BSA 2024 Compliance Salary Guide v2 SPREADS - Flipbook - Page 5
05
These 昀椀gures are lower than in last year’s salary
guide (100% and 59%, respectively), but there
continues to be key underlying factors preventing
employers from hiring desired candidates.
of employers said remote working policies or
candidate location were preventing them from
昀椀nding skilled talent in 2022. Within just a year,
this 昀椀gure had almost doubled to 40%.
Chief among these are compensation challenges,
which over four-昀椀fths (81%) of organisations cited
as a concern. This is almost unchanged from 2022
(80%), showing that salary expectations remain
the biggest hurdle for employers.
We will comment further on this trend later in the
report, but suf昀椀ce to say that candidates’ expectations for 昀氀exible working are evolving, which could
create problems for organisations that are unwilling
to compromise in this area.
Candidates lacking suf昀椀cient technical or regulatory
skills and knowledge was also a common complaint,
although there was a signi昀椀cant year-on-year drop
in the number of employers who mentioned this
(63% versus 78% in 2022).
Candidates’ morale has also dipped since our last
annual report, which is perhaps unsurprising given
the economic climate and a comparatively quieter
year in terms of hiring demand.
Instead, 昀氀exible working demands are clearly
becoming a new pain point when hiring. Just 22%
Top four factors preventing hiring
Compensation
challenges
2023: 80%
2022: 81%
2021: 53%
Insufficient technical/
regulatory knowledge
2023: 63%
2022: 78%
2021: 69%
Remote working
policies
2023: 26%
2022: 16%
2021: 18%
Poor
cultural fit
2023: 14%
2022: 6%
2021: 8%
However, candidates remain overwhelmingly optimistic, with 89% stating they are con昀椀dent about the
current job market for compliance and financial
crime, down only slightly from 92% the previous year.
This could partly be due to the economy performing
better than expected in 2023. While interest rates and
in昀氀ation increased sharply over the last 12 months,
the UK avoided a widely predicted recession and is
forecast to do the same in 2024.
Market conditions and external factors notwithstanding, candidates’ motivations for seeking
out new roles are essentially unchanged.
Remuneration continues to be the most important
consideration by a wide margin, with 56% saying
it is their main reason to switch jobs. Far fewer
compliance and financial crime professionals
prioritised career development (14%), a better worklife balance (13%) or remote working bene昀椀ts (9%).
