| Compliance and regulation salary increases of 15 p.c. |
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There are simply not enough skilled compliance and regulation...
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How the world has changed. A few years ago people that worked in compliance and regulation would have not have been seen as key members of staff within most companies. Companies that did employ people in these areas did not do so in significant numbers.
People are now asking what were compliance and regulation doing over the last 10 years that allowed most countries and companies to get into the state that they are now in?
In fairness to those people that have been working within compliance and regulation, one of the key reasons for leaving previous positions was the lack of support to drive regulation and compliance. As a result of what has not happened the focus has turned on all these companies to improve both the quality and quantity of people that they employ within compliance and regulation.
Today we are seeing high unemployment, however compliance and regulatory, and risk people are not greatly represented in these numbers, in fact they are the only real areas that have seen a significant demand for staff increase. As a recruiter who has operated within financial services for over 20 years I am hard pressed to recall a time when so many people have been sought by a non core area of business in such numbers. Across most sectors we have seen salaries fall from between 15 per cent and 50 per cent but not compliance and regulation. This area is seeing an increase of between 5 per cent and 15 per cent.
An additional factor driving demand is that companies have to now put in place measures to halt the issues of the past and put in place measures that will protect from future financial irregularities (Basel II and Solvency II).
There is a lack of people in terms of numbers and availability to meet the needs of the market. There are simply not enough skilled compliance and regulation people to go around. We have almost 500,000 people out of work; I can assure you will not find many with the skills to do these jobs in that number. One simple measure that could help is hire graduates with a legal related degree that cannot find a career so at least we are building experience for the future.
The Financial Regulator is having a big impact. Talking to clients you quickly find out that they have either had an audit or they have an audit pending and clients know that in order to complete the important tasks ahead they need to hire additional manpower. Do not forget that the Financial Regulator themselves are trying to hire from the same pool as they have an even greater need to hire. |
Paul Cotter is a director at Cotter Personnel.
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