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Employees working in the financial services sector saw an increase in their earnings last year, new findings have suggested.
According to the 11th edition of Mercer’s Global Financial Services Executive Compensation Snapshot Survey, the vast majority (61 per cent) of firms increased their employees’ fixed pay by more than five per cent last year.
More than half (58 per cent) opted to reduced variable pay by over five per cent, marking a shift in pay mix.
However, the figures also showed that total compensation levels will remain relatively unchanged in 2016 and that most organisations are not planning further changes to their pay mix.
In total, 2016 projected base salary increases for the sector were modest with average forecasts globally expected to be between two per cent and 2.7 per cent.
Speaking about the findings, Vicki Elliott, senior partner and leader of the Global Financial Services Talent Network at Mercer, said: “The focus for financial services firms is firmly trying to set the right tone from the top with strong governance and high involvement of risk management.
“Overall, total compensation levels remain broadly the same compared to levels prior to regulated bonus caps. However, banks, particularly in Europe, have significantly increased fixed pay levels, improving the certainty of pay delivered to key risk-takers.”
Pay levels remained relatively constrained in Europe, with increases of just 2.3 per cent, while Latin America, South America and Asia have seen higher average salary rises.
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