Financial services salaries & market trends

What key trends have you witnessed  in 2017?

We have seen a continued growth of challenger brands which are starting to become familiar in the wider financial services space. These more nimble firms are proving to be an attractive option for candidates with a strong background in financial services, as they offer the opportunity to contribute to significant business growth, more agile marketing such as new technology adoption, and often more flexible ways of working. 

There has been a continued increase in the demand for marketers with a broad background incorporating marketing, event management, PR, digital, social media, internal and external communications and media relations.

Despite the supposed uncertainty associated with Brexit, 2017 remained relatively stable. We did, however, see a reduction in the demand of senior appointments compared to 2016, as firms were more wary of  investing in expensive, long-term hires.

What key trends do you expect to see over the next 12 months?

As 2017 did turn out more stable than originally predicted, we expect to see the number of passive candidates rise. Even marketers who are comfortable in their roles will be more willing to explore alternative opportunities. Employers will be able to lure candidates if the role offers a competitive salary, career progression, flexibility and longevity. 

Which means retention strategies will be more important than ever and we could see a rise in buy-backs and salaries pushed up as a result. 

Content marketing professionals who can curate, produce and promote content across online and offline channels will be in particular demand.

What methods are companies using to attract and retain the top talent?

2017 has seen a greater push to improve work-life balance on all sides. Four-day weeks, home working, more flexible working days and, at times, shorter working days have all been more common. We see more three and four-day week roles in 2017 than in 2015 and 2016 combined; quite a shift for the traditional financial services industry.

Do you anticipate any changes to permanent salaries and bonuses over  the next 12 months?

With little movement on base salaries especially at the more senior end, there has been more of an emphasis placed on the overall package on top of salaries, such as bonus and benefits. There has also been some positive movement for marketers at the junior end with two to five years’ experience, where we have seen salary increases of between 10% to 15%.

Contract roles & day rates

Interim solutions are typically sought after with mandatory gaps like maternity leave, illness or project lead assignments. In financial services, we are seeing permanent positions requiring higher levels of sign off which delay the hiring process. The strain this can put on a business and their immediate needs mean they are opting for interim solutions to aid workflow while recruiting permanently. 

B2C and B2B marketing managers at the £50k/£250 per day level have been in demand. Having industry experience does remain a heavy precedent for most hires.

The interim market should remain steady as we learn more about the geographical movements of financial services firms as they react to Brexit. The implications of Brexit means that strong positioning and perception will be key for marketing departments, meaning high performing candidates will be in high demand.