Demand for talent in the banking & insurance sector remains high in 2020
Our 2020 Salary Survey shows that demand for professionals in the banking and insurance sector will remain high in 2020 and highly desired profiles will be able to count on a salary increase.
Marie-Astrid Carlier reveals what to expect in 2020.
Looking back at 2019
In 2019, recruitment activity remained high in many sectors in Belgium. The banking and insurance sector also continued to perform well. Demand for risk managers was high, as was the demand for insurers, internal auditors and accountants. This trend will continue in 2020.
Marie-Astrid Carlier, Associate Director at Robert Walters Belgium, explains: "The main reason for this strong demand is the increase in the number of rules issued by the National Bank (NBB) and the European regulations in these sectors. Their objectives are to improve the quality and protection of data such as GDPR, and to minimise fraud. These guidelines have also changed the valuation of a company's assets. As a result, organisations need additional staff to perform controls. The correct implementation of these rules and regulations therefore requires a reinforcement of the teams within the banking & insurance sector."
Expectations for 2020
For 2020, we anticipate a salary increase for a number of roles in the banking and financial services sector. These include internal auditors, accounting managers, risk managers and senior insurers." This trend is explained by the increasing demand for such specialists and the shortage of them. These professionals are aware of the fact that they are in high and are therefore in a strong position to negotiate a salary increase."
32% of the respondents who participated in this salary survey indicated that they received a salary increase of 1 to 3% in 2019. One in five expects at least the same in 2020.
Well-being at work
Robert Walters also notes that professionals in these sectors are particularly satisfied with their salaries and management. On the other hand, there are four factors that can motivate employees in the banking and insurance sector to move jobs:
- Better career opportunities (40%);
- Higher salary or better benefits (25%);
- Other range of responsibilities (16%);
- Better work-life balance (7%).
Finally, the salary survey reveals that, given these factors encouraging professionals to change jobs, 88% of respondents would be open to a new offer, even if they are not actively looking for a job.