Corporate Governance Recruitment Trends
An extensive study conducted by Barclay Simpson Recruitment analyses and assesses the growing confidence in 2014s recruitment trends to find promising results of the industry.
Established in 1989 Barclay Simpson is an innovative international corporate governance recruitment consultancy that specialises in everything from compliance, security and business continuity. Working with clients in all sectors throughout the UK, Europe, Middle East, North America and Asian Pacific from offices located in London, Edinburgh, New York, Dubai, Hong Kong and Singapore the company has produced accurate and outstanding governance marketing reports from 1990.
The 2014 corporate governance recruitment trends report covers the current trends of the industry thoroughly, including a salary guide to what employers are asking for in the dynamic and growing world of recruiting.
Demands and standards rising
57% of risk managers rated the importance of recruitment as being vital to the success of their department, and an additional 36% agreed that it is important in the industry.
2014s vacancies are now approaching levels reached in 2010, when post financial crisis, financial service groups expanded their risk management functions. The main driver found is the banks, where the number of risk managers employed is increasing dramatically.
Barring any deterioration in the economic environment it is expected that the number of vacancies will be sustained throughout 2014.
Rates of placements continue to rise
The increase in the rate of placements continued to rise in 2013 and ended the year at 73%, up from 61% in 2012.
As the economy and market confidence improves, companies are becoming more comfortable with the commitment necessary to make realistic offers of employment.
An analysis of individual sectors
Business risk demands are focused on junior to mid-level operational risk managers together with a steady recurrence of Head of Level vacancies.
Demands from the banking sector continues to dominate business risk and particularly in the UK universal banks have multiple vacancies across their business lines.
The funds and wealth management sectors are providing excellent vacancies, set to continue during 2014.
In comparison, the majority of financial risk managers are employed across retail, corporate and banking sectors, which all remain active in vacancies.
The contract market
Demand for contract staff has been surprisingly subdued in 2013 resulting in an negative effect on the rates.
In 2014 there are likely to have a number of drivers in the contract market, including the continuing concern with customer experience and outcomes and accurate capture of risk events as well as appropriate risk technology systems.
International companies that have migrated to the UK risk functions are being called to their home seas to reinstate technology systems.
It is expected that a demand for risk management contractors to pick up in 2014, as confidence continues to improve and companies respond to regulatory pressures by increasing their investment in risk management.
Depending on position in the company and risk salaries in sectors range dramatically.
Corporate Investment Banking - from £38,500 to £195,000.
Retail Banking - from £25,000 to £150,000.
Private Banking - from £30,000 to 150,000.
Asset Management - from £55,000 to £225,000.
Hedge Fund - from £57,000 to £250,000.
Insurance - from £40,000 to £200,000.
Confidence has returned to the market but finding candidates with the required skills is a significant challenge in the industry - 44% of risk department managers do not believe their department is sufficiently resourced for the demands that are made for the jobs.
Recruitment is vital for business success - 59% of risk managers consider recruitment vital to the success of their department and a further 36% rate it as important.
Minimum three years of experience is required as not one manager said they would look for a candidate with less than such.
82% of candidates are likely to have 3-7 years of industry experience.
Interpersonal skills are vital according to 97% of employers, of which 71% said their greatest recruitment challenge has been finding candidates with the required interpersonal skills.
Agencies are the highest percentage of external recruiters - 62% of candidates are sourced by agencies.
Employers believe that their corporate brand should be what attracts candidates and not high salaries.
Only 19% of employers said they would not be prepared to recruit candidates with transferable skills and experience from other industries.
69% of employers are predicted to recruit in 2014.
Find the full report and results here.
Comments are closed for this blog post