Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • March 2016
03

Three quarters of finance professionals reluctant to ask for pay rise

Open-access content Thursday 24th March 2016 — updated 5.50pm, Wednesday 29th April 2020

Some 72% of people employed in financial services have not asked for a pay increase at all in the past three years, according to a survey.

2


Based on a poll of 2,000 workers in the sector, the majority (49%) explained this was over concerns that their positions would be jeopardised. Another 44% feared of being rejected, while a similar proportion (41%) worried about their employer's reaction.

Over a third said they were put off by the idea of having to justify a raise and 18% cited the idea of having to work longer hours or harder with a new salary.

Randstad, which carried out the research, said only 6% of respondents had requested a pay increase each year over the past three years, while the remaining 22% had done so either once or twice in that period of time.

Tara Ricks, Randstand's managing director, said: "For whatever reason, a lot of financial services workers aren't proactively asking for the pay rise that many of them doubtless deserve."

The recruitment firm went on to say 77% of employees in financial services had received a raise, whereas for one in five respondents their wages had remained the same.

"The vast majority are getting a raise, but it's at the discretion of the employer rather than due to the employee's initiative," Ricks added. "For a sector as confident as financial services, this may come as a surprise."

This article appeared in our March 2016 issue of The Actuary.
Click here to view this issue
Filed in
03
Topics
Careers

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Catastrophe Modelling Analyst - London Market Broker

London, England
£40000 - £50000 per annum
Reference
145925

Senior Catastrophe Analyst

England, London
£65000 - £75000 per annum
Reference
145924

Life Actuary - Financial Reporting - Day Rate contract

Negotiable
Reference
145923
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ