With the spotlight firmly placed on remuneration packages within the banking sector, demand is increasing for finance specialists for compensation accounting roles. That’s according to Tim Muzio, a Manager within the financial services practice at Twenty Recruitment.
“Compensation of staff accounts for around 60% of revenue so looking at how that bill can be reduced is right at the top of many institutions’ agendas,” says Muzio. “Scrutinising pay packets and looking at restructuring remuneration packages to aid retention – particularly with regard to benefits is a key element. You only have to look at recent announcements from financial institutions such as Barclays – who are mulling over the idea of deferring bonuses until retirement – and HSBC who last year introduced a new system that capped bonuses for senior executives – to see the wind of change that is blowing through the City.”
According to Muzio, many of these roles are being newly created – while compensation and benefits has historically been the vanguard of the HR department, the emphasis on risk based operating control models has moved this discipline firmly into the finance sphere.
“These organisations need to not only ensure control and governance around compensation accounting related matters, but also the ability to understand and analyse potential schemes and models – qualified accountants with solid financial services experience could therefore find themselves in high demand.”
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