Guide to rewards in compliance
Our latest survey shows that employment prospects for those with compliance experience are very positive at the moment.
It was discovered that 56 per cent of compliance departments saw an increase in recruitment budgets in 2014, with 86 per cent of firms confirming they have recruited externally over the past six months – compared to 56 per cent in the previous year.
Demand up for the right professionals
This means that rewards for those working in compliance could be very attractive, especially as there are concerns about a lack of appropriately skilled staff.
It is thought the growth of demand has been driven by the economic recovery as well as the rise in regulation across the financial services industry. An expansion of organisations such as the Financial Conduct Authority and market scandals means there is a greater need for transparency.
As a result, many compliance practitioners have found they have enjoyed limited returns in their current employment and are now well-placed to look for a more lucrative career path.
The last Barclay Simpson Salary Guide and Compensation survey showed the average salary increase achieved by compliance professionals changing jobs and those staying with their existing employer had risen.
Overall, salary increases as a result of changing jobs rose from 17 per cent to 20 per cent, while those staying with their current company saw pay rewards increase from five per cent to eight per cent.
It was also appear that many firms are realising they need to reward the right workers, with 82 per cent of compliance departments confirming they are finding it difficult to recruit, but just 24 per cent feel that current salary expectations are beyond their budget.
Positive future for compliance experts
One thing is clear is that the job market for compliance professionals is set to be upbeat over the next 12 months – with just 13 per cent of managers not planning to take on any new staff in 2015, it is expected to be a strong time for those with the right title.