The second edition of the Adecco Labor Market Salary Guide, specialized by industry, was unveiled last year as a comprehensive analysis of wages in Spain. It focuses on key positions with gross annual salaries below the national average of €40,000.
The analysis gathers data on the most sought after profiles within each sector, detailing salary ranges, geographic distribution, role characteristics, and the training required to perform these duties.
The guide also examines the impact of the COVID-19 health crisis on these sectors, how the effects have evolved, and what is expected in the post-pandemic period. It includes forecasts for each area of activity.
In this article, the focus is on the current situation and future forecasts for the banking and insurance sector, based on data collected by Adecco.
Current and future status of Banking and Insurance
The most demanded profile in banking and insurance is the insurance manager, who accounts for about one in four job offers and is among the best paid, with an average gross salary of €27,375 per year. Close behind is the Artificial Intelligence Engineer with an average gross wage of €35,300 per year.
Next in line are roles such as UX Designers with around €30,000 per year and financial advisors at an average of €28,940 annually.
The dataset also shows an average gross annual wage range of between €26,000 and €27,000 for positions like big data analysts, private banking consultants, and risk analysts in addition to insurance managers.
Other notable roles include commercial managers at around €21,690, bank managers at €20,600, and customer service technicians at €18,400 per year.
Both banks and insurance companies continue to focus on developing technological capabilities that allow them to tailor and personalize their products while improving the customer experience across all channels.
Alongside the gradual decline of traditional commercial banking, digital banking is on the rise. This digitization of banking services requires organizations to offer safer and more efficient processes and to remain competitive against fintech providers that have become well established in the market. Consequently, there is rising demand for Online Banking Managers, alongside a growing need for talent with a strong technological component such as big data analysts, cyber security experts, UX designers, and Artificial Intelligence Engineers.
In the insurance sector, the push is toward improving the online customer experience, increasing accessibility, and staying competitive. In a digitized environment, insurtech continues to gain market share, and insurers are investing in profiles that enhance usability, cybersecurity, machine learning, and the implementation of Big Data technologies.