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Challenges in Contract Projects and Change in Investment Banking in 2013

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As we head into the final few weeks of 2013, I thought it would be quite timely to review some of the hiring challenges that have faced the Investment Banking change market this year.

 

Key regulatory initiatives (Dodd Frank/EMIR/RRP/CRD4/Basel III etc) have kept the banks under a lot pressure to hit deadlines and ensure they are compliant. Along side these, other transformational initiatives such as Outsourcing / Offshoring has seen a strong demand in the market for business change professionals with proven experience in the marketplace

 

The result has been an extremely competitive market, which has caused a number of challenges for banks looking to hire. Namely:

 

  • Having to increase contract day rates to attract (and retain) the right talent
  • Being more flexible on notice periods (considering candidates on 4 week notice periods)
  • Increased work loads for RPO’s – offer approval processes and onboarding takes longer
  • Speed – firms still insisting on multiple interviews before offering . Candidates are often being missed due to clients not moving quickly enough. Banks who have been able to speed up their processes are securing the best talent.
  • Flexibility on candidate requirements, often hiring SME’s with little change experience or strong generic banking change candidates with little specific product / regulatory knowledge

 

Those organisations who have been able to adapt to the market conditions have, as a result, been able to secure a competitive advantage when hiring. The outlook for 2014 looks very much the same in the contract market, with those who have the up to date market knowledge being in demand and most desirable.

 

To ensure you are not facing the challenges above, clients must be decisive and move quickly as Q1 2014 ensures to be a busy one.

Sunil Ryan
Posted by Sunil Ryan
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