Skills shortage boosts finance salaries in Jersey

Skills shortages are pushing firms in Jersey to offer more competitive salaries within the finance sector to attract talent.

“We are seeing a continued increase in salaries for roles in funds, compliance and accounting sectors. Most likely these are driven by ongoing skills shortages in these areas, combined with a regulatory drive to secure Key Persons approved by the JFSC,” Jamie Guyer (pictured), Optimus Recruitment managing director, told local media outlet Bailiwick Express.

“There is plenty of competition out there for the best calibre candidates, with firms accepting that securing these individuals will often come at a premium. Companies will also review and adjust their salaries more frequently for those areas where there is a lot of competition in order to retain key members of their team,” he added.

The latest Average Earnings Report from Statistics Jersey reported stagnant wages for most islanders. The rise in salaries within the finance sector remains unchanged from 2017, going up 2.9%. The figures do not include bonuses.

“Many salaries have remained the same, but our experience is that there has been a marginal increase in the value of benefits packages, with employers rewarding staff with non-financial perks such as gym memberships or the option of purchasing additional holiday. This is a direct reaction to people valuing a good work/life balance over and above a higher salary,” Guyer said.

Pedro Gonçalves
Pedro Gonçalves is Financial Correspondent at International Investment.

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