Salaries in finance, accounting, admin and IT to grow by 3%

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 year, according to the Robert Half 2016 Salary Guide.

Robert Half says this is a higher increase than predicted in last year’s guide, which identified a 2.6% rise.

It adds that 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 (4.0% on average), particularly digital and IT security roles.

Phil Sheridan, Senior Managing Director, Robert Half UK, said: “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.”

In accountancy and finance, it predicts starting salaries will rise on average by 2.2%, with higher rises of up to 4% on offer for more senior-level roles. It says starting salary increases for finance and accounting roles in the financial services sector are slightly outpacing finance and accounting within commerce and industry at 2.7% with salaries for banking operations functions (including trade support, and back and middle office roles) predicted to grow at 1.8%. In technology, an average rise of 4% is predicted with digital technology and IT security functions likely see the highest rises, including digital technology specialists (7%) and IT security (6%). In administration and office support average starting salaries for certain roles are predicted to grow beyond the average, including receptionists at 3.4% and administrative assistants at 3.2%. The average rise for all roles across the function is predicted to be 2.1%.

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