FSA workers benefit from pay rises

HR payroll issues can be one of the most complicated tasks businesses face. This is why many organisations make use of payroll companies to help them administer their remuneration packages.One organisation whose pay policies have been in the spotlight recently is the Financial Services Authority (FSA), which is an independent body that was established to regulate the financial services industry in the UK.

Figures released by the authority show that the average salary for its ordinary staff members for the year ending in March 2010 was £51,232, which was up by six per cent from 2009 and 22 per cent from 2005-06, the Financial Times reports.
Salaries for senior management went up by 14 per cent, with such individuals receiving an average of £236,950 in 2009-10.

Commenting on the statistics, FSA chief executive Hector Sants said: “These figures reflect our tougher approach both to enforcement and supervision, which we have underpinned by bringing in more experienced people. It also reflects our success in controlling costs in the non-regulatory areas of the business.”Meanwhile, it was also shown that overall hiring rose 66 per cent to 500 in the last fiscal year. It had been 300 in 2006-07. Also, the number of recruits assigned to work in supervision and risk more than doubled.

In addition, FSA staff turnover fell during the financial crisis as fewer workers left to take up positions in industry. Departures dropped to a low of 181 in 2009-10.Currently, pay remains a contentious issue in the UK and many other countries. While a considerable number of people’s wages remain depressed because of the economic conditions, some are still enjoying large raises.Whether or not they are offering employees salary increases, many companies use payroll companies to help with HR payroll issues. Small organisations, as well as larger ones, can make use of such provisions.