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UK Contractors: Financial services firms expected to increase rates of pay

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UK contractors working for financial services firms will be pleased to hear that their take-home pay could very well rise in the first half of the year.

This is according to the latest research from specialist recruiter Robert Half Financial Services, which revealed that rates of pay for middle and back office staff are expected to rise considerably during the first half of 2014.

More than half (55%) of the 100 financial services CFOs/COOs surveyed said that they plan to increase base salaries for existing employees.  This perhaps suggests that as the market for skilled professionals continues to tighten, companies are increasing pay in order to both attract and keep hold of skilled talent.

Neil Owen, Global Practice Director, Robert Half Financial Services commented on the findings, “The first quarter has historically prompted a financial flight in the industry and while executives are rightfully concerned about the possibility of losing talent, these numbers are actually lower than what we would have seen in years gone by.

“As employees’ remuneration expectations increase, businesses must re-evaluate their compensation programmes, ensuring they are competitive on both a local and global scale. Consulting industry resources, such as the Robert Half Salary Guide for financial services will help companies benchmark salaries and tailor a benefits programme, presenting them as an employer of choice.”

The findings follow recent insight from the 2014 Robert Half Financial Services Salary Guide, which revealed that financial services companies already have to pay a premium to secure the best the market has on offer.

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