Red tape workers rejoice: Compliance salaries rose sharply during 2015, as employers also increased the number of lawyers on their payrolls
Those working in compliance had reason to celebrate last year as salaries shot up for red tape focused roles, according to research out today.
Morgan McKinley's 2016 UK Salary Guide has revealed that salaries in compliance roles shot up 20 per cent in 2015, while those in particularly niche positions saw their pay packets rocket by as much as 30 per cent.
Vacancies also increased by 19 per cent compared to 2014, with lawyers in particularly strong demand.
Employers also boosted the number of women they hired into compliance roles, while Hungary and the Czech Republic produced a strong number of particularly high quality candidates.
"Despite the announcement in finance of major redundancies, there has been growth in employment in a number of areas in response to the growing burden of regulations and diminished appetite for risk," explained Hakan Enver, operations director at Morgan McKinley London. "Demand in 2016 is likely to be continued to driven by changes in legislation and regulation."
Those working in other areas of the finance sector were not quite as fortunate, with redundancies and uncertainty plaguing the second half of 2015.
Enver added: "The events that we have seen to date in 2016 suggest that this year will be a bumpy ride for the UK. London will also be impacted by job losses in banking and financial services, increased house prices and organisations offshoring divisions to more cost-effective locations across the UK."
However, those working in financial services in London who are willing to jump ship could find themselves being rewarded handsomely. Morgan McKinley predicts that some employers will be offering a 15 to 20 per cent pay boost to lure the right staff over the next 12 months.
Morgan McKinley is not the only recruiter to clock employers' keenness for compliance skills. Earlier this year, Robert Walters shared with City PM details of a slew of compliance roles where workers could rake in £100,000 and then some in 2016.