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SALARY GUIDEUK
INTRODUCTION FROM DAVID LEITHEAD - UK CHIEF OPERATIONS OFFICER
DAVID LEITHEAD
Chief Operations Officer | UK
Generally, the most prominent theme in the UK’s professional recruitment market throughout 2019 was how Brexit caused uncertainty, with employers reluctant to commit to hiring and job seekers hesitant to make the leap when offers did materialise. The quantity of jobs available and hires completed were both heavily impacted, as reported in the results of all the major PLC recruiters as the year progressed. According to Bank of England research, UK businesses expect more clarity and certainty to return in 2020 and a key question for recruiters is whether demand has become pent up in the system, in which case we could see a spike in hiring and an escalating war for talent in 2020.
As well as Brexit headwinds, another spectre hanging over a major section of the professional workforce in the private sector is the much publicised reform of IR35. This reform aims to transform the enforcement of these 20 year old tax rules that were designed to prevent workers from using Limited Company entities to disguise employment. If the plans are rolled out in April 2020 and not delayed by the new government, it will result in a largely negative transformation of the private sector contracting landscape, with much collateral damage, at least in the short term.
2020 will see the recruitment market further impacted by the use of technology tools and particularly Artificial Intelligence. The development and deployment of these tools continue to accelerate, along with the debate about whether they are good or bad for the industry.
AI is held out to be a game changer in eliminating bias from recruitment, but as well as doubt over how we can trust the machine to get it right, there are ethical and moral dilemmas. And it seems job seekers don’t like it - research in 2019 showed that 86% of job seekers would prefer a human being to review their CV, and 73% feel a highly automated recruitment process worsens their perceptions of an employer. So it will be interesting to see how things play out in the next 12 months and where progress is made.
Technology advances are affecting recruitment in other ways too, as many jobs are changing and the skills sets sought after are adjusting as well. Managing this new breed of employee is something that traditional managers are not always equipped to do, and development around that will be a major theme of organisations’ hiring in the coming year.
Our individual market reports show that the topic of flexibility in the workplace and a greater focus on wellbeing and work life balance are big themes for 2020. Organisations will face real challenges with engagement as more of their employees disappear from the traditional office set up. Employers will also need to be diligent because, in 2019, it became clear that increased levels of flexibility seemed to drive up working hours - an unexpected and generally unwelcome consequence.
Overall many recruitment companies in the UK will be looking forward to 2020 in the hope for a more positive market. There will be challenges but also lots of opportunities!
Salary Guide 2020
STRATEGY, PROJECTS & CHANGE MANAGEMENT
OVERVIEW OF STRATEGY, PROJECTS AND CHANGE MANAGEMENT RECRUITMENT
The 12 months of 2019 were definitely eventful, but not always for the right reasons. Political and economic uncertainty across the UK, Europe and the rest of the world, along with the upcoming changes to the IR35 legislation, affected the job market for Strategy, Projects and Change in London, especially when it comes to starting new transformation programmes and hiring contractors.
On the plus side, there was a significant increase in the hiring of permanent staff for projects, rather than using people going through their Limited Companies. Over the last 10 years, we have seen an abundance of regulatory mandates such as Basel III, IFRS, EMIR/Dodd Frank and MiFID II, which required candidates on a temporary basis. Now these projects have slowed down, initiatives have become more technology focused and therefore ever changing in their nature. This requires a more long term strategy when bringing talent on board, rather than looking at a set deliverable and timeline like a regulation, so full time employees have been the preference. For example, a large bank in the City hired for a multi-year digital transformation programme across roles in Data Analytics, Cyber Security and cloud technologies. This is to future proof themselves against the challengers as they continue to potentially lose customers to firms like Monzo, Revolut and Starling Bank.
Top 3 Strategy, Projects & Change Management roles
• Business Analyst - Regulatory Change• Product Manager - Innovation• Project Manager - Digital Transformation
Programme
Prominent benefits across Strategy, Projects & Change Management
In an attempt to boost the wellbeing of the workforce as a whole, it is now standard across the Strategy, Projects and Change Management profession for organisations to offer their employees the opportunity to work from home at least one day per week. This has been made possible by the availability of the latest technology, tools and platforms which allow staff to work just as efficiently remotely as when they are based in the office.
Beyond more flexibility in roles, organisations are offering longer paternity leave and ‘grandparent leave’ that enables more senior professionals to celebratea new arrival in the family and provide emergency childcare when needed.
Predictions for 2020
All the uncertainty in the UK, as well as globally, makes planning ahead nigh on impossible for firms in theCity. In the same vein, predicting what 2020 holds for Strategy, Projects and Change recruitment is incredibly hard. The first part of 2020 could be buoyant as firms look to invest in people, systems and processes rather than making do with what they already have, and this could continue upwards throughout the year.
With IR35 changes due in April 2020, unless delayedby the new government, job seekers need to be flexible around the shape of the contract they accept and the remuneration they want. A lot more professionals are looking at both temporary and permanent options as they look to secure their next role.
In terms of drivers of hiring, we expect to see IBOR, FRTB and SA-CCR require headcount, whilst in demand skill sets will be across Market Risk, as well as knowledge across Interest Rates, and broad skills relating to Counterparty Credit Risk.
STRATEGY, PROJECTS & CHANGE MANAGEMENT
BANKING | PERMANENT (Annual salary)
© Morgan McKinley 2020
UNITED KINGDOM - 2020 STRATEGY, PROJECTS & CHANGE MANAGEMENT SALARY GUIDE
2020 STRATEGY, PROJECTS AND CHANGE MANAGEMENT SALARY GUIDE
Our 2020 Strategy, Projects and Change Management Salary Guide outlines the workplace trends andremuneration figures for temporary and permanent markets.
BANKING
Projects & Change Management - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Business Analyst - Finance £55,000 £80,000 £100,000
Change Analyst - Finance £45,000 £55,000 £70,000
Change Manager - Finance £75,000 £95,000 £110,000
Management Consultant - Finance £50,000 £75,000 £90,000
Programme Manager - Finance £120,000 £140,000 £160,000
Project Manager - Finance £75,000 £95,000 £115,000
Business Analyst £50,000 £75,000 £90,000
Business Process Engineer £50,000 £70,000 £90,000
Change Analyst £50,000 £70,000 £80,000
Change Manager - P&C £70,000 £90,000 £110,000
Management Consultant £65,000 £85,000 £100,000
Programme Manager £120,000 £140,000 £160,000
Project Manager £70,000 £90,000 £105,000
Technical Business Analyst £55,000 £85,000 £100,000
Project Manager - Agile £70,000 £90,000 £110,000
Business Analyst - Ops £50,000 £75,000 £90,000
Change Manager - Ops £65,000 £75,000 £85,000
Management Consultant - Ops £50,000 £75,000 £90,000
Programme Manager - Ops £120,000 £140,000 £160,000
Project Manager - Ops £70,000 £90,000 £105,000
STRATEGY, PROJECTS & CHANGE MANAGEMENT
BANKING | PERMANENT (Annual salary)
© Morgan McKinley 2020
UNITED KINGDOM - 2020 STRATEGY, PROJECTS & CHANGE MANAGEMENT SALARY GUIDE
2020 STRATEGY, PROJECTS AND CHANGE MANAGEMENT SALARY GUIDE
Our 2020 Strategy, Projects and Change Management Salary Guide outlines the workplace trends andremuneration figures for temporary and permanent markets.
BANKING
Projects & Change Management - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Business Analyst - Finance £55,000 £80,000 £100,000
Change Analyst - Finance £45,000 £55,000 £70,000
Change Manager - Finance £75,000 £95,000 £110,000
Management Consultant - Finance £50,000 £75,000 £90,000
Programme Manager - Finance £120,000 £140,000 £160,000
Project Manager - Finance £75,000 £95,000 £115,000
Business Analyst £50,000 £75,000 £90,000
Business Process Engineer £50,000 £70,000 £90,000
Change Analyst £50,000 £70,000 £80,000
Change Manager - P&C £70,000 £90,000 £110,000
Management Consultant £65,000 £85,000 £100,000
Programme Manager £120,000 £140,000 £160,000
Project Manager £70,000 £90,000 £105,000
Technical Business Analyst £55,000 £85,000 £100,000
Project Manager - Agile £70,000 £90,000 £110,000
Business Analyst - Ops £50,000 £75,000 £90,000
Change Manager - Ops £65,000 £75,000 £85,000
Management Consultant - Ops £50,000 £75,000 £90,000
Programme Manager - Ops £120,000 £140,000 £160,000
Project Manager - Ops £70,000 £90,000 £105,000
© Morgan McKinley 2020
Job Title Low Average High
Strategy Analyst £50,000 £70,000 £90,000
Strategy Director £100,000 £140,000 £170,000
Strategy Manager £80,000 £115,000 £130,000
Innovation Manager £80,000 £100,000 £120,000
Projects & Change Management - Contract Rates (£ Per Day)
Job Title Low Average High
Business Analyst - Finance £500 £600 £700
Change Analyst - Finance £400 £550 £650
Change Manager - Finance £550 £750 £800
Management Consultant - Finance £500 £650 £750
Programme Manager - Finance £750 £800 £1,000
Project Manager - Finance £650 £750 £850
Business Analyst £450 £550 £700
Business Process Engineer £450 £600 £700
Change Analyst £450 £550 £700
Change Manager - P&C £600 £650 £750
Management Consultant £500 £650 £750
Programme Manager £675 £800 £1,100
Project Manager £600 £700 £850
Technical Business Analyst £450 £600 £700
Project Manager - Agile £600 £700 £800
Business Analyst - Ops £450 £600 £700
Change Manager - Ops £500 £650 £750
Management Consultant - Ops £450 £600 £700
Programme Manager - Ops £650 £800 £1,000
Project Manager - Ops £550 £700 £800
STRATEGY, PROJECTS & CHANGE MANAGEMENT
© Morgan McKinley 2020
UNITED KINGDOM - 2020 STRATEGY, PROJECTS & CHANGE MANAGEMENT SALARY GUIDE
2020 STRATEGY, PROJECTS AND CHANGE MANAGEMENT SALARY GUIDE
Our 2020 Strategy, Projects and Change Management Salary Guide outlines the workplace trends andremuneration figures for temporary and permanent markets.
BANKING
Projects & Change Management - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Business Analyst - Finance £55,000 £80,000 £100,000
Change Analyst - Finance £45,000 £55,000 £70,000
Change Manager - Finance £75,000 £95,000 £110,000
Management Consultant - Finance £50,000 £75,000 £90,000
Programme Manager - Finance £120,000 £140,000 £160,000
Project Manager - Finance £75,000 £95,000 £115,000
Business Analyst £50,000 £75,000 £90,000
Business Process Engineer £50,000 £70,000 £90,000
Change Analyst £50,000 £70,000 £80,000
Change Manager - P&C £70,000 £90,000 £110,000
Management Consultant £65,000 £85,000 £100,000
Programme Manager £120,000 £140,000 £160,000
Project Manager £70,000 £90,000 £105,000
Technical Business Analyst £55,000 £85,000 £100,000
Project Manager - Agile £70,000 £90,000 £110,000
Business Analyst - Ops £50,000 £75,000 £90,000
Change Manager - Ops £65,000 £75,000 £85,000
Management Consultant - Ops £50,000 £75,000 £90,000
Programme Manager - Ops £120,000 £140,000 £160,000
Project Manager - Ops £70,000 £90,000 £105,000
BANKING | CONTRACT (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Strategy Analyst £450 £600 £700
Strategy Director £700 £900 £1,200
Strategy Manager £650 £800 £1,000
Innovation Manager £600 £750 £900
Strategy - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Management Consultant £45,000 £50,000 £60,000
Strategy Analyst /Associate £70,000 £75,000 £80,000
Manager - Corporate Development £80,000 £85,000 £95,000
Head - Corporate Development £110,000 £130,000 £150,000
Strategy Manager £80,000 £85,000 £95,000
Strategy Director £120,000 £140,000 £170,000
COMMERCE & INDUSTRY
Projects & Change Management - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Business Analyst - Finance £45,000 £75,000 £90,000
Change Analyst - Finance £35,000 £55,000 £70,000
Change Manager - Finance £70,000 £90,000 £110,000
Management Consultant - Finance £45,000 £70,000 £90,000
Programme Manager - Finance £100,000 £120,000 £160,000
Project Manager - Finance £70,000 £90,000 £110,000
Business Analyst £45,000 £75,000 £90,000
Business Process Engineer £45,000 £60,000 £80,000
Change Analyst £35,000 £55,000 £70,000
Change Manager - P&C £70,000 £90,000 £110,000
© Morgan McKinley 2020
Job Title Low Average High
Strategy Analyst £50,000 £70,000 £90,000
Strategy Director £100,000 £140,000 £170,000
Strategy Manager £80,000 £115,000 £130,000
Innovation Manager £80,000 £100,000 £120,000
Projects & Change Management - Contract Rates (£ Per Day)
Job Title Low Average High
Business Analyst - Finance £500 £600 £700
Change Analyst - Finance £400 £550 £650
Change Manager - Finance £550 £750 £800
Management Consultant - Finance £500 £650 £750
Programme Manager - Finance £750 £800 £1,000
Project Manager - Finance £650 £750 £850
Business Analyst £450 £550 £700
Business Process Engineer £450 £600 £700
Change Analyst £450 £550 £700
Change Manager - P&C £600 £650 £750
Management Consultant £500 £650 £750
Programme Manager £675 £800 £1,100
Project Manager £600 £700 £850
Technical Business Analyst £450 £600 £700
Project Manager - Agile £600 £700 £800
Business Analyst - Ops £450 £600 £700
Change Manager - Ops £500 £650 £750
Management Consultant - Ops £450 £600 £700
Programme Manager - Ops £650 £800 £1,000
Project Manager - Ops £550 £700 £800
© Morgan McKinley 2020
Job Title Low Average High
Strategy Analyst £450 £600 £700
Strategy Director £700 £900 £1,200
Strategy Manager £650 £800 £1,000
Innovation Manager £600 £750 £900
Strategy - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Management Consultant £45,000 £50,000 £60,000
Strategy Analyst /Associate £70,000 £75,000 £80,000
Manager - Corporate Development £80,000 £85,000 £95,000
Head - Corporate Development £110,000 £130,000 £150,000
Strategy Manager £80,000 £85,000 £95,000
Strategy Director £120,000 £140,000 £170,000
COMMERCE & INDUSTRY
Projects & Change Management - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Business Analyst - Finance £45,000 £75,000 £90,000
Change Analyst - Finance £35,000 £55,000 £70,000
Change Manager - Finance £70,000 £90,000 £110,000
Management Consultant - Finance £45,000 £70,000 £90,000
Programme Manager - Finance £100,000 £120,000 £160,000
Project Manager - Finance £70,000 £90,000 £110,000
Business Analyst £45,000 £75,000 £90,000
Business Process Engineer £45,000 £60,000 £80,000
Change Analyst £35,000 £55,000 £70,000
Change Manager - P&C £70,000 £90,000 £110,000
STRATEGY, PROJECTS & CHANGE MANAGEMENT
BANKING STRATEGY | PERMANENT (Annual salary)
© Morgan McKinley 2020
Job Title Low Average High
Strategy Analyst £450 £600 £700
Strategy Director £700 £900 £1,200
Strategy Manager £650 £800 £1,000
Innovation Manager £600 £750 £900
Strategy - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Management Consultant £45,000 £50,000 £60,000
Strategy Analyst /Associate £70,000 £75,000 £80,000
Manager - Corporate Development £80,000 £85,000 £95,000
Head - Corporate Development £110,000 £130,000 £150,000
Strategy Manager £80,000 £85,000 £95,000
Strategy Director £120,000 £140,000 £170,000
COMMERCE & INDUSTRY
Projects & Change Management - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Business Analyst - Finance £45,000 £75,000 £90,000
Change Analyst - Finance £35,000 £55,000 £70,000
Change Manager - Finance £70,000 £90,000 £110,000
Management Consultant - Finance £45,000 £70,000 £90,000
Programme Manager - Finance £100,000 £120,000 £160,000
Project Manager - Finance £70,000 £90,000 £110,000
Business Analyst £45,000 £75,000 £90,000
Business Process Engineer £45,000 £60,000 £80,000
Change Analyst £35,000 £55,000 £70,000
Change Manager - P&C £70,000 £90,000 £110,000
STRATEGY, PROJECTS & CHANGE MANAGEMENT
COMMERCE & INDUSTRY | PERMANENT (Annual salary)
© Morgan McKinley 2020
Job Title Low Average High
Strategy Analyst £450 £600 £700
Strategy Director £700 £900 £1,200
Strategy Manager £650 £800 £1,000
Innovation Manager £600 £750 £900
Strategy - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Management Consultant £45,000 £50,000 £60,000
Strategy Analyst /Associate £70,000 £75,000 £80,000
Manager - Corporate Development £80,000 £85,000 £95,000
Head - Corporate Development £110,000 £130,000 £150,000
Strategy Manager £80,000 £85,000 £95,000
Strategy Director £120,000 £140,000 £170,000
COMMERCE & INDUSTRY
Projects & Change Management - Permanent Salaries (£ Per Annum)
Job Title Low Average High
Business Analyst - Finance £45,000 £75,000 £90,000
Change Analyst - Finance £35,000 £55,000 £70,000
Change Manager - Finance £70,000 £90,000 £110,000
Management Consultant - Finance £45,000 £70,000 £90,000
Programme Manager - Finance £100,000 £120,000 £160,000
Project Manager - Finance £70,000 £90,000 £110,000
Business Analyst £45,000 £75,000 £90,000
Business Process Engineer £45,000 £60,000 £80,000
Change Analyst £35,000 £55,000 £70,000
Change Manager - P&C £70,000 £90,000 £110,000
© Morgan McKinley 2020
Job Title Low Average High
Management Consultant £45,000 £70,000 £90,000
Programme Manager £100,000 £120,000 £160,000
Project Manager £70,000 £90,000 £110,000
Technical Business Analyst £45,000 £75,000 £90,000
Project Manager - Agile £70,000 £90,000 £110,000
Business Analyst - Ops £45,000 £75,000 £90,000
Change Manager - Ops £70,000 £75,000 £85,000
Management Consultant - Ops £45,000 £70,000 £90,000
Programme Manager - Ops £100,000 £120,000 £160,000
Project Manager - Ops £70,000 £90,000 £110,000
Innovation Manager £70,000 £100,000 £120,000
Projects & Change Management - Contract Rates (£ Per Day)
Job Title Low Average High
Business Analyst - Finance £400 £550 £650
Change Analyst - Finance £300 £400 £500
Change Manager - Finance £500 £600 £700
Management Consultant - Finance £400 £550 £650
Programme Manager - Finance £700 £800 £1,000
Project Manager - Finance £500 £650 £750
Business Analyst £400 £550 £650
Business Process Engineer £300 £550 £650
Change Analyst £300 £500 £600
Change Manager - P&C £500 £650 £700
Management Consultant £400 £650 £650
Programme Manager £700 £800 £1,000
Project Manager £500 £700 £750
STRATEGY, PROJECTS & CHANGE MANAGEMENT
COMMERCE & INDUSTRY PROJECTS & CHANGE MANAGEMENT | CONTRACT (£ Per Day)
© Morgan McKinley 2020
Job Title Low Average High
Management Consultant £45,000 £70,000 £90,000
Programme Manager £100,000 £120,000 £160,000
Project Manager £70,000 £90,000 £110,000
Technical Business Analyst £45,000 £75,000 £90,000
Project Manager - Agile £70,000 £90,000 £110,000
Business Analyst - Ops £45,000 £75,000 £90,000
Change Manager - Ops £70,000 £75,000 £85,000
Management Consultant - Ops £45,000 £70,000 £90,000
Programme Manager - Ops £100,000 £120,000 £160,000
Project Manager - Ops £70,000 £90,000 £110,000
Innovation Manager £70,000 £100,000 £120,000
Projects & Change Management - Contract Rates (£ Per Day)
Job Title Low Average High
Business Analyst - Finance £400 £550 £650
Change Analyst - Finance £300 £400 £500
Change Manager - Finance £500 £600 £700
Management Consultant - Finance £400 £550 £650
Programme Manager - Finance £700 £800 £1,000
Project Manager - Finance £500 £650 £750
Business Analyst £400 £550 £650
Business Process Engineer £300 £550 £650
Change Analyst £300 £500 £600
Change Manager - P&C £500 £650 £700
Management Consultant £400 £650 £650
Programme Manager £700 £800 £1,000
Project Manager £500 £700 £750
© Morgan McKinley 2020
Job Title Low Average High
Technical Business Analyst £400 £550 £650
Project Manager - Agile £600 £650 £800
Business Analyst - Ops £400 £550 £650
Change Manager - Ops £500 £650 £750
Management Consultant - Ops £400 £550 £650
Programme Manager - Ops £700 £800 £1,000
Project Manager - Ops £500 £650 £750
Innovation Manager £500 £700 £900
Overview of Strategy, Projects and Change Management recruitment
The 12 months of 2019 were definitely eventful, but not always for the right reasons. Political andeconomic uncertainty across the UK, Europe and the rest of the world, along with the upcoming changes tothe IR35 legislation, affected the job market for Strategy, Projects and Change in London, especially whenit comes to starting new transformation programmes and hiring contractors.
On the plus side, there was a significant increase in the hiring of permanent staff for projects, rather thanusing people going through their Limited Companies. Over the last 10 years, we have seen an abundanceof regulatory mandates such as Basel III, IFRS, EMIR/Dodd Frank and MiFID II, which requiredcandidates on a temporary basis. Now these projects have slowed down, initiatives have become moretechnology focused and therefore ever changing in their nature. This requires a more long term strategywhen bringing talent on board, rather than looking at a set deliverable and timeline like a regulation, sofull time employees have been the preference. For example, a large bank in the City hired for a multi-yeardigital transformation programme across roles in Data Analytics, Cyber Security and cloudtechnologies. This is to future proof themselves against the challengers as they continue to potentiallylose customers to firms like Monzo, Revolut and Starling Bank.
Top 3 Strategy, Projects & Change Management roles
Business Analyst - Regulatory ChangeProduct Manager - InnovationProject Manager - Digital Transformation Programme
Prominent benefits across Strategy, Projects & Change Management
In an attempt to boost the wellbeing of the workforce as a whole, it is now standard across the Strategy,Projects and Change Management profession for organisations to offer their employees the opportunity towork from home at least one day per week. This has been made possible by the availability of the latesttechnology, tools and platforms which allow staff to work just as efficiently remotely as when they arebased in the office.
STRATEGY, PROJECTS & CHANGE MANAGEMENT
OUR LOCATIONS
LONDON | 61 Aldwych, London WC2B 4AE
T: +44 20 7092 0000 | E: [email protected]
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Maidenhead, Berkshire SL6 4UB
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