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With the release of the 2024 Salary, Benefits and Skills Guide, we’ve compiled everything from specialism insights, market outlooks, in-demand skills and hiring statistics. Below is a sneak peek into the current Financial Services employment market, as well as what our specialists expect to see in the coming year.
Don’t neglect your Employee Benefits
By now ‘war for talent’ is a common term – there’s no doubt the current employment market continues to grapple under a talent shortage.
According to the latest figures from our report, nearly half of Financial Services employees feel negative or uncertain about their career prospects.
To further complicate the problem, increasing salaries is becoming less viable as interest rates and cost of capital continue to soar.
So while the profession saw a sharp salary increase in 2022, this has undoubtedly been unsustainable. To combat this and retain their top talent, financial institutions are increasingly focusing on their Employee Value Proposition – institutions look to alternative, non-financial forms of remuneration. Basic working models which offer flexible, hybrid working have been beyond effective in increasing employee satisfaction. Offering opportunity for growth has been a similarly successful strategy, showcasing a businesses’ commitment to its talent and further encouraging retention.
But while the power of employee benefits cannot be overstated in the current employment climate, our specialists thoroughly recommend keeping tabs on the market and ensuring salaries offered are in line with the competition – it's fierce out there, make sure your organisation is prepared.
Regulation changes
It’s not just the employment sphere being shaken up by wider geoeconomic factors, the UK political landscape also faces changes as it prepares for the next general election and a potential shift to a new government. Financial institutions looking to either sell or acquire need to move quickly if hoping to avoid an inflated capital gains tax.
Similarly, 2023 saw the introduction of Consumer Duty – but the full extent of the regulatory framework won’t come into effect till mid-2024. Firms looking for a head start on their acquisition strategy need to clearly demonstrate an effective implementation of the framework. It won’t be enough to simply be compliant, businesses need to be able to showcase a comfortable and profitable synergy with Consumer Duty.
Employment demand
Our research shows the average age of a financial planner is over 55, with an unprecedented two thirds of these set to retire within the next five years. Unsurprisingly then, the priority for financial institutions will be a recruitment drive to replace any talent lost. As a result, there has been significant growth in academies being set up in-house as wealth management firms in particular seek to develop their own talent. So what is the most sought-after role across Financial Services right now?
To build our report, we invited 100,000 employers and professionals to complete our survey enabling us to compile accurate data on 600 roles across 40 different specialisms. This means our data driven research includes the latest insights on the most in-demand roles across the Financial Services profession. Are you looking for accurate salary insights? Interested to see how in-demand your role is? Want a head start with your recruitment strategy?
For effective outcomes and favourable results, make sure your next move is data-driven and fully informed. From some surprising statistics, to the latest trends across the Financial Services profession, our 2024 Salary, Benefits and Skills Guide has everything you need for a productive 2024. Enjoy the security of knowing your business actions are underpinned with the latest sector-specific insights.
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