North West salary rises outstrip South East, reveals annual survey

Figures from Robert Walters’ 2014 Salary Survey indicate that, overall, earnings have increased at a higher rate in the North West than in the South East of the country.

On average, year-on-year pay rose by 3.5% in the North West, nearly three times the 1.3% rise recorded in the South East. The figure puts the area on a par with London, which saw salary increases of 3.6% over the same period.

Compared with the previous year – when average salaries rose by only 1% - the figure indicates that pay inflation in the North West is gathering pace.

Transactional accountants are in particularly high demand as appetite for business transactions returns, prompting salaries to increase by an overall average of around 10%. In the same vein, corporate and commercial lawyers enjoyed pay rises of around 5% across both permanent and temporary positions.

Increased demand for procurement specialists, sought for their skill in managing costs and boosting efficiency, helped to generate salary rises of around 7% in this sector.

The survey also highlights new opportunities coming to market for other professions in the North West. These include IT-driven change management projects – where average pay rises totalled around 6% – and relocations of back, middle and front office financial services functions from London and the South East.

Chris Poole, Director of Robert Walters North, comments: “With a broad pool of talented professionals to tap into, firms are increasingly recognising the opportunities that come with doing business in the North West. Rising salaries are a benchmark of healthy economic activity, and it is particularly poignant that the region is experiencing a higher level of growth than in the South East.

“We’ve also detected a good sense of balance in the nature of vacancies coming to market. While financial services are reacting to new developments, such as increased regulation, we are also seeing returning demand for transactional specialists in law and accounting.”