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:
Join the Conversation
- Air Canada Expands Vancouver Boeing 787 Dreamliners To Beijing, Seoul, Shanghai, Tokyo-Narita Routes
- Travel Alert: New Delta Air Lines Airbuses Could Be Seen In Australia Soon
- Walmart Canada Feeling The Heat As Grocery War Intensifies
- Travel Alert: Frequent Flyer Tie-Up Between Virgin Australia, South African Airways Enhanced
- Product Recall: Graco Recalls Baby Strollers in Canada, U.S. Due To Amputation Risks
- US Plane Flying Over Russian Skies Spotted; Vladimir Putin Ready For 'Practical Cooperation' With US
- Black Friday 2014 Sale: Top Deals On Game Consoles Xbox One, PS4, Nintendo Wii U And More
- Walmart Pre-Black Friday 2014 Sale On Nov. 21, 2014 Includes Discounts On The 'NBA 2K15' For PS4 And The 'Skylanders Trap Team’ Starter Kit [WATCH VIDEO]
- Alleged 'Microsoft Lumia 1030' Front Panel Leaked With Capacitive Buttons; 'Xbox One' Owners To Get Free Goodies On Anniversary
- More Bad News for Android 5.0 Lollipop As Problems Come In for Nexus and Other Devices
- Cold War 2: Russia, China And North Korea’s Blacklisted Company Fortify Alliance -- Reports
- Black Friday 2014 Sale: Top 9 TV Deals Starting From $99 To $899