Salaries in the financial services sector are projected to grow the most in 2006, according to PricewaterhouseCoopers’ latest Snapshot Survey on salary trends.
Over the past four years, financial services salaries have grown proportionally more than salaries in other sectors, with the highest differential being in 2005, when salaries grew by 7.3 per cent in financial services, compared with 4.8 per cent in all other sectors.
According to Mark Carter, a partner in PricewaterhouseCoopers HR Services, ‘There continues to be confidence in the employment marketplace, and pay will continue to be under the spotlight during 2006. Indications are that organisations can expect to come under renewed pressure to retain key talent this year’.
While projected salary increases for 2006 appear to be lower than those actually awarded in 2005, the actual increases for 2006 could well end up being higher. In practice, over recent years, salary increases actually awarded have averaged been between 1.0 per cent and 2.0 per cent higher than those predicted at the beginning of the year. At the end of 2004, the financial services sector predicted that average increases for 2005 would be in the region of 5.4 per cent, but the actual average increase turned out to be 7.3 per cent, Maeve Heffernan, a senior manager with PricewaterhouseCoopers HR Services said. |
