City of London Financial Pay to Remain Flat in 2013
By Geetha Pillai | January 21, 2013 9:28 PM EST
The majority of London's financial professionals are not anticipating any improvement in their compensation in 2013, showed a survey from the recruiter Morgan McKinley.
According to the survey, nearly 57 percent of the professionals in the permanent hiring market and 67 percent of the temporary/contractor market expect remuneration to remain the same in the new calendar year.
".... economic instability and performance challenges faced by many organisations in 2012 will see compensation remaining similarly restrained over the course of this year," said Hakan Enver, operations director, Morgan McKinley.
However, the compulsions to retain the best talents and skill shortages are expected to increase the remuneration at least by 10 percent in both the permanent and temporary/ contract hiring market.
Morgan McKinley survey also showed a decline in job vacancies and job seekers in December compared to the previous year. While the number of job seekers fell by 50 percent in December on a year-on-year basis, the number of available jobs registered a fall of 24 percent.
The survey conducted in December covered over 500 financial services sector professionals.
Meanwhile, Britain's major financial services firms are becoming increasingly concerned about the staff shortages that they fear could hurt their chances of business rebound in 2013, showed a benchmark survey by PricewaterhouseCoopers and the Confederation of British Industry.
The industry is worried that staffing constraints after years of headcount reductions could limit their potential to grow.
"It's encouraging that firms are more optimistic about their business situation than they were last quarter and expect volumes to rebound strongly in the three months ahead. However, there is rising concern that staff shortages are likely to limit business and investment over the next year, as well as the challenge of raising finance, said Matthew Fell, the CBI's director for competitive markets.
To contact the editor, e-mail:
Most Popular Slideshows
Join the Conversation
- Highest Paid NBA Players 2014: NBA Stars Who Earn More Than LeBron James
- Billionaire Money Habits: 5 Financial Habits Practiced By The World's Richest People
- This Is The Lammily Doll With Freckles And Acne That Make It More Attractive Than Barbie
- Australia Ranks 11th In World Ultra Wealth Report As 175 Aussies Amass $440B In 2013
- Apple Inc (AAPL) Stock May Reach $150; First Trillion Company Talks, iPhone 6 and Apple Watch Boost Price
- Russia's New Tactical Nuclear Weapons Program Growing Confident Against the US: Talks of World War III
- Apple and Google Engage in Thermonuclear War, New Google Translate Chat App in the Works
- Kobani ISIS Fighter Sends Out Desperate Message For Prayers And Support: Euphoria Turns Into Desperation As Kurds Advance
- Chris Algieri’s Battered Face Trends On Social Media
- Home Depot Early Black Friday 2014 Sale Up To Nov. 29, 2014 Includes Special Buys On Appliances Such As Samsung Refrigerators, Whirlpool Electric Ranges And Hoover Vacuum Cleaners
- Andrew Robb Asks Obama Not to ‘Lecture’ Australia on Climate Change
- Best Black Friday 2014 Deals From Amazon On Smartphones, TVs, Headsets And More