Umbrella Contractor Tarpon have been encouraged by new research released by the specialist recruitment company Marks Sattin. It was revealed that salaries amongst financial services professionals rose by 8% during last year, and are predicted to rise by a further 13.5% this year.
Managing Director of Marks Sattin, Dave Way, said that the recession had had a negative effect on salary increases last year as employers looked to balance their deficits. If such trends were to continue into 2011, he explained, we are looking at similar rises (8.5 per cent), however, there are signs of optimism amongst professionals in the sector that business will pick up.
Mr Way added a cautionary note, however, and suggested that any hopes of a salary rise of 13.5% may be “over optimistic.â€
Umbrella company Tarpon commented on the findings. A spokesperson for the company said:
“The study’s finding that pay rates for temporary staff in financial services remained higher than those for permanent staff and freelancers on long-term contracts is obviously great news for our sector.
“However, the findings should not be taken as read, when an alternative study has found that a sharp decline in financial services recruitment has declined.â€
The contrasting study in question revealed that the two 4-day weekends in April was largely to blame for such a drop in recruitment. The study also stated that investment banking jobs declined by 30 per cent during the month, and that there was less recruitment activity in hedge funds and stockbroking.
Despite this, recruitment for investment banking countered the general trend by rising 19 per cent on the previous month. For umbrella company Tarpon, the signs overall are positive.
Another set of results published this month by the Recruitment and Employment Federation demonstrated that, although the pace of contract staff recruitment is on the up, the pace of expansion was at its lowest dso far in 2011.
Via EPR Network
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