Despite the recent public backlash around salary and bonuses in the banking sector, almost two fifths of risk, compliance and product control professionals have seen salary increases of up to 20% over the last two years; and 16% have seen increases of over 20%. That’s according to a salary and bonus survey undertaken by specialist financial services recruiter McGregor Boyall.
While a fifth of the financial services professionals surveyed were not eligible for a bonus, of those who were, just over quarter received 10% of their base salary or less. Almost a quarter received over 30% and one in ten received between 11% and 30%.
Respondents appeared fairly ambivalent about salary and bonus expectations for next year with just over 70% predicting no real change in salary and just under half (47%) expecting no change in bonus levels. Only 13% expected an increase with 40% expecting a decrease.
However, it is clear that money still talks – although not at all costs. When asked what factors would influence their decision when looking for a new job, base salary and overall compensation were seen as the two most important influencers with career progression and work life balance coming a close third and fourth.
Commenting on the results, Philippa Anderson, Director of McGregor Boyall said: the on-going economic uncertainty, the product control, risk and compliance market is not only growing but evolving, creating a continuing need for experienced professionals. Obviously while compensation levels are important – it is important for employers to keep in mind the other motivators such as exposure to new challenges, work life balance and career progression when looking to attract and retain key talent."