The 2017 Robert Walters Salary Survey shows that recruitment was steady throughout 2016, with companies focusing on improving cost efficiencies, adopting new technologies and reviewing incentive strategies.
Changes in compliance legislation played a key role in driving hiring decisions among banks and financial services firms during 2016. Institutions remained keen to hire candidates who could help them adapt to the toughening regulatory landscape and contribute to the development of innovative products and services.
We see these trends continuing in 2017, with exceptional talent being sought for technology (particularly fintech), regulatory and compliance roles. Retirement of senior professionals continued to be a challenge for employers in 2016, leading many to seek high-potential junior and mid-level candidates. Those with the ability to overhaul systems through the exploitation of new technologies were particularly sought after.
A strong academic and professional background, coupled with good interpersonal skills were hallmarks of top talent in 2016 and these qualities will continue to be sought by employers throughout 2017. Due to high demand and a candidate short market, employers will have to compete for top calibre professionals, particularly within risk, compliance, regulatory accountancy and IT development.
Institutions remained keen to hire candidates who could help them adapt to the toughening regulatory landscape and contribute to the development of innovative products and services.
Hiring managers looking to attract and retain top Millennial talent are advised to emphasize the potential for career development and variety through, for instance, job rotation and overseas secondments. Ensuring recruitment processes are efficient and job offers are made quickly will also be essential, as top-tier professionals are likely to receive multiple offers.
Impact on hiring
As the economy continues to feel the effect of falling oil and gas prices, we expect salaries will remain subdued, with exceptions for top talent in risk, compliance and IT. Hiring activity will also be impacted by wider economic trends, including the American presidential election, Britain’s exit from the EU and the implementation of any new infrastructure programs by Canada’s new Liberal government.
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