2016 salary outlook could help recruiters lure dormant talent

Recruiters looking to lure talent out of current employment may be in luck, with a new report predicting there could be a 15 to 20% base salary pay rise in some industries for those looking to change organisations in the next 12 months.

Morgan McKinley released its 2016 UK Salary Guide this week, acknowledging that the second half of 2015 brought uncertainty and challenging global conditions to the jobs market.

However the report remains upbeat, with growth in employment in accounting and finance, compliance, risk management and internal audit in response to the growing burden of regulations.

Hakan Enver, Operations Director at Morgan McKinley London told Recruitment Grapevine that recruiters keen to capitalise on evolving trends would be well placed to boost their knowledge of salary changes.

“Recruitment consultants will be able to share expert market insight and knowledge sharing for the year ahead, as well as a comprehensive list of job titles across 15 different sectors for anyone looking for a new job,” he said of the report.

“It gives consultants the ability to help their clients benchmark salaries when looking to hire new talent, replace leavers or review current employee remuneration.”

The report also identifies areas of growth, with the financial services industry set for a shake up -  those looking to change organisations are likely to get an extra 15 to 20% on their base salary.

There is also emerging space in the job market for younger candidates, with further digitalisation leaving a talent gap likely to be filled with fresh recruits used to working with technology.

Salaries are likely to grow in areas where increasing procedural accountability are on the rise.

“Salaries have increased over the last two years, due to the demand of certain skill sets outweighing availability and competition for the best talent,” Enver said.

“Those in an environment with exposure to policies, procedures and controls, will find themselves in a more attractive position for a promotion or increased remuneration packages.”

Those placing candidates outside the capital are also set for a boost, with the London pay gap predicted to narrow.

“Across South West England and the Home Counties, we expect to see demand across all disciplines, with the salary gap slowly narrowing with the capital’s,” Enver said.

“This allows relocation to other parts of the UK more palatable as those leaving London are not necessarily as financially worse off.”

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