In a largely candidate driven market, firms have to pay particular attention to the retention of staff to reduce the risk of losing top employees to their competitors.
Regulatory reporting is an inherently candidate short market; there is a high demand for people to fill roles, but a short supply of the right talent. Candidates who are appropriately skilled, have sufficient experience and are commercially minded do not come around often.
Once you have someone onboard and integrated into your team, it is crucial that you take steps to retain them.
There are three core areas that banks can focus on in order to enhance their rates of retention. The scope of work, responsibilities of the role and opportunity for development are the most key factors that will improve the chances of employees staying in a position.
Splitting it by level of seniority, junior level candidates particularly look for the chance to upskill in various areas of reporting, whilst more senior level professionals look for increasingly complex returns and a higher volume to work through - this is often gained through experience in larger banks.
As is fairly commonplace these days, flexibility is high up on the list. Authorising remote working, allowing for a good work/life balance and offering parental benefits are what employees tend to look for in firms. There is also currently a strong drive by Tier 1 US and UK Investment Banks to improve their gender balance by hiring strong female VP level candidates.
Regulatory reporting is a candidate driven market, the firms that are most competitive to get into are those that have the quickest and most streamlined processes. The reason that these firms are attractive to candidates is that being a market leader when it comes to speed of reporting turnaround can allow for different areas and a variety of tasks to be worked on.
In order to retain the top talent, it is increasingly being seen that banks have to create roles that sit across both BAU and projects teams. As mentioned above and in our previous articles, candidates want a position that offers an assortment of work, engaging different business areas in order to broaden their experience and improve their career prospects.
A common cause of professionals wanting to leave their regulatory reporting jobs is the repetitive nature of the tasks. In general, individuals move from BAU to the project space where the work is more cross-functional.
At the moment, another reason why people are leaving their roles is the introduction of advanced technology. Automation is starting to eliminate the need for human input in some areas of regulatory reporting, particularly the preparation and inputting of data. This has freed up time of individuals, prompting them to move into more commercial roles where they act more like business partners, advising on capital positions.
With a broader understanding of the business and the firm’s position in the market, professionals in these newly formed positions can focus on the wider offering of the business.
We have written several informational regulatory reporting posts for you to read. The other topics we have covered include:
If you would like to speak directly to a member of our team about any regulatory reporting jobs available, do not hesitate to get in touch.