Scotland’s financial services sector is expected to face continued challenges in 2024, with slow and fragile growth amid ongoing economic and geopolitical uncertainties, according to Core-Asset Consulting’s latest ‘Industry Trends and Salary Guide’. 

The ninth annual edition of the Salary Guide, which launched this month, provides an overview of the trends and predictions for Scotland’s financial services sector in 2024.  

It includes an analysis of salary levels and offers insights into market sentiment, activity, and themes that are influencing the sector. 

Core-Asset Consulting said that the guide sets the stage for salary reviews within Scotland’s financial services sector, typically conducted in March and April.  

It serves as a benchmarking tool for those responsible for awarding salaries, enabling them to compare their compensation packages with those of competitor organisations. 

This year’s guide underscores the ongoing challenges such as recruitment shortages, gender pay gaps, and economic uncertainty.  

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Despite these issues, the report indicates that Scotland’s financial services sector demonstrates resilience, with firms concentrating on enhancing diversity, promoting flexibility, and investing in training to navigate the tough landscape. 

Core-Asset Consulting founder Betsy Williamson said: “Maximising our existing strengths in areas like asset management and fintech is key. The sector continues to reinvent itself in the face of change and remains committed to maintaining Scotland’s reputation as a great place to build a career in financial services. 

“Our data and analysis has always aimed to support organisations as they make strategic decisions on compensation and hiring. With economic headwinds forecast for 2024, the guide offers direction for salary reviews and recruiting strategies suited to the current climate.” 

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