Across the Banking & Financial Services market, we saw a slight slowdown in permanent hiring in Q4 2016, which is typical for last quarters across the years. In contrast, the temporary staffing and contracting market remained extremely buoyant. Over the last few months of 2016, organisations have looked into creating interim positions to deliver business change projects driven by regulatory implementations.
Corporate Governance continued to be one of the hotspots of hiring. We have seen, in recent years, that permanent talent acquisition has largely focused on talent-short, high-demand areas such as Financial Crime, Compliance Monitoring, KYC & COB, Credit Risk, Market Risk, Internal & IT Audit, and other Corporate Governance areas.
In 2016, there has been a continual need for talent within the front office space, for Corporate as well as Private & Priority Banking. Financial organisations also had pockets of hiring for positions in Banking Operations, with most of these being replacement roles. We also saw hiring activity for Finance & Accounting professionals within specialisations such as Capital Management & Liquidity and Financial Planning & Analysis.
Talent outlook for 2017
The current market is plagued with uncertainties due to recent developments in political and economic landscapes around the world, but we see a positive hiring outlook for Q1 2017.
We expect hiring activity to pick up in early January 2017, and in the months ahead, there will be a recurring trend where professionals from specialised areas such as Corporate Governance are highly sought after, and we will continue to see shallow talent pools for these areas.
Also, the upward trend in contract hiring will continue into 2017 as the banks are buying into the benefits of having a more flexible workforce.
Banking & Financial Services
Salary Report for Q1 2017*
*Notes about salary table:
- Titles and levels vary from organisation to organisation.
- The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.
- 12-month base salaries are assumed.
- All other benefits and bonuses are in addition to these figures.
- Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances. Bonus ranges from 1 month at the low end to 100%+ at the upper.
- Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.
- Healthcare policies are standard.
- Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as 15–20% of the base salary for senior executives.