London’s professional workers will get a bumper pay rise next year, despite the lowest rates of inflation in half a century, a recruiter is predicting.
Average pay for professional roles in finance and accounting, financial services, IT and administration will rise by three per cent in 2016, Robert Half said today.
Exclusive London figures given to City A.M. show mobile applications developers are forecast to get the biggest pay rise, with 2016 pay for top-end developers expected to average at £79,300, a 7.4 per cent increase on this year’s figure. It is also more than the UK average of £61,500.
Other sectors predicted to get a substantial pay lift are risk managers and compliance analysts – which help firms meet regulatory requirements. Pay for top risk managers will climb 6.8 per cent next year, with those at the top earning an average of £109,300.
Robert Half UK director Matt Weston said:
London continues to outpace the rest of the UK with the most in demand professionals receiving multiple offers and driving up salaries.
In addition, the growing supply and demand imbalance is expected to increase salaries for specialised roles. With growth back on the agenda in the city, businesses are actively seeking the skilled professionals they need to achieve their goals and drive profitability.
As the London market continues to rely on specialist professionals who are able to add value from day one, hard-to-fill roles are experiencing higher than average pay rises due to the increased competition for these candidates. Companies who want to attract top talent will need to act quickly in order to win the ‘war for talent’.
The forecasts will be welcomed by professional workers, who are already getting a boost to their pay packets from low inflation which dropped back into negative territory in September.