Scottish banks and financial services firms are encountering difficulties in recruiting new staff to vital business areas, with some teams operating lean to take advantage of any recovery, according to banking and finance recruiter Joslin Rowe.

The research shows that salaries for new recruits within banking operations have remained steady following the introduction of internal pay freezes, while entrant roles have disappeared, with applicants at this level struggling even to find temporary work.

But the research also shows that there has been an inflationary pressure on salaries. At the start of the year, a corporate actions analyst could expect £28,000, while this is now closer to £30,000. Team leaders could now secure up to £40,000, up on the £35,000  in March.

Business change professionals have been in huge demand in the investment management world, according to the research.

Permanent hire salaries have been maintained since 2008 but average hourly contract rates are rocketing (in some cases by over 13%) from £15.09 six months ago to £17.36 an hour now.

Margaret Dyer, director of Joslin Rowe’s Scotland offices, says: “It’s important to understand that our research is based on the salaries professionals receive when they secure a new job rather than annual salary reviews for existing employers.”