High demand for talent in Compliance and Fund Administration is driving salary growth in Financial Services in Jersey.
The latest Index of Average Earnings shows a 2.9% increase in salaries in Financial Services from June 2020 to June 2021, up from 2.1% last year and 1.8% in 2019.
Recruitment consultants in the Island attribute this increase primarily to salary growth in high demand areas such as Compliance and Fund Administration.
Shelley Kendrick, Managing Director, Kendrick Rose, said: “Demand for locally-qualified talent in Compliance and Fund Administration has outstripped supply for a significant period now and this is starting to affect salaries. Organisations that have struggled to source talent in the Island, despite offering more attractive packages, are now starting to look elsewhere or bring in off-Island talent to fill these roles.
“Steady increases in regulation mean we are unlikely to see a drop in demand for qualified Compliance professionals any time soon. Fund Administration has been a growth sector for a while, with several organisations wanting to further develop business in the Island. These are, of course, jobs which people from other career backgrounds can enter and retrain in. However, while this may address the problem in the longer term, businesses need to find people with the right qualifications and experience a lot sooner.”
Kendrick Rose currently has Compliance roles commanding salaries of up to £130,000 and Fund Administration roles starting from £30,000.
Shelley added: “While salaries in Compliance are generally significantly higher, with many positions commanding six-figure salaries, we have numerous positions in Fund Administration with starting salaries from £30,000 that have fantastic career prospects.”
Founded in Jersey in 2009, Kendrick Rose finds talent for organisations across Financial Services, legal, accountancy, technology, IT, and commercial sectors.
