Redundancies and cost-cutting contributed to a marked reduction in staff turnover and reduced benefits packages for financial markets IT staff in 2002, according to this annual salary survey from recruitment consultants Thomson Keene.
The document details the average compensation levels of a number of IT functions. The overall picture is one of reduction; generally basic salaries have been frozen for existing employees while new employees have been offered less than a year ago.
The hardest hit are the mid-level managers and IT contractors. A manager earning £120,000 base salary would have to reduce expectation to £80-90,000.
However, Thomson Keene reports a recent firming up of the market, with immediate demand keenest for experienced developers and team leaders, particularly those with banking product knowledge.
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