Financial service firms in Scotland optimistic about expansion

Scotland’s financial services companies show an encouraging level of optimism for business prospects in 2005, according to research.

In the survey of 65 financial services companies in Scotland, 87 per cent described their company’s level of business confidence for 2005 as “optimistic” with 61 per cent expecting to increase their permanent headcount to service new business wins.

The annual study was conducted by financial services recruiter Joslin Rowe Scotland and supported by Scottish Enterprise and Scottish Financial Enterprise.

Other findings:

  • The main areas of expected growth will be in client services, asset servicing/investment operations and accountancy and finance positions although 15 per cent of life and pensions firms predict a decrease in headcount

  • Most workers can look forward to a 3 per cent to 5 per cent pay increase in 2005

  • Retention rates have remained steady over the past three years although 27 per cent still found retention of staff, particularly team members, a struggle

  • Just under a quarter (24 per cent) of firms are rethinking their benefit packages and increasing employees’ healthcare, childcare, bonus and flexible benefits provision to ease retention.


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