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Peer2Peer Finance News | October 23, 2017

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Finance and tech salaries to rise due to “war” for talent

Finance and tech salaries to rise due to “war” for talent
Staff
  • On October 11, 2016

SALARIES in the finance and technology sectors are set to soar next year, as the rise of fintech and a growing focus on digitisation create a “war” for talent.

According to the Robert Half 2017 Salary Guide, starting salaries for professional roles have risen by an average of 3.68 per cent over the past three years and are set to grow by another 2.1 per cent in 2017.

But technology developers can expect a 2017 salary bump of 4.5 per cent, due to the huge emphasis on digitisation across all sectors. This would bring the average developer starting salary to between £27,500 and £48,000, up from £26,750 – £45,500 for 2016.

Meanwhile financial services roles are also set to demand a larger pay packet, due to the rising demand from the fintech sector.

“The emergence of the challenger banking sector and fintech in general is creating strong opportunities for professionals with retail banking skills,” said the report. “This is putting further pressure on the ‘traditional’ financial services sector when competing for new employees.”

Starting salaries for accountancy and finance roles are expected to rise by an average of 2.9 per cent, while financial planners and analysis managers can expect a 5.8 per cent pay rise, to between £64,000 and £82,000.

“Productivity and growth are today’s premium business mantras and the growing skills shortage is one of the key challenges for any organisation to overcome,” said Phil Sheridan, senior managing director of Robert Half UK, UAE and South America.

“Competition for the best people is intensifying and as this year’s guide demonstrates, salaries for hard to fill roles continue to rise and outpace the average salary by a significant margin.”