From 2002 – 08. wage inflation in the EU15 has averaged 28% yet those in the security risk sector have seen salary increases of up to 60% in the same period. Peter French of SSR® Personnel, incorporating Executive Profiles, believes this is due to the increasing importance corporations are placing on enterprise risk.
“The period 2002 – 08 has seen increasing government regulation and this has created a $4bn world-wide service sector alone. Whilst the focus of the world may be about risk in the banks, corporations will still need to be risk takers if they wish to maximise earnings. The corporate suite has counterbalanced those risks through empowering compliance officers with a greater independence to advise the executive on how they can protect the corporate brand and reputation. Out of that process, executives have identified the need for defined security competences but with a business knowledge of their sector.” French believes that “The business security executive is being exposed to greater requirements, in many cases there are no instant security patches, but the demands of the corporation to reduce unnecessary processes can expose the C-suite to the charge by shareholders that they have been reckless.
Over the past 10 years security has become embedded in many leading corporations with a growing emphasis on due diligence. How that is promulgated may provide a commercial advantage. Competent individuals to lead or carry out the process are most certainly in short demand, hence basic remuneration for the period increasing by up to 60% for Regional investigators and Due Diligence Managers.
Across all relevant job families for the security sector, wage inflation is ahead of the average wage settlement. In the current year, as the SSR® Annual Survey has shown, remuneration will be with limited bonus payments. However, in the second half of 2009, we should see critical staff rewarded with significant remuneration increases, as in many organisations underlying profitability has remained strong.
As French reminds us “enterprise risk will be a topic for the foreseeable future requiring increasing numbers of people who have adaptable collaborative skills”.