At the beginning of 2021, we introduced the Confidence Index, which is a visual aid to visually show recruitment trends compared to the 2019 average. Track data related to new missions, first interviews, and jobs. These are the best indicators of client adoption and overall confidence in the financial services sector.
As we move into the fourth quarter and look back at the third quarter, we feel that this is a good time to publish the latest results and provide analysis.
Since the beginning of the year, all the metrics we measure have increased by 151% in total, with the largest increase in jobs, with an average increase of 181% in 2019. So it’s not surprising that the latest KPMG / REC job listings state that staff demand is higher than ever. Full-time placement has increased unprecedentedly, and starting salaries have skyrocketed.
Customer confidence is back and many are pushing for a pending growth plan. But to secure the best talent, companies must take different approaches due to a serious shortage of candidates in all sectors, especially financial services.
Candidates are currently interested in a balance between work and life, as 67% of candidates expect to work from home at least two days a week. The only exception is the junior end of the market, which prefers to be in the office because it helps with training and development.
Even the best brands struggle to stand out in a highly competitive market. Indeed, in the third quarter, candidates were more open to new opportunities, with a 122% increase in initial interviews during the period and a 158% increase in job openings. However, candidates can be much more selective.
Our clients, who have the best candidates, act quickly, have a flexible interview process, and provide timely feedback on both CVs and interviews.
The table has rotated. Asking candidates “why” they want to join your company at the first interview is no longer enough. Moreover, why do they need to join your company? What is your culture, do you have a diverse workforce and agile way of working, and what are your values? These are the questions that the candidate is seeking answers to.
The third quarter of 2021, unlike the previous third quarter, had an unprecedented level of activity, which showed good signs for the rest of the year. But with about 953,000 vacant seats in all sectors in the UK, almost three times as many as last year, it’s hard to know where candidates come from to fulfill all of these roles. Perhaps more queues at gas stations, and a shortage of Christmas shelves are expected.
While activity in the third quarter has traditionally been low due to the holiday season, the third quarter of 2021 was one of the busiest times we remember, especially in financial planning. All key activity indicators were above pre-pandemic levels over the entire period, with a genuine, sustained influx of new allocations showing no signs of decline. This has a slight north-south gap, with London and the South being busier than the North, perhaps supported by a universal increase in returning to the capital’s offices throughout the quarter.
From a candidate’s perspective, far more candidates have returned to confidence, eager to consider options than they have seen for at least two years. These candidates have so many good choices that competition is fierce and even strong brands are hard to stand out in the crowd. Ensuring quick action, timely feedback, and a hilarious interview process is more important than ever.
In the southeast, the number of candidates who are enjoying London’s opportunities for the first time is increasing significantly, and new norms of agile work make it possible.
Diversity and inclusiveness remain hot topics, and more and more clients are demanding a particular focus on increasing diversity within their teams, both in terms of gender and ethnicity. An estimated 85/15% male-to-female advisor community division and BAME representatives are less than 10%. It’s easy to see why some of our clients are trying to increase the diversity of their business in order to build a team that drives innovation.
This year’s average salary increase for candidates to relocate was 24.2%, slightly higher than in the normal year (22-22.5%). However, in the third quarter, there were some rare cases where salaries actually fell in order for candidates to take on roles they considered more fulfilling or better in terms of work and life. Due to the pandemic, many have reassessed their priorities.
Alistair Brownlee is BWD’s Business Development Director and James Woods is BWD’s Senior Client Director.
Pandemic emphasizes advisor talent and life balance
Source link Pandemic emphasizes advisor talent and life balance