Banking and financial services institutions offer Marketing, Communications and Sales Support professionals significant salaries in an attempt to secure the top candidates.
Despite the holiday period slowing processes with team members being out of the office, Marketing, Communications and Sales Support recruitment was steady throughout July and August, and became increasingly busy in September as holidaymakers returned to work. Some banking and wider financial services institutions have delivered offers that are beyond the expectations of candidates in an attempt to secure the best talent in a candidate driven market where job seekers have a choice between opportunities.
However, many large international banks still have hiring freezes in place whilst they wait for Brexit decisions and also work out how to deal with regulatory changes for limited company contractors due to IR35 changes. Companies are looking to offer more PAYE options, Fixed Term Contracts or hire on a permanent basis. Furthermore, restructures in banking are not only resulting in redundancies but creating more internal mobility as they look to ‘re-house’ employees internally before looking externally. As a consequence, there appear to be more employee engagement/communications roles so that organisations can ensure their staff are updated on the latest changes.
Generalist marketing roles where B2B or institutional client exposure is needed have been in demand, as have presentation and graphic design specialists. There has also been a big increase in PR/Media Relations roles, both agency and in-house. This may be due to the time of year as a number of media agencies pay bonuses in August, and therefore, there is some natural attrition as people look for new opportunities externally. Hiring organisations need to ensure their external and client communications are first class and broadcast in real time if they want to stand out from their competition.
“In comparison to the beginning of the year, there have been more mid-senior level hires at salaries ranging from £50k - £80k.”
There has also been an increasing demand for propositions managers in technology and telecommunications due to the constant evolution of product offerings and services, as well as competitors upping their game in terms of loyalty programmes. Companies are increasingly having to be innovative in order to attract new and retain existing customers. With this in mind, numerous firms have hired in bulk and built new teams, of between 3 and 10 new starters, from scratch. Marketing Technology positions, where hiring managers looked for individuals who have worked on marketing system implementation projects, have been frequently requested. These roles require professionals who can project manage new system onboarding as well as make the most of new platforms once they have been integrated.
In terms of qualifications and training, more professionals have been brushing up on compliance training to be more self-compliant when reviewing content and marketing materials. This is beneficial as it makes for a more efficient sign-off process.
Marketing is a nimble discipline so it is appropriate for staff to have the opportunity to work from home and as a result, organisations are increasingly offering wellness programmes to display support for their employees. There has been a notable increase in the number of job specifications highlighting the availability of flexible or remote working - these are effective ways of attracting talent. Businesses are also becoming more open to hiring ‘returners to work’ if they have been off the market for a while. From an employee perspective, more and more job seekers want to know about an organisation’s flexible working policies before they enter an interview process.
As we move towards the end of 2019, the Brexit issue still lingers and will inevitably create a level of uncertainty, deterring people from moving roles. Further to this, numerous professionals will be waiting on bonuses due at year-end and therefore likely to be reluctant to move before receiving them. Across Asset Management we expect to see a steady level of recruitment due to internal promotions making room for junior hires and budgets being signed off for 2020. Similarly, in Banking and FinTech when budgets are signed off and if hiring freezes are lifted, we hope to see more activity. Contractors and employers alike must be mindful of the impending changes to IR35 and how they will affect their specific situations - it will be interesting to see how different businesses react.
For junior professionals employed in roles across Investment Management, obtaining the IMC qualification will help show your commitment to the industry and give a great foundation for a career on the buy-side. We recommend Marketing job seekers in any sector focus heavily on interview preparation. Take every opportunity to work with your recruiter - they have the best hints, tips and specific company/industry insights.
Proactivity is integral to success. Ensure you follow up on any roles you have applied for, call your recruitment consultant for feedback after an interview and make sure you tailor your CV to each job application, highlighting how your skills match those listed on the job specification.