New research from Reed has revealed that salaries in the insurance and financial services sector are showing signs of growth, with a 4.7% rise in advertised salaries over the past year, compared to the previous 3.1% increase last year.
From an analysis of six million jobs posted on Reed.co.uk over the last three years, as part of Reed’s suite of annual salary guides, it’s clear from the year-on-year salary increase that the insurance and financial services sector continues to show signs of resilience and growth.
The data also reveals how the insurance and finance sector is doing against other industries. The hospitality sector has seen the biggest pay increase in the past year (7.3%), compared with the IT and cyber security sector, which had the slowest increase, an average of 2.4%.
Leanne Appleton, Insurance & Financial Services Expert at Reed, commented: “The insurance and financial service sector has faced significant challenges in recent years, from ongoing Brexit uncertainties to the lasting impact of the pandemic.
“As the industry continues to navigate obstacles on the back of these economic issues, we’re seeing a greater number of firms embracing technological changes – in particular the use of AI and automation – which is significantly impacting the works of work for the current and next generation. This is also creating reduced demand for process roles, which can be easily automated, and instead heightening the need for more specialist skillsets, including professionals who can help to drive strategies and business plans.
“Going into 2024, a continued focus on agile working is helping firms to attract talent from further afield, including outside the UK, which is going some way to bridge skills gaps and attract these more specialist skillsets.
“To attract and secure the best people, employers are urged to act quickly and decisively, while listening to the needs of their existing staff to understand what they value most. Experienced professionals have nothing to fear when exploring their options but are encouraged to figure out what matters to them when looking to move on – whether it’s flexible working, generous benefits, training opportunities or regular salary reviews.”
Reed’s insurance and financial services salary guide also gives insights into the regions that are most competitive within this industry. Areas such as Wales (7.5%) and the South West (6.6%) have seen the biggest increase in wages, with Northern Ireland being the only region to experience a salary decrease in the sector (-2.1%).
Reed has produced a suite of 16 sector-specific salary guides, which include an in-depth analysis of a survey with 5,000 UK workers, assessing their current and preferred salaries and benefits, their organisation’s performance and priorities, how they rated their job security and the future of their sector, and the key recruitment and skills trends they’re witnessing.