Our annual Global Salary Survey for 2011, now in its 12th year, was released last month. Overall, we found recruitment levels increased significantly in 2010 and, apart from in a few isolated cases where we saw increases, pay generally remained consistent throughout the year.

Our survey, which reviews salary levels and recruitment trends across each of our territories, revealed that HR hiring within the London financial services sector rose month-on-month throughout 2010. The increases witnessed in the first half of the year were particularly marked as the market improved rapidly post the global financial crisis. Although increases in job volumes during the second half were not as extreme, they continued to rise and by the end of the year were almost at levels last seen at the start of 2008. Most of this activity came from investment and retail banks.

While recruitment was not as buoyant among commercial businesses, there were still far more roles available in this area in 2010 than there had been in 2009. We saw increased recruitment activity in most sectors, with this rise most apparent in retail, legal, oil and gas and technology.

In 2009, employers recruited HR generalists due to their ability to perform a variety of HR tasks. Although these people remained sought-after in 2010, we found that there was a notable increase in demand for HR specialists during the year as firms looked for people who could make a difference to the wider business.

Compensation and benefits professionals were highly sought-after as companies reviewed their reward structures and financial services firms prepared for increased FSA regulations (which were implemented in December 2010). This also reflected a greater focus on staff retention (firms were conscious to do all they could to hang on to their best people in 2010), further highlighted by an increased demand for learning and development specialists during the year.

We also saw more demand for proven recruitment professionals – particularly for in-house and on-site resourcing roles. By the third and fourth quarters, graduate recruiters also became sought-after. This was an encouraging sign and is indicative of a market where businesses are looking not only to grow and develop, but also to invest in their people rather than being preoccupied with managing their bottom line (as they were in 2009).

Salary expectations rose throughout the year as more jobs became available and more people moved roles. Some compensation and benefits specialists moving between financial services firms received pay increases of 15 – 30 per cent – such was the demand for these people. However, this was the exception rather than the norm and most salaries generally remained steady.

HR professionals were generally as motivated by career progression and new challenges as they were by improved remuneration when looking to move jobs. A number of HR professionals remained cautious, favouring the job security and stability of their existing roles (for many, restructures and pay cuts were fresh in the mind).

Despite this, our 2010 research revealed that HR professionals based in London continue to be among the best paid in the world and salaries elsewhere in the UK compare favourably with those overseas.

HR Directors could expect to earn a basic annual salary (exclusive of benefits/bonuses) of:

• £90 – 180k in London
• £75 – 120k in Manchester
• £80 – 120k in the Midlands
• £77 – 98k in Brussels
• £137 – 162k in Sydney
• £105k+ in Hong Kong
• £37 – 72k in Malaysia
  
  
  Likewise, a head of compensation and benefits could expect to earn:
• £90 – 140k in London,
• £60 – 90k in Manchester
• £60 – 90k in the Midlands
• £67k in Brussels
• £67 -100k in Dusseldorf
• £96k+ in Hong Kong
• £112k - £149k in Tokyo during the year.

Click below to download the full HR survey.

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