"High demand" areas such as compliance and fund administration are driving up average salaries in financial services, according to a local recruitment firm.
The latest Index of Average Earnings shows a 2.9% increase in salaries in Financial Services from June 2020 to June 2021, up from 2.1% last year and 1.8% in 2019.
Recruitment consultants in the island attribute this increase primarily to salary growth in areas such as compliance and fund administration, which are in high demand.
“Demand for locally-qualified talent in compliance and fund administration has outstripped supply for a significant period now and this is starting to affect salaries," Shelley Kendrick, Managing Director at Kendrick Rose, said.
"Organisations that have struggled to source talent in the Island, despite offering more attractive packages, are now starting to look elsewhere or bring in off-Island talent to fill these roles.
Kendrick Rose are currently recruiting for compliance roles with salaries of up to £130,000 and fund administration roles starting from £30,000.
“While salaries in compliance are generally significantly higher, with many positions commanding six-figure salaries, we have numerous positions in Fund Administration with starting salaries from £30,000 that have fantastic career prospects," Ms Kendrick said.
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