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September 5, 2007

Staff shortage inflates financial sector salaries

by Gill Montia

Story link: Staff shortage inflates financial sector salaries

Robert Walters, the professional recruitment agency, has reported that a long-term shortage of young people with financial qualifications has resulted in businesses outbidding one another for professional staff.

The practice is most common in London where employers are regularly increasing the pay of such staff by £20,000, in efforts to stop them taking a new job.

The shortage of suitable staff is particularly marked for back office roles, such as compliance, risk management and audit and according to the agency, recent concerns over the credit market have made no impact on City jobs with banks, legal firms or accountants.

Robert Walters has also found that escalating wage rates in London are failing to attract new candidates and provide an answer to the problem.

Today’s graduates are apparently less interested in jobs dealing with complex financial matters, despite the large salaries on offer.

In August of this year, the agency travelled to South Africa with one of its clients.

Here it interviewed 100 candidates for positions with a large bank in London, and 35 appointments were made.

Meanwhile, the steep increase in pay for London’s professionals has caused the Institute of Public Policy Research to call for a rise in the minimum wage for workers in the capital.

According to the Institute, London workers on low pay need a minimum wage of £6.50 to ensure that the gap between lowest and average earners in the capital remains in line with the UK average.

 

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