INTRODUCTION
The first quarter of 2022 has seen a continuation of the busy hiring we experienced before Christmas with volume of roles increasing by tenfold! Where we would typically expect a slower start to the year following the holiday break, this was completely countered by us having an abundance of roles being released from the first week of January. This continued and even gathered more momentum throughout February and March with most people agreeing that it was the busiest first quarter of their careers.
It has become apparent that whilst there is still an element of uncertainty due to the ending pandemic, firms are in a much more comfortable position and the desire for firms to increase headcount in has resulted in much higher levels of recruitment in early 2021.
It has been a very role heavy Q1 which leads to a candidate led market as candidates found themselves in the comfortable position of having multiple different roles to choose from. It was unusual for us to have candidates that were not in a number of other processes.
As always, the bonus season has been one factor contributing to this buoyancy, and due to the competition in the market we frequently saw firms state that they would pay off candidates bonuses to secure them.
ROLE PROFILES
Monitoring is always an area that has a steady level of hiring and this has born out in Q1 2022 however within that we have seen a definite focus on role that specialise in Thematic Reviews and Deep dive monitoring.
In the Asset Management sector, the demand has also remained high. Strong candidates with generalist Compliance skills, and those with Guideline Monitoring skillsets are particularly sought after. Specific systems knowledge is becoming increasingly advantageous -especially to those candidates that are keen on the coding aspect and candidates with working knowledge of Charles River specifically. Aside from the monitoring space, we have seen an overall increase in the number of junior positions, for both generalist candidates and those with skills in specific areas, such as Advisory and Regulation. Strong Fund knowledge has been a reoccurring requirement for the generalist mid-senior vacancies.
In addition to the more tradition Compliance fields we have also seen a focus on more niche areas of Compliance. Distribution has seen a recent boom, and we have seen the need for mid range hires across Asset and Investment Management. In the last few weeks we are also seen an influx in Distribution Compliance roles, specifically tailored around signing off on Financial Promotions.
Another area where we have seen a definite spike is in the amount of CASS roles over the last quarter, with a specific increase in clients looking for a 1-3 years level of experience. CASS 6 to 10 are the main areas of knowledge required in addition to the good understanding and working knowledge of general CASS oversight.
Financial Crime Compliance (FCC) – This particular area has gone from steady to buoyant in Q1, we have seen requirement across the spectrum from KYC/Onboarding (remediation projects) to senior FCC managers and MLRO’s. Generalist FCC have been highly sought, candidates who are able to assist in building a framework who have a broad experience across AML, Sanctions, EDD, PEPs, ABC, etc…
THE WIDER MARKET
One aspect that is necessary to highlight that has been key to hiring in Q1 is the length and speed of processes. As a result of the increased levels of hiring and just how busy the market is, the speed of process is an element that is vital to the current recruitment trends. Candidates are involved in multiple processes therefore their availability is highly sensitive and volatile and we are seeing a number of firms missing out on top level candidates because they are unable to move fast enough, or are unable to provide a realistic timeline of stages and providing feedback. Long processes often leave candidates disenchanted with the process, and roles that have been in the market for a long time are less appealing. Firms that hire with conviction are very much securing the best talent in the market.
The buoyancy of the market also means candidate are able to be much more specific and cautious when it comes to choosing their next move. Candidates feel the market is stable enough for them to wait for the ‘perfect role’ and also this means they are looking for significant increases in total compensation to move. Candidates moving from one permanent role to another are still looking for an increase of at least 20% on their basic salary and feel confident enough not to settle for less money.
Following Covid we have seen a massive shift in Working Culture and this has continued into 2022. Other than total compensation, the main motivational shift we are witnessing is the desire for candidates to move to firms that they feel offer a greater work life balance and flexibility. We are seeing the increase in positions that will hiring people from much wider location brackets as they are able to work remotely for most of the week with 1 or 2 days in the office.
CONCLUSION
We expect the busy levels of hiring to continue into the next quarter. With the momentum continuing, the speed of the interview process will continue to play an important part in securing the best candidate.
The ever developing and expanding areas of Compliance and Financial Crime and the ongoing wave of regulations continue to remain a focus in both the Banking and Asset Management sectors, giving us cause to remain confident that hiring will remain at healthy levels. The importance of firms retaining the highest regulatory standards is something that will not diminish throughout the year, and most likely will grow so the outlook for Compliance and Fin Crime professionals looks positive for Q2 and the rest of the year ahead. The constantly evolving regulatory environment has meant that the need for skilled candidates is ever present. As the economic recovery continues, Compliance will continue to be an area in the highest demand.
To see our current live Compliance roles, click here, or to contact someone in our compliance team, visit our contact page here.