Joslin Rowe Reports Credit Crunch Causes Demand for Compensation Specialists
According to new research from City HR recruitment consultancy Joslin Rowe, while August may have been a damp squib weather wise, in the HR jobs market recruitment activity has been boiling over.
The latest figures show that demand for good HR professionals, especially for compensation and benefit jobs has actually increased - despite the credit crunch and the usual seasonal summer slowdown.
Daniel Cooper, senior consultant with Joslin Rowe, reflected, “The ongoing banking crisis is actually fuelling the volume of compensation analyst and compensation manager jobs. The current market conditions mean that employers are focusing evermore on their bottom line and staff remuneration is an enormous part of this. Banks need to pull off the tricky balancing act between retaining the best talent but within the most cost-effective reward structures. Put simply, companies are keener than ever to build robust compensation platforms for the future and they know to do that they must hire the very best compensation people in strategic compensation analyst and compensation jobs to do this.”
The Joslin Rowe data shows financial services firms are willing to pay a premium to secure the best compensation professionals at all levels of recruitment for current finance jobs - from analyst to strategic manager jobs.
“Recently, we assisted a compensation analyst on £40,000 to move employers for a new starting salary of £55,000. A 38% pay increase is phenomenal at the best of times - but the fact that it’s happened now in what continues to be a challenging environment shows just how in demand these skills are", said Cooper.
This demand is filtering into a much faster recruitment process, according to the research. Joslin Rowe found that the average time to hire, which is defined as the period from vacancy notification to when someone completes their notice period and starts in that new role, is running at around 2 weeks less for compensation & benefit jobs. That’s an average recruitment process time of 6 weeks in comparison to 8 weeks for the rest of the HR jobs recruitment market - and it may become faster.
However the clock may be ticking. Currently the banks are desperate to get people on board now so that they can start looking at the 2009/10 budget period. As soon as a new compensation analyst CV appears, the banking jobs interview requests flood in.
Cooper concluded, “For good people with a great compensation & HR background, a solid CV and experience of making improvements to share schemes and benefit plans, there are no end of options. The compensation analyst jobs and compensation manager roles on offer are very strategic - after all most companies know they need to act now to make a real difference to business performance”.
About Joslin Rowe
Established in 1982, Joslin Rowe is one of the leading UK financial services recruitment firms in the UK. Joslin Rowe consultants, candidates and clients work together to achieve the best employment opportunities and long term relationships. Joslin Rowe recruits for jobs across London, Edinburgh and Glasgow including long-term contracts, temporary and permanent roles. Joslin Rowe is a Randstad company - the second largest HR services group globally.
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