Men still earning more in financial services

Men continue to be paid more than women in the financial services industry, a new survey has revealed. The Mercer Human Resource Consulting Survey found that, at senior management and professional levels, men are paid 18 per cent and 17 per cent respectively more than their female counterparts .

However, women are better represented in the top levels of financial services companies than in other sectors. A total of 28 per cent of senior management roles in financial services are filled by women, compared with 21 per cent across general industry.

Pay levels in Irish financial services companies are forecast to rise by 5-6 per cent next year, with increases of up to 8 per cent forecast for key skill sets.

Fund management companies are paying senior management 10 per cent more than other financial services companies, while reinsurance firms are paying administration staff 6 per cent more.

Administrative staff with one year's experience are commanding higher starting salaries than those in the posts with two to three years' experience, highlighting the tight labour market in certain key areas, Mercer said.

From 2005, salaries rose by 5 per cent on average across the board, but 30 per cent for sales roles and 21 per cent for roles in finance departments. Senior management saw increases of around 6 per cent in base salary, but up to an average of 34 per cent in actual bonus payouts.

Companies are increasingly adopting a total remuneration approach, including base salary, annual bonus, stock options and benefits, to employee compensation, the survey found.

Defined contribution pension schemes are becoming increasingly popular across all sectors, the survey found. Employer contribution rates have remained steady at around 10 per cent and employee contribution rates at 5 per cent.

Private medical insurance has become a standard benefit within the financial services sector, with 89 per cent of companies providing private medical insurance to employees. The provision of paid maternity leave is increasing, too.