Financial services leaders vie for talent they can bank on
Demand for experienced banking operations talent is burgeoning due to healthy real estate funding and high demand from private equity, venture capital, and asset management firms, according to a new report by specialist recruiter Robert Half.
Robert Half’s Salary Guide 2022 – an annual report for projected salary ranges, benefits and hiring trends across several sectors – reveals that the fintech space has experienced a meteoric rise and that start-ups have blossomed in recent months, further increasing demand for skilled financial services talent.
Almost two thirds (62%) of chief financial officers (CFOs) are ‘somewhat to more’ confident about business growth prospects over the next 12 months, and this is particularly true in banking, where share prices are showing healthy recoveries from the beginning of this year.
44% of CFOs say that the better economic situation is bolstering their confidence, second only to the acceleration of the adoption of automation and digital technologies that help to make processes more efficient (48%). However, to harness these opportunities, they need to be able to hire new employees with the skills they need.
Henry Morse, associate director at Robert Half, said: “There has been an explosion of demand for digitally skilled candidates in the financial services sector as companies fight to be stronger, better and faster. With further developments in Open Banking and the continuation of digital transformation projects, experienced talent will be in a strong position well into 2022.”
Demand has already outstripped available talent in the sector, with more than half (56%) expecting it to be more challenging to find qualified candidates over the next 12 months. With the right talent in short supply, salaries have increased across a variety of roles – particularly in finance, compliance, risk and banking operations.
These roles are particularly in demand as a result of the new regulatory landscape created by Brexit and the introduction of government mandated Environmental Social Governance (ESG) standards. A recent Bloomberg survey confirms that ESG is reshaping the world of finance, with 20 of Europe’s largest banks affirming that they are working on a renumeration package that is linked to a firm’s performance on sustainability metrics.
Chris Henson, a senior manager at Robert Half specialising in compliance and risk recruitment, added: “The number of firms looking for compliance, legal and risk skills in relation to ESG has increased considerably over the past year. Asset management firms especially have sought to hire professionals who can help them build out policies and risk frameworks to meet the expectations of investors when it comes to their wider environmental and social impact.”
Along with insights on employer expectations for 2022, Robert Half’s Salary Guide 2022 also includes salary data for a large range of roles, allowing businesses to find out how much they should pay and candidates to find out the going rate.