Office Support Q2 2017 Recruitment Update

Office Support Q2 2017 Recruitment Update

Roxie Hanlon 17.07.2017

Non-Banking Financial Services – Contract

Q2 2017 maintained the pace and success that we were experiencing throughout Q1, with secretarial and office support functions continuing to flourish within the asset management, FinTech and brokerage space.

The second quarter can be notoriously slow on the contract side due to bank holidays, half terms and the beginning of holiday season. The knock on effect for this throughout April, May and June meant that feedback was that little bit slower compared to Q1 and approvals took a bit longer; however, once a successful candidate was approved the process picked up pace. As a result job seekers were able to start their assignments within a maximum five day period from when the interviews were completed.

Over 56% of the mandates received in the last three months were for personal assistants, of which the majority were urgent hires, so candidates on 1 week or less notice periods were the most desirable. In Q1 we saw a high demand for receptionists and office assistants, and although we did continue to see a steady flow for this mandate, there was a noticeable increase for executive assistants being hired into asset management, with 24% of the jobs received for Q2 looking for an experienced executive to support at a senior level.

The table below outlines the “in demand” roles within the office support contract space and the average hourly rates for these positions:

Job Title

Hourly Rate (£)

Receptionist

14 - 15

Team Assistant

17 - 19

Personal Assistant

18 - 21

Executive Assistant

20 - 23

Office Manager

20 - 24

There has been a noticeable change in the candidate market with an increase of part-time candidates becoming available; whether they have recently been made redundant or returning from maternity leave, job seekers are now looking for the option of working 2/3 days per week. Unfortunately, the number of jobs available to satisfy a reduced working week has been low, requiring people to be patient while they wait for the perfect part-time role or in some instances taking on short term assignments to satisfy their career requirements.

Trends suggest that Q3 looks set to maintain the positivity that we have experienced throughout H1 for the contract space; many of our asset management clients are already making plans for holiday covers and also for additional headcount for certain areas of the business.

 

Non-Banking Financial Services – Permanent

Q2 2017 has seen steady hiring in the office support permanent market; the type of client mirrors that of the contract market with asset managers being at the forefront of all mandates received. Throughout Q2 we have seen hiring continue at a steady pace with candidates having the luxury of salaries seeing a slight increase in Q2 compared to Q1.

A noticeable change has been the increased hiring of senior 1:1 executive assistants; candidates with board level and HNWI experience have been very appealing to the buy-side firms. The finance market has seen a number of changes and additional senior hires, and with that comes the requirement for an executive assistant who is able to provide a high level of support with the utmost discretion. A steady and consistent mandate throughout Q2 has been the need of personal assistants with 5 + years previous experience.

The table below outlines the “in demand” roles within the office support permanent space and the average salaries for these positions:

Job Title

Salary (£)

Receptionist

25,000 - 30,000

Junior Team Assistant

27,000 - 33,000

Team Assistant

31,000 - 37,000

Personal Assistant

36,000 - 41,000

Executive Assistant

40,000 - 45,000

Office Manager

39,000 - 50,000

Q2 saw a positive change in what has previously been a lengthy interview process; whereas previous hires during Q4 2016 and Q1 2017 saw the on boarding process take a minimum of 2 weeks. The process seemed to mirror the demands of a candidate driven market and pick up speed. A high number of the SME’s and asset managers took a very “hands on” approach while hiring in Q2, choosing to conduct 1st and 2nd stage interviews at the same time or having multiple interviewers attend and meet the candidate.

With such an encouraging quarter for the permanent office support market, we are very optimistic for the remainder for the year. Through networking in the market it would appear that the asset management, FinTech and brokerage firms look set to keep the office support area busy and buoyant throughout the summer months.

Roxie Hanlon's picture
Team Leader | Office Support and Secretarial
rhanlon@morganmckinley.co.uk