Rising Salaries in Banking: New Opportunities for Back Office Specialists
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According to an analysis of several editions of the Antal Salary Report, average salaries in the banking sector are continuously increasing. Although the difference between 2023 and the present year is only PLN 444, representing the smallest increase in the analyzed period, the upward trend persists. In recent years, we have seen moderate but noticeable wage increases in the banking and insurance sectors. The changing structure of the labor market indicates the growing popularity of specialized back-office positions.
Salary Trends in Banking Over the Past Years
Over the past five years, banking salaries have undergone gradual changes. After 2021, there was a significant decline in wages, primarily due to the COVID-19 pandemic and the associated economic recession. This slowdown affected financial activity and transactions in the banking and insurance sectors, leading to a drop in wages. However, since then, average salaries in the banking and insurance sectors have been steadily rising.
It is worth noting that although salary increases in the banking and insurance sectors are not dynamic, the changing labor market structure requires employers to be flexible and ready to invest in the development of their employees' competencies, comments Sandra Moczarska, Team Manager Antal Banking & Insurance.
Top 5 most lucrative back office positions in banking and insurance
The highest-paid position in this sector, according to the 13th edition of the Antal Salary Report, is the Chief Actuary. Individuals in this role within the insurance specialization can expect a monthly salary ranging from PLN 28,000 to 38,000 gross. The second highest-paying position is that of a Department Director. Here, both in banking and insurance, one can expect a salary ranging from PLN 25,000 to 35,000 gross. The third most lucrative position in the insurance and banking industry is a Risk Manager in banking, where salaries range from PLN 20,000 to 32,000 gross. The fourth most lucrative position in the banking and insurance sector is an Actuary, where the average salary is PLN 22,000 gross.
The current labor market structure indicates the growing popularity of specialized back office positions such as actuarial, risk, and model validation roles. These specialized roles require advanced competencies and are increasingly in demand. Interestingly, the salaries for these positions do not depend on the region in which the company operates. This is because these roles are typically located in company headquarters, which in Poland are primarily based in Warsaw, comments Sandra Moczarska, Team Manager Antal SSC/BPO Banking & Insurance.
Is the limited number of available candidates in back office a challenge for companies?
Companies are struggling with a shortage of candidates for back office positions, and the available specialists are often less interested in changing jobs. As a result, to attract and retain qualified employees, employers are forced to offer higher salaries. Nevertheless, front office roles remain key, and finding suitable candidates for these positions is easier. Specialists in this area are more willing to change jobs and are more responsive, which simplifies and speeds up the recruitment process.
We are seeing high demand for back office positions, but there is also a kind of skills gap, which makes filling these roles a significant challenge. Some companies are forced to hire junior-level employees to train their competencies internally when it is difficult to acquire the right specialists from the market. Due to the difficulty in sourcing candidates, as well as the high costs of conducting internal processes, organizations are increasingly considering outsourcing, entrusting consulting firms with the more difficult and specialized back office recruitments, adds Sandra Moczarska, Team Manager Antal SSC/BPO Banking & Insurance.
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About the Antal Salary Report
The "Antal Salary Report" for 2024 was prepared based on an analysis of the salaries of 4,952 specialists and managers participating in Antal's recruitment processes during the second half of 2023 and the first half of 2024. These data were verified and supplemented with information from recruitment processes conducted by Antal consultants in 2023, as well as telephone interviews with employers and candidates.
Download the report: Antal Salary Report 2024
About Antal
Antal is a leading company in the CEE region, providing solutions in permanent recruitment, HR consulting, and outsourcing. The foundation of our success lies in the high quality of services offered and the people whose knowledge is the capital gathered during the company's 26 years of operation. We create methods and tools that exceed customer expectations and market standards, while also being a leader in sustainable transformation (ESG) in the industry. Antal's support is very broad—from the implementation of comprehensive permanent recruitment processes, through outsourcing services, including RPO and contracting, to Employer Branding activities, HR Consulting, and comprehensive market research and analysis services.
