As we come to the end of Q1, our expert recruitment consultants have provided insights into the current employment market within Financial Services
In this Q1 Review, we will be looking at; current trends within Financial Services, talent attraction and retention, unique industry benefits, relevant skills and qualifications, notable behaviours from professionals and any legislation changes or political events set to have an impact on the industry.
Across the Financial Services sector in early 2019, there has been continued growth in the amount of firms preparing for the impending Brexit. Therefore, organisations have mainly been hiring in conjunction with guidelines by the Central Bank of Ireland. The spaces of Asset Management and Investment Banking in particular have been especially active. However, some of the larger traditional funds agencies have entered into 2019 at a slower pace, as they wait to understand the outcome of Brexit before finalising their overall plans for 2019.
In regards to talent attraction and retention, there seems to be some challenges on the retention side of things. This is due to the number of opportunities arising within the Financial Services sector. Large pay rises are commonplace, which can be difficult for employers to adhere to. Essentially, demand is outweighing the supply of qualified professionals. Attracting talent is equally as challenging as retaining it in the current climate, with firms generally offering attractive financial incentives as well as generous USP’s to stand out from the crowd. In terms of what the talent is looking for, it is generally company culture and development opportunities which are prevalent.Flexibility is increasingly becoming a priority for Financial Services professionals, in particular in Dublin as the cost of living is higher, meaning people often have lengthy commutes and therefore require some flexibility in their set hours. People will often consider taking less financial remuneration in order to achieve these flexible working arrangements.
The desirable skills among Financial Services professionals are to be personable, ambitious and hard working. Niche experience and specific product knowledge is also important to employers. Employers are willing to pay generous salaries, but only for those with the correct and relevant experience.
As with most industries, Brexit is set to have a huge impact on the Financial Services market, in Dublin in particular. However, this will not have an impact on the further growth of roles in the market, but more so on the type of roles available and when these will become available also.
Click here to read the other market updates for quarter 1.