This week, we released a salary survey which provides market intelligence into hiring and remuneration across the financial services sector in London. Over the course of 2010, we saw increased hiring activity within this sector. According to Morgan McKinley’s widely read monthly London Employment Monitor, the total number of job vacancies increased by 48% year-on-year. Whilst this is a pleasing increase, it is still at relatively suppressed levels when compared to pre-recession levels.

Other key findings from our research are also positive. Well over half of hiring managers (62%) expect to see salaries increase over 2011. Only a quarter (26%) expect them to stay the same. This not only reflects an improving market and a stronger demand for talent by our clients but is a strong indication of how, once again, it is becoming increasingly difficult to attract and retain staff. Over half (52%) of our clients cited that attracting and retaining staff would be the key driver for salary increases this year. Combined with these results, the whole subject of bonus is clearly a key barometer of market conditions. Whilst the largest percentage of our clients (38%) felt that bonuses would remain similar to 2009/10, over a quarter (27%) felt they would increase in the 2010/11 bonus round. Overall, the trends and key indicators for 2011 continue to point to further improvement in the employment market.

Download our 2011 London Salary Survey as a pdf [2.92 MB] >>

We hope you find this salary guide informative. If you have any questions, feedback or would like to discuss any of the findings in this salary survey, please feel free to contact me or any of my colleagues here at Morgan McKinley for further information. Finally, I would like to thank you for your continued support and wish you all the best in your employment endeavours in 2011.

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