Candidate-driven market forces employers to rethink recruitment.
Results of a global salary survey, compiled by Robert Walters and released today, revealed that demand has outstripped supply across all sectors in a candidate-driven marketplace.
Recognised as the most comprehensive salary survey of its kind, the 2006 Global Salary Survey is now in its 7th year and offers significant insight into recruitment trends across a broad spectrum of disciplines such as accounting and finance, banking, IT, HR, legal, sales and marketing, secretarial and support, supply chain and engineering, general management and call centre.
Giles Daubeney, Chief Operating Officer of Robert Walters plc, commented,”For the second consecutive year, we are seeing double digit salary growth in a range of industries and across all levels. The accountancy and legal professions, in particular, are having to pay significantly more to attract the best candidates.
“The tightness in the labour markets shows no sign of abating. Most notably, the 2006 Global Salary Survey highlights the continued shortage of qualified professionals worldwide and the ongoing war for talent. Employers are having to act quickly and imaginatively to secure the best candidates in the market.
“They are also increasingly broadening their search, to source qualified professionals from international markets.”
SALARY SURVEY 2006 – Highlights
It’s a Candidates’ market:
– Global shortage of qualified professionals
– Private and public sector employers recruiting more aggressively
– Increased regulatory burden continues to create demand
Global Highlights:
– Demand outstrips supply for top-tier candidates
– Continued deficit of newly qualified ACAs from the ‘Big Four’ accounting practices
– Increasing prevalence of candidates receiving multiple offers from prospective employers
– Increasing numbers of candidates receiving counter-offers from existing employers
– Organisations increasingly looking overseas to fill professional skills gaps – targeting both overseas nationals and expats to return home
– Employers forced to broaden their search criteria or adjust their expectations
– Candidates’ potential and transferable skills are increasingly valued, as well as existing skills and experience
– Unconventional skill sets viewed as key differentiator
– Communication and interpersonal skills, especially linguistic skills, valued as highly as qualifications
– Employers more readily selling to candidates at interview and highlighting the cultural and personal benefits of joining their organisation
– Employers offering more competitive and imaginative reward packages
– Recognition of need to offer better work-life balance (training, sabbaticals, child care, etc.) and flexible benefits schemes.
– Competition for candidates continues to drive up remuneration packages. Flexible bonus structures and performance related pay being offered by more employers across more sectors and disciplines.
– Hong Kong – significant growth in the IT sector
– Salaries for IT business analysts are outstripping those of financial analysts in the commerce sector.
– IT business analysts (1-3 yrs’ experience) earning an estimated HK$450k – HK$550k (£33k – £41k), in comparison to more experienced (2-4 yrs’) financial analysts in commerce and industry, earning HK$340k – HK$400k (£25k – £30k).
– Japan – huge demand for bilingual professionals from local Japanese and international organisations, reflecting continued mobility of international labour.
– Singapore – international businesses increasingly locating regional and global support functions within Singapore.
– Continental Europe – international market experience is highly sought after by employers.
– Australia – recruitment demand unabated, supported by ongoing resources industry boom.
– New Zealand – the most buoyant accounting and finance markets in more than 10 years.
– France – continued increase in demand for candidates across both financial services and commerce and industry. Demand particularly high in asset management and corporate banking.
A full copy of the Robert Walters Global Salary Survey can be downloaded by clicking here.
For more information:
Robert Walters
Stephen Edwards, Marketing Director +44 (0)20 7379 3333 stephen.edwards@robertwalters.com
This article may contain 3rd party information which CaribbeanJobs.com has approval to use.
