The latest Average Earnings Report from Jersey Statistics may have reported stagnant wages for many islanders, but Optimus Recruitment, Jersey, believe there are still strong salaries and competitive packages available within the industry especially where there is a skills shortage.
Jamie Guyer, Managing Director of Optimus Recruitment said: “the Average Earnings Report should not be taken as a sweeping view of the whole finance sector as there are areas where salaries are on the rise. We are seeing a continued increase in salaries for roles in funds, compliance and accounting sectors. Most likely these are driven by ongoing skills shortages in these areas, combined with a regulatory drive to secure Key Persons approved by the JFSC.
“There is plenty of competition out there for the best calibre candidates, with firms accepting that securing these individuals will often come at a premium. Companies will also review and adjust their salaries more frequently for those areas where there is a lot of competition in order to retain key members of their team.”
The rise in salaries within the finance sector remains unchanged for this year, having risen by 2.9%. While this is the same as that seen in 2017, it remains above the previous five-year average of 2.7%. The Report does not take into account bonuses paid out to employees, nor does it paint a clear picture of the full packages being offered to incentivise job hunters.
“Many salaries have remained the same, but our experience is that there has been a marginal increase in the value of benefits packages, with employers rewarding staff with non-financial perks such as gym memberships or the option of purchasing additional holiday. This is a direct reaction to people valuing a good work/life balance over and above a higher salary.”
Companies are also exploring other ways in which they can reward their staff other than core salaries, which will encourage them to invest in the business. Deferred bonuses and share options are just some of the benefits which are on the increase in Jersey, as more financial firms look to become listed. These benefits can become very lucrative for employees, but often tie employees into a company for a number of years.