The end of last year was fairly slow however, Q1 of 2017 has seen a good increase in open roles.
This was almost entirely dominated by Regulatory projects, predominantly MIFID II, which significantly impacted the amount of new hires in the contract change space. We have seen more hires on the Asset Management side, while majority of our Banking clients have tried to keep their costs minimal and focused on internal recruitment.
On the permanent side Asset Managers were quick off the mark to start hiring especially in the digital transformation space with senior change manager being required to focus on CRM projects and website overhauls. This was on top of continuing regulatory change programmes being resourced for the final push on a number of regulations including MiFID 2 and PRIPPS.
From a contract perspective there has been a vast demand for Project Managers as well as Business Analysts with good experience of the Regulatory space. MIFID II has been one of the key areas we have seen multiple roles, with majority of Financial Institutions seeking the regulatory expertise for the delivery next year.
The Recovery and Resolution Planning area as well as BREXIT Programmes have been other areas where clients, mainly Banking firms have been seeking to recruit talent. Additionally, there have been multiple headcounts within the broader operations change space, with particular demand for knowledge of Target operating model and expertise in process improvement and efficiency.
Typically for the start of the year, hiring began as programmes kicked off with directors to scope out the project and resource requirement and PMOs fixing the timeline and supporting the PM in realising the resource requirements.
With such a high demand for distribution or digital transformation experience, candidates could demand higher salaries and often had a choice between multiple offers. We have started to also see a demand for Business Analysts to scope out the requirements for these programmes.
Moving into the second quarter, we are feeling positive about the recruitment as per the conversations we have had with our clients particularly about their business areas and strategy.
We also expect recruitment to continue to be busy as a result of the bonuses now being paid and candidates being open to explore other external opportunities.
Q2 will typically be defined by turnover of staff as people receive there bonuses. Therefore there will be various replacement hires with the large CRM and digital transformation programmes providing the majority of strategic hires.