Recruitment like many other industries in the UK experienced a difficult year, however the final quarter of 2016 started to show signs that 2017 or at least the first quarter of 2017 would be far more productive.
Gone were the whispers of hiring freezes (for most) and Brexit was mentioned far far less as a reason not to recruit or indeed to recruit.
What was quite apparent was clients were starting to receive sign off on roles for 2017 and were keen and eager to utilise this sign off whilst it was there. However not all clients shared the appetite to buy out bonuses which led to a candidate shortage.
Following on from the bonus and candidate shortage – it would appear that many firms are suggesting for the investment operations universe bonuses will be similar or down from last year. Usually this would suggest a spike in candidate activity our side although we won’t necessarily see that volume until the end of this quarter. To this point the candidates we are meeting and interviewing are not siting bonuses as a reason for looking at moving on.
It has also been encouraging to see companies talking to us about ensuring they see diverse candidate shortlists to help strengthen a more balanced team. This is something that plays to BRUIN’s strengths as we have been collecting and working with data around this space for a number of years.
In summary the market for good candidates is looking positive for the beginning of 2017 – if they are motivated to look for new opportunities for the correct reasons there are some great opportunities available.
Roles have been typically varied in both level and job type, oversight functions for operations were busy and perhaps the softer skills that candidates required such as stakeholder management and process improvement were highly sort after and helped candidates stand out from others.
Disciplines in particular demand:
- Transfer Agency: Roles paying between £45k and £80k
- Data: Again roles paying up to £80k
- CASS roles: Where a client wanted a specialist to join a team £65k
- General Investment Operations/Trade Support: £40k/£65k
Qtr 1 for 2017 looks extremely positive – vacancy levels are up year on year, clients committing to interviews are up and generally there is a feeling of confidence around candidates leaving the safety of what they know behind and moving in to something else.
We think the candidate market will start to move more quickly – we of course understand processes are there to be followed but in some instances we have placed candidates that have gone through an interview process that has taken 3+ months – with the market picking up I am afraid clients may not have the luxury to deliberate as long, as the completion for candidates picks up.