Report 013 Compensation Life Working Series 2014/5
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1 Report 013 Compensation Life Working Series 2014/5 1
2 1. Introduction Our annual review of City compensation trends during 2014 and the outlook for This second report in our Life Working series for 2014/5, explores the evolving nature of pay and bonuses on offer in the City. The research for this year s report was undertaken by online survey between 16th October and 3rd November Requests to participate in the survey were sent to 27,710 candidates and clients of Astbury Marsden. A total of 1,468 responses were received and analysed to compile the final report. The information and data contained in this report are for information purposes only and are not intended, nor implied to be a substitute for professional advice. In no event will Astbury Marsden be liable to you or any third party for any decision made or action taken in reliance of the results obtained through the use of the information and/or data contained or provided herein. Please consider that the responses given are based on the respondents interpretation of the question and response options. If you have questions regarding the survey or the report please contact: Adam Jackson +44 (0) adam.jackson@astburymarsden.com 2
3 2. Summary of findings The most significant insights and trends identified in this year s research. There has always been an ardent interest in the pay and lifestyle of city workers, whether that is the well documented City Boy lifestyle of old or the strictly regulated bankers of today. With increasing government pressure on compensation, we look at how City workers attitudes towards pay and bonuses have changed this year. Base Salary At the salary level, we saw the average base rise by 8% to 96,458 with median basic pay 6% higher, at 85,000. This is the first increase to median pay that we have seen since 2011, suggesting that the City is finally seeing the light at the end of the tunnel. However, whilst the City as a whole is looking positive, the battle of equal pay for women is still on. When looking at the differences in men and women s pay, we found that on average, women s basic salary is just 84% of their male colleagues. In addition, whereas last year, women received a higher pay rise when changing jobs or receiving a promotion, this year, men are seeing their pay rise more quickly. Bonus Expectations Expectations of receiving a bonus are slowly rising with two thirds anticipating receiving a payment, a 5% increase on last year. In addition, 40% are expecting to see a rise; this is 6% more than last year. However, we have also seen a small increase in those who expect to see a reduction in their bonus. With a decrease in those who are unsure, this could indicate a more realistic perspective as compensation becomes more stabilised following increased regulation and a settling of the market. Next Year When looking at next year s pay, respondents are far more positive, with 5% more than last year expecting their pay to go up. However when looking on a job level basis, the report shows that the more senior the respondent, the less confident they are about receiving a pay rise. The most confident are at the Associate/ Manager level with almost two thirds expecting to receive a pay increase. By stark contrast, just one third of Managing Director/Partner level employees think they will see their salary increase in
4 But what if expectations are not met? How will employees react? This year, over half of responses were to move roles if they were not happy with their bonus. This suggests that city workers are more confident in the job market than they have been in previous years. Only time will tell. I hope you find the report interesting. Adam Jackson Director 4
5 3. Basic Pay Exploring changes to employee s base salary over the last year. Fig 3.1 Overview This year, the average salary across the City was 96,458, a further rise of 8% on Median basic pay was 85,000, a 6% increase on last year. During the year, 62% saw an increase in pay, a sharp increase on the last 3 years which saw less than half experiencing a rise in their base salary. Just less than 3% received a decrease. This is in line with previous years Recipients of pay changes Changes to basic pay Respondents receiving an increase 61.8% 47.0% 45.2% 44.0% Respondents receiving an decrease 2.9% 3.1% 3.6% 1.2% Increases in pay were made up of the following: 21% of respondents were promoted during the year. (Fig 3.1.2). Those promoted received just over a 19% increase in basic pay, a rise on the prior year. 24% of city staff changed jobs (Fig 3.1.3), 4% less than last year. By changing employers you could expect to receive a 17% increase to your pay. This represents a small rise on Just over 6% of respondents changed jobs and received a promotion and in return received on average 28% increase in pay. 61% of employees neither changed employers nor were promoted, these staff saw their basic pay rise by 5%. 5
6 3.1.2 Changes to pay as a result of promotion Average of 18.9% increase for those who were promoted Average of 6.5% increase for those who were not Average of 15.4% increase for those who were promoted Average of 5.5% increase for those who were not Average of 14.7% increase for those who were promoted Average of 5.4% increase for those who were not Changes to pay as a result of changing employers Average of 16.5% increase for those who changed jobs Average of 6.6% increase for those who did not Average of 13.5% increase for those who changed jobs Average of 5.3% increase for those who did not Average of 11.5% increase for those who changed jobs Average of 5.1% increase for those who did not The average salary across the City in 2014 was 96,458 6
7 Fig 3.2 Gender Impact on pay of changes in circumstance Men changing jobs or receiving promotions, saw their pay rise more quickly than women. This was also the case when they decided to stay in their current role with the same employer. Gender Changed Jobs 2014 Promoted 2014 No Change 2014 Male 16.8% 20.1% 5.2% Female 15.4% 14.1% 2.7% Pay equality According to the survey, women earn 84% of the average basic salary for men. This is a 6% increase on last year, however there is still come way to go before women and men s earnings are equal. Average Median Drilling into the results and looking at average pay differences based on job level we see the following: Female Male Female salary as a percentage of males Analyst/Executive 43, % Associate/Manager 60,355 64,806 93% Assistant Vice President 66,688 76,046 88% Manager 62,354 76,504 82% Vice President/Senior Manager 93,001 99,049 94% Director/Executive Director 137, , % Managing Director/Partner 145, ,421 68% Other 86,693 93,765 92% 7
8 Fig 3.3 Job Level Impact on pay of changes in circumstance When changing jobs, AVP level staff expect to see the largest increases in basic pay. This contrasts significantly with the increases experienced by the AVP s who were promoted or did not change jobs; these individuals received the smallest increases of any level. Promotions at the senior end were the most fruitful but those at the most junior end received the highest increases without a promotion or a job change. Impact on Pay Job Level Changed jobs Promoted No Change Analyst/Executive 18.0% 17.7% 16.5% 23.7% 7.3% 8.5% Associate/Manager 13.3% 19.3% 13.3% 18.1% 2.7% 5.6% AVP 27.7% 16.6% 21.2% 14.5% 5.0% 3.6% Manager 14.2% 14.4% 20.7% 17.1% 3.9% 3.6% Vice President/Senior Manager 14.5% 12.2% 14.5% 12.2% 3.8% 2.0% Director/Executive Director 17.9% 11.3% 25.1% 13.8% 3.7% 2.7% Managing Director/Partner 19.1% 29.4% 26.1% 16.7% 5.9% 1.4% Other 15.7% 14.0% 16.1% 15.1% 7.1% 3.0% Shifts in median and average salaries Median pay for Analyst/Executive level staff grew the fastest in the year with an increase of 11%. On an average basis, AVP level pay was the quickest rising by 10%. Average and median salaries increased across all job levels this year. Job Level Median Salary Average Salary Variance Variance Analyst/Executive 50,000 45, % 55,319 52, % Associate/Manager 60,000 55, % 63,846 61, % AVP 70,000 68, % 75,210 68, % Manager 72,000 68, % 74,089 69, % Vice President/Senior Manager 95,000 87, % 97,859 91, % Director/Executive Director 125, , % 128, , % Managing Director/Partner 192, , % 208, , % Other 80,000 72, % 92,168 84, % 8
9 Fig 3.4 Function Impact on pay of changes in circumstances This year, staff working in Compliance experienced the largest increases in pay as a result of changing jobs or a promotion. This demonstrates continued demand for the skillset over the last year. Revenue Generators and Sales & Distribution staff received over 14% more pay without changing jobs or being promoted. This is a positive change for Sales and Distribution staff who received a 1% decrease last year. Function Impact on Pay Changed jobs Promoted No Change Administration 18.1% % - 5.9% - Compliance 36.9% 26.8% 32.2% 19.5% 3.7% 5.1% Finance 11.2% 21.5% 10.8% 15.3% 2.8% 2.5% HR 23.4% 22.4% 12.7% 18.7% 2.6% 14.7% Internal Audit 20.8% 33.3% n/a 22.2% 4.4% 3.7% Operations & Middle Office Revenue Generator 19.9% 12.4% 24.4% 20.3% 4.1% 3.0% 2.3% 11.0% 7.0% 14.0% 15.1% 3.1% Risk & Governance 14.2% 15.2% 17.4% 13.6% 3.6% 8.0% Sales & Distribution 13.8% 11.0% 14.8% 22.0% 14.1% -1.0% Strategy & Change 21.1% 19.3% 18.5% 22.5% 4.1% 4.4% Technology 12.6% 13.4% 23.4% 15.6% 3.2% 3.4% Other 19.7% 11.6% 28.1% 13.2% 4.4% 3.7% 9
10 3.4.2 Shifts in median and average salary Internal Audit staff saw their median income rise the fastest at a rate of 16%. On an average basis, Revenue Generators and Strategy and Change employees saw their pay rise the fastest. In contrast Technology and Risk & Governance functions saw a decrease in their average salary this year. Function Median Salary Average Salary Variance Variance Administration 58,000 52, % 85,500 75, % Compliance 70,675 67, % 87,292 77, % Finance 76,500 73, % 80,753 76, % HR 69,200 65, % 79,131 75, % Internal Audit 87,000 75, % 58,500 77, % Operations & Middle Office Revenue Generator 65,000 60, % 74,556 68, % 125, , % 124,509 97, % Risk & Governance 88,250 82, % 96, , % Sales & Distribution 80,500 71, % 94,545 90, % Strategy & Change 102,500 94, % 122,539 80, % Technology 90,000 83, % 94, , % Other 87,500 85, % 106,198 89, % 10
11 Fig 3.5 Sector Impact on pay and changes in circumstances On a sector level there were some stark contrasts. The greatest impact on pay for those changing jobs in 2014 was experienced by ratings agencies at 83%. However, those in private equity experienced a 7% decrease. Those in corporate broking and stockbroking received a 43% increase in pay on promotion. However those in private banking & wealth management experienced just a 7% increase. For those who remained loyal to their employer, without a promotion or a job change, the highest increase in pay was in commodity trading. Corporate broking and stockbroking received no change. Sector Changed Jobs Promoted No Change Commodity Trading 5.7% 18.5% 10.7% 25.7% 10.4% 1.4% Consulting 13.2% % - 4.5% - Corporate Broking & Stockbroking Exchanges & Trading Platforms 42.9% 0.9% 42.9% 17.0% 0.0% 0.0% 25.6% 12.2% 34.1% 19.6% 3.6% 3.2% Fund Services 15.9% 12.0% 8.6% 12.9% 4.7% 3.8% Insurance 12.2% 19.0% 19.7% 15.9% 5.4% 5.1% Investment Banking 22.3% 14.1% 22.6% 15.5% 6.2% 2.8% Investment Management 8.6% 13.5% 12.0% 14.2% 4.9% 3.8% Non Financial Services 18.6% 18.5% 31.7% 19.8% 1.5% 5.6% Payments, Clearing, Custody & Counterparty Private Banking & Wealth Management 10.8% 3.2% 21.7% 18.3% 1.8% -1.7% 27.3% 17.8% 7.2% 13.5% 3.4% 3.7% Private Equity -6.9% 5.3% 10.9% 12.5% 5.6% 4.3% Ratings Agencies 83.1% 9.6% 21.0% 11.9% 2.9% 0.5% Regulators 15.2% 27.6% - 8.7% 1.7% 3.3% Retail Banks & Building Societies 7.0% 14.4% 14.3% 11.2% 3.3% 14.3% 11
12 3.5.2 Shifts in median and average salaries For the second year in a row, median pay for regulators grew the sharpest in the year rising by 17%, followed by private banking & wealth management where pay rose by 12%. Ratings agencies saw average pay grow by 19% with the lowest growth seen for exchanges and trading platforms. Sector Median Salary Average Salary Variance Variance Commodity Trading 78,000 75, % 94,947 87, % Consulting 98,500 91, % 120, , % Corporate Broking & Stockbroking Exchanges & Trading Platforms 60,000 60, % 77,200 73, % 82,500 80, % 91,518 87, % Fund Services 68,825 65, % 74,346 70, % Insurance 76,500 70, % 85,857 80, % Investment Banking 91,000 83, % 99,534 91, % Investment Management 90,000 85, % 92,129 87, % Non Financial Services 69,200 65, % 82,954 75, % Payments, Clearing, Custody & Counterparty Private Banking & Wealth Management 67,500 65, % 81,660 75, % 80,000 71, % 90,685 85, % Private Equity 125, , % 126, , % Ratings Agencies 86,750 81, % 97,125 81, % Regulators 70,000 60, % 71,327 68, % Retail Banks & Building Societies 95,000 90, % 97,933 92, % 12
13 4. Bonus Expectations A look at sentiment towards bonus payments for the current year. Fig 4.1 Overview Overall bonus expectations Overall bonus expectations have increased this year with 66% expecting a bonus - a 5% increase on last year Expectation of change in bonus This year, 40% of respondents are expecting an increase in their bonus compared to 34% last year. However, 16% are expecting a decrease, which is 3% more than last year. 13
14 Fig 4.2 Gender This year, the average expected bonus for men is almost double that which is expected by women. However, the bonus as a percentage of average salary has increased for both sexes by just over 8% Gender % Expecting a Average Bonus % Average Salary bonus Average Bonus % Average Salary Female 17, % 78.1% 14, % Male 32, % 78.8% 26, % Prefer not to say 7, % 66.7% 9, % TOTAL 29, % 78.6% 24, % Fig 4.3 Job Level In line with last year, bonus expectations rose for all levels. Managing Director/Partner level staff expected the highest bonus at an average of 124,680, 60% of average salary. Job level Average bonus % Average Salary % Expecting a bonus Average bonus % Average Salary Analyst/Executive 6, % 71.3% 4, % Associate/Manager 10, % 77.4% 9, % AVP 8, % 76.6% 6, % Manager 21, % 80.6% 20, % Vice President/Senior Manager 23, % 89.2% 20, % Director/Executive Director 55, % 82.8% 43, % Managing Director/Partner 124, % 81.4% 102, % Other 5, % 47.0% 7, % TOTAL 29, % 78.6% 24, % Looking at the comparatives based on gender and job level: Female Male Percentage Analyst/Executive 2,721 7, % Associate/Manager 9,509 10, % Assistant Vice President 21,000 6, % Manager 7,542 24, % Vice President/Senior Manager 17,921 25, % Director/Executive Director 42,059 57, % Managing Director/Partner 120, , % Other 2,867 6, % TOTAL 17,429 32, % 14
15 Fig 4.4 Function Bonus expectations as a proportion of pay were fairly consistent across most functions when compared to last year. The highest proportions were found with Revenue Generators who expect to receive 74% of their salary as bonus. Those in Compliance have the lowest expectations at just 17%. Over 90% of Risk and Governance and Internal Audit professionals expect to receive a bonus compared to just 71% of Operations and Middle Office staff. Function Average Bonus % Average Salary % Expecting a bonus Average Bonus % Average Salary Administration 22, % 75.0% 21, % Compliance 14, % 83.3% 11, % Finance 23, % 83.6% 19, % HR 17, % 80.8% 13, % Internal Audit 19, % 92.3% 18, % Operations & Middle Office 15, % 70.7% 14, % Revenue Generator 91, % 81.0% 81, % Risk & Governance 24, % 92.7% 22, % Sales & Distribution 38, % 79.6% 34, % Strategy & Change 47, % 86.2% 27, % Technology 18, % 77.9% 15, % Other 45, % 72.9% 40, % TOTAL 29, % 78.6% 24, % 15
16 Fig 4.5 Sector The highest bonus expectations were held by staff working in Private Equity at 145,625. The lowest expectations are with Regulators, and Fund Services firms. In addition, all Private Equity and Ratings Agency employees are expecting to receive a bonus compared to just 62% of Regulators Sector Average Bonus % Average Salary % Expecting a bonus Average Bonus % Average Salary Commodity Trading 30, % 87.0% 25, % Consulting 27, % 77.4% 22, % Corporate Broking & Stockbroking Exchanges & Trading Platforms 14, % 83.3% 8, % 27, % 81.8% 20, % Fund Services 7, % 70.0% 7, % Insurance 14, % 77.9% 14, % Investment Banking 27, % 76.9% 23, % Investment Management 63, % 81.2% 61, % Non Financial Services 36, % 77.2% 12, % Payments, Clearing, Custody & Counterparty Private Banking & Wealth Management 18, % 79.2% 16, % 24, % 76.0% 19, % Private Equity 145, % 100.0% 117, % Ratings Agencies 19, % 100.0% 18, % Regulators 3, % 61.5% 4, % Retail Banks & Building Societies 20, % 90.0% 19, % TOTAL 29, % 78.6% 24, % 16
17 5. Expectations & Reactions The sentiment of City staff towards pay prospects for Fig 5.1 Overview Expectation of salary increase Half of respondents this year, believe that they will receive a pay increase in This is a small rise on last year s findings. Fig 5.2 Gender Expectation of salary increase Both men and women have similar expectations towards pay increases in 2015, with women just slightly more optimistic than men. 17
18 Fig 5.3 Job Level There is a stark contrast between the different levels in terms of expecting a pay increase. Nearly three quarters of Associate/ Manager staff expect a pay rise in 2015, compared to just one third of Managing Director/Partner level employees. Fig 5.4 Function Operations & Middle Office and HR staff were the least optimistic about pay prospects for the coming year. Compliance and Strategy & Change staff are the most optimistic. 18
19 Fig 5.5 Sector Payments, Clearing, Custody & Counterparty, Commodity Trading, Ratings Agencies and Non Financial Services are the most optimistic sectors. Corporate Broking & Stockbroking, Private Equity and Regulators expect continued pay pressure in the coming year. 19
20 Fig 5.6 Bonus Dissatisfaction Action taken if dissatisfied with bonus payment This year we have seen the biggest increase in those who would change roles as a result of a poor bonus to the highest levels since the survey began. Employees are more interested in moving overseas when compared to last year, but this has not returned to the levels experienced in This year we have seen the highest level of employees who would take no action if they are not happy with their bonus. This suggests that employees are becoming more accustomed to a lower bonus than they have done previously. 20
21 Market Insight Where do you expect the most new financial services jobs to be created in the next year? 1 London (45%) 2 Singapore (14%) 3 Shanghai (12%) 4 New York (9%) 5= Hong Kong (8%) UAE (8%) 7 Kuala Lumpur (4%) 21
22 In which location would you prefer to work? 1 London (70%) 3 2 New York (12%) Singapore (7%) 4= Hong Kong (4%) UAE (4%) 6 Kuala Lumpur (2%) 7 Shanghai (1%) 22
23 About Astbury Marsden We specialise in recruiting uniquely talented people in business technology, business transformation, regulatory and assurance functions and specialist technical skills. We intimately understand the dynamics of the financial services, energy and professional services markets; making sure we know the people our clients need to occupy critical roles throughout their business. We help clients determine the people they need and then we find the best of them. We have a global perspective and we are territory-neutral. We look for market identifiers that we recognise, and apply our experience and intelligence to solve the challenges they face. Our regional hubs established in London and Singapore allow us to serve our clients across EMEA and throughout Asia. You can find more out at London Adam Jackson 60 New Broad St, London EC2M 1JJ +44 (0) Singapore Mark O Reilly Singapore Land Tower, 50 Raffles Place, Singapore
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