummeted by 26 per cent, perhaps showing a demand for temp staff to ride out this period of uncertainty in the short-term.

UK unemployment has fallen to 4.7 per cent – its lowest level since August 1975.