Competition in hiring nearly and newly qualified actuaries has driven up salaries which is adding on the pressure to people with 4-5 years’ experience looking to hire their juniors.
The actuarial market relies on new graduate talent at the bottom of the pyramid to allow analysts and senior analysts to step into the next stage in their career.
Throughout the last 2 years, graduate talent primarily worked from home and had to learn remotely through video sessions rather than in-office experiences. Those people with 4-5 years’ experience are looking to recruit into their team but struggle to find truly excellent candidates capable of working autonomously and represent a good hire due to the changes in the work environment.
At this level, counter offers and pay packages have driven up already high salaries from £70,000 – £80,000 to £85,000 – £90,000 as businesses work to retain and attract this junior market.
The Great Resignation is generating a pay disparity within this space. It is highly plausible that two work friends, equally skilled who started together, both with 4 years’ experience working at the same firm, nearly qualified and earning £60,000 could then be left with a 40% difference in salary as one of them moves for an £85,000 role at a different firm, or receive it as a counter-offer.
This uplift is understandably hard to ignore and generates even more unease in the remaining hire, whilst presenting yet another threat to talent retention within this level of the market.
Contact Paul Fox if you’re interested in new Actuarial opportunities
T: 0203 5877 445 E: PF@arthur.co.uk