The pay of finance and accounting, financial services and information technology professionals is predicted to rise by an average of 3% in 2016, according to the latest salary guide from Robert Half. This is a higher increase than that predicted for 2015 in last year’s survey. Pay in roles that are hard to fill is expected to rise even faster – for example, by 4.9% in risk and compliance within the financial services sector and 4% in digital and IT security.
Phil Sheridan, senior managing director at Robert Half, commented:
‘Businesses are actively seeking the skilled professionals they need to achieve their growth goals. With the growing supply and demand imbalance, salaries for specialised roles are expected to rise. Hard-to-fill roles are experiencing higher than average pay rises due to the increased competition for these candidates.’
Sheridan said:
'As the UK economy continues to rely on specialist professionals who are able to add value from day one, there is a growing need for businesses to offer candidates competitive market salaries. In the lead up to 2016, proactively benchmarking salaries could provide businesses with clarity in meeting their retention and hiring needs. Ensuring star performers are receiving competitive remuneration helps businesses remain attractive to both existing staff as well as potential new recruits. Also, as hiring requirements become clearer, benchmarking salaries will ensure budgets accurately reflect business needs.'