Internal Audit professionals have to be flexible and prepared to move into new markets; being adaptable has been key to success so far this year.
Big banks have been sluggish in their hiring, therefore the highest volume of roles has been coming from within the smaller banks. As a consequence of the reluctance from big banks to hire, consultancies have capitalised and continue to expand their own outsourced Internal Audit capabilities. There has also been a fair amount of demand for VPs as employers have looked to strengthen their workforce with increased technical expertise and experience.
In order to attract and retain top talent in the profession, employers have to:
In a climate that is constantly changing, professionals have to be flexible and prepared to adapt to new markets. Where a candidate has limited options for internal promotion, many are happy to accept a sideways move in terms of salary if it results in increased career prospects or for an improved working environment - the search for the perfect work-life balance is now a priority for many.
The big banks have hired too much over recent years. Many have become significantly top heavy, which has led to reduced internal promotions as well as reduced ability to hire externally. Despite this, regulatory and compliance audit roles have remained in demand due to continued pressure from the regulators.
Although it hasn’t had a huge effect on hiring, Brexit has clearly caused both hiring managers and jobseekers to exercise an element of caution.