Starting salaries for professional occupations will grow by an average of 3% over the next 12 months
STARTING salaries for professional occupations including finance and accounting, financial services, information technology and administration will grow by an average of 3% over the next 12 months, according to the Robert Half 2016 Salary Guide.
This is a higher increase than predicted in last year’s guide, which identified a 2.6% rise. It is also slightly higher than the salary rise of 2.8% announced in today’s Labour Market Statistics and well ahead of the current inflation rate of -0.1%.
Starting salaries for accountancy and finance roles are predicted to rise on average by 2.2% across 100+ positions in SME and large businesses. Overall, there are higher rises on offer for more senior-level roles, reflecting the ongoing need for finance professionals who can add value through business partnering and providing strategic insight for the business, not just fiscal control. The highest average rises for finance and accounting roles are around 4.0%, so hard-to-source senior and specialist professionals can expect a steady climb in remuneration prospects.
The roles that are the most difficult to fill are predicted to see salaries rising the most quickly in 2016, including those in the risk and compliance function within financial services firms (4.9%) and information technology roles (4% on average), particularly digital and IT security roles.
Phil Sheridan, senior managing director, Robert Half UK commented: “Businesses are actively seeking the skilled professionals they need to achieve their growth goals. With the growing supply and demand imbalance, salaries for specialised roles are expected to rise. Hard-to-fill roles are experiencing higher than average pay rises due to the increased competition for these candidates.”