Carnegie Consulting’s Managing Director, Guy Steel, has been quoted in an article from the Financial Times, written by Owen Walker on May 12th 2018 and titled “Compliance staff enjoy pay boom as demand for expertise rockets”.
The full article can be found here (FT Subscription required)
Snippets including Guy’s comments can be seen below, discussing the increasing difficulties of attracting and retaining Compliance staff within the Asset Management industry.
Guy Steel, director at Carnegie, an investment industry recruiter, has also seen candidates commanding big pay rises. In one case, a member of one large fund manager’s compliance team moved to a competitor, having started as a graduate trainee five years previously. “He is a talented guy and went from earning £60,000 to about £80,000,” said Mr Steel.
Part of the wage growth is to do with how companies react when they hear that staff are looking elsewhere. Typically, they make a counter offer, matching or bettering other packages.
“If you have got someone with a certain skillset where you know it might be hard to replace them, it makes sense to keep that person,” said Mr Steel.
Later in the article…
Large asset managers have tried to increase the supply of compliance professionals by introducing graduate trainee schemes.
Mr Steel said, however, that while these could help with hiring for junior roles, companies needed staff to stay. “Unless you pay them the market rate, you might find you lose them in three to four years,” he said.