Operations professionals have become open to a broader range of roles and have had to carefully consider their remuneration in order to secure a position.
Despite a slow start to the year in terms of firms hiring, an increasing number of financial services jobs have become available throughout March to banking recruitment agencies and things are looking positive for the rest of 2019. Hiring has been flat when compared to the last three months of 2018.
The lack of candidates actively looking for new roles can partially be attributed to the successful retention from firms. Rate of employee turnover across the contract market has been reduced by organisations:
Benefits are minimal on contract which is widely accepted, however, where clients need to attract strong contract financial services professionals, employers have been seen to increase day rates and offer longer contracts, as well as providing cross product and cross team training that will give the contractor a greater breadth of experience - particularly attractive for those looking to improve their career prospects. Where flexible working is becoming rife in most industries, there is a lack of it being offered in Operations.
Qualifications such as IMC and CFA have been in demand, and those candidates who have become subject matter experts in a particular area or asset class are also highly sought after.
Due to market conditions, candidates have been more open to a wider ranger roles and have had to consider their remuneration carefully. For example, banking recruitment agencies have seen numerous cases of contractors going for a lower level role with a reduced rate to ensure they secure a position. Something is better than nothing in the current climate.
Whilst it isn’t due to come into force until April 2020, the suggested changes to IR35 have influenced the contract Operations market. On the regulatory side of things, there have been no new major regulations meaning most projects are either now complete or coming to an end soon.
On top of this, Brexit has created opportunities and has resulted in BAU roles being recruited to backfill headcount where professionals are being seconded onto Brexit projects. General cost cutting is ongoing due to an ultra competitive market.