Talent has rarely been so in demand as it is in 2019.
Against a backdrop of a record employment rate, UK wages keep going up, with pay growth hitting a post-financial crisis peak of 3.3 per cent in late 2018.
But as a UK-wide average that doesn’t give us a picture of whether or not you’re likely to benefit from a higher salary this year.
And if you’re hoping to secure a pay rise from your employer in 2019, it helps to understand how much your colleagues might be earning.
That’s where we can help. Data from recruiter Robert Walters annual salary survey shows what salary hikes each London sector can expect in 2019.
So if your boss is holding out on you, take a look at the table below: you might be able to point to what rivals are paying, or realise that it’s time to get into another industry altogether.
On average, Londoners can expect to earn a three per cent pay rise in 2019, though contractors will earn a nine per cent pay rise on average.
But if you’re in financial services, you may have to wait to see your salary go up – Brexit-related uncertainty is weighing on the City as the industry holds its breath to see whether the UK will end up with a deal.
Meanwhile, salaries are rising outside of the capital at a faster rate in some places.
Permanent salaries will rise seven per cent in the north west this year, while Midlands contractors can expect to earn 11 per cent extra.
Chris Hickey, UK boss of Robert Walters, said: “The UK remains a ‘two-speed economy’, with London-based financial services firms experiencing slow growth due to Brexit-related concerns, while non-financial services companies outside of London experienced much faster growth.
“Manchester, Leeds and Birmingham have been particularly successful in positioning themselves as regional tech-hubs, attracting talent that would have historically migrated to London.”
Here is a breakdown to London salary hikes divided by sector:
|Job||2019 salary||Percentage change in 2019|
|Accounting and finance||£79k||+9 per cent|
|Legal in-house||£74k||No change|
|Legal private practice||£112k||+6 per cent|
|Procurement||£89k||+6 per cent|
|Financial services analyst||£43k||No change|
|Financial services associate||£59k||No change|
|Financial services manager||£73k||No change|
|Technology||£85k||+7 per cent|
And here are the job sectors in London boasting the biggest salary hikes on 2018:
|Job||Percentage salary change in 2019|
|Accounting and financial|
|In-house||+5 per cent|
|Commercial||+13 per cent|
|Interim CFO||+8 per cent|
|Interim SME finance director||+12 per cent|
|Interim business change||+5 per cent|
|Internal audit||+8 per cent|
|Private practice||+6 per cent|
|Compliance||+22 per cent|
|Risk||+10 per cent|
|Procurement||+6 per cent|
|Chief procurement officer||+6 per cent|
|Senior buyer||+9 per cent|
|Risk||+10 to +20 per cent|
|Head of tax||+16 per cent|
|Banking contractor||+12 per cent|
|Derivatives trade support analyst||-19 per cent|
|Manager||-6 per cent|
|Relationship management||-15 per cent|
|Data management||-11 per cent|