Investment Management professionals are considering sideways moves in terms of salary if the role offers wider experience that will help their career in the bigger picture.
Investment Management as a whole has continued to be largely unaffected by Brexit. So far this year, many of the larger asset managers and some private equity companies have been performing better than ever before and actively hiring to accommodate for this. Internal promotions have been common where there has been a loss of headcount, as opposed to backfilling the role directly.
In the UK’s current uncertain climate, retention and employee engagement have become more important than ever before as firms try and establish a consistent, stable workforce. To tempt top performing employees to stay with them, organisations have to offer flexibility in working conditions and have been seen to hire junior candidates externally, but promote internally for the more senior level openings.
Some of the wider benefits now offered include:
Those who have obtained the ICAEW qualification remain in high demand and it continues to have the edge of ACCA or CIMA qualified candidates. However, that gap is becoming smaller year-on-year, as more companies see the benefit of having an ACCA/ CIMA accountant with hands on accounts prep experience to fill ACCA or CIMA jobs, who in some instances has a better chance of hitting the ground running. Proven stakeholder management skills, where candidates have been facing off with senior level individuals and influencing business decisions, have continued to be in demand.
In order to broaden skills in favour of the bigger picture, a number of professionals have been seen to consider sideways moves in terms of their salaries. There have also been a number of instances where a pay cut has been taken in order to get back into a role after struggling to find a senior role for some time.
Hiring within Investment Management has been steady despite the ever looming Brexit decision, with job and candidate activity up year-on-year which is encouraging. The amount of offshore recruitment within this sector has now petered out, with the majority of companies having their Brexit contingency plans already in place. What is encouraging for the London market is that 99% of the core senior finance roles we have seen are remaining in the English capital.
As we head into Q2 we expect the alternatives space, namely any company that invests in global private equity and real estate, to continue to perform well, which should have a knock on effect for finance jobs throughout the year. Overall market confidence is good despite some uncertainty as we hope the worst is now behind us.
Contributors to this update were: