Professional Services Salaries Set to Rise in U.K. in 2016

Professional services salaries are slated to rise in the U.K. next year.

The Robert Half 2016 Salary Guide estimated that starting salaries for professional positions will increase by an average of 3 percent in 2016, Staffing Industry Analysts reported. The rise is more generous than the 2.6 percent growth predicted by the 2015 guide, and greater than the 2.9 percent average annual rise that the Office of National Statistics announced in September.

Salaries will grow in the sectors of financial services, information technology, administration and finance, and accounting, the guide found.

“Businesses are actively seeking the skilled professionals they need to achieve their growth goals,” said Senior Managing Director of Robert Half U.K., Phil Sheridan. “With the growing supply and demand imbalance, salaries for specialised roles are expected to rise. Hard-to-fill roles are experiencing higher than average pay rises due to the increased competition for these candidates.”

Jobs within the technology sector are expected to see the highest growth, at 4 percent. Salaries for IT security and digital technology positions will have the highest raises, with mobile application developers seeing the biggest salary increase of 7.4 percent, reaching the range of 32,500 to 61,500, Staffing Industry Analysts reported.

Collaborative working enabled by the cloud, increased business confidence and a growing need to allow flexible working schedules have prompted greater investment in up-to-date technology, the Salary Guide stated. And as more companies look to upgrade their software and adopt cloud technology, there is is a greater need for skilled IT professionals.

Salaries for risk and compliance roles at financial services firms will grow by 4.9 percent, which is the highest rise of any category in financial services, Staffing Industry Analysts reported. Some 98 percent of finance directors have difficulty finding experienced and capable financial services professionals, the Salary Guide found.

The three roles within financial services that will see the greatest starting salary growth are Senior Operational Risk Manager, Junior Compliance Manager and Head of Operational Risk Management. Salaries for all three positions are expected to jump 6.8 percent from 2015, with the salary for Senior Operational Risk Manager reaching the range of 74,750 to 109,250, according to Staffing Industry Analysts.

The source also reported that starting salaries for finance and accounting roles in the financial services sector will grow 2.7 percent, ahead of the 2.3 percent salary growth predicted for finance and accounting roles in the commerce and industry sector.

Government initiatives like the Productivity Plan and the Small Business, Enterprise and Employment Act 2015 are also expected to aid job growth.