The Compliance recruitment market during Q2 of 2013 was characterised by a noticeable upswing in new Compliance mandates across the London market. This increased volume of activity is a continuation of the pickup in late Q1 as many firms continue to react to the increasingly regulated market in which they operate. Due to the sheer amount of new rules and regulations being imposed on financial services firms, many businesses are by necessity, in the process of beefing up and expanding their Compliance and AML teams. This is happening on a multi-sector level with particular demand for AML, anti-financial crime, anti-fraud and monitoring/reviews professionals. Some of the more active players in the investment banking space include Barclays, Deutsche Bank, JP Morgan and HSBC.
On a candidate level, many candidates are still receiving little or no pay increases and mediocre bonus payments and this –coupled with job stagnation - is leading to a noticeable increase in candidates who are actively looking for new opportunities.
The combination of more jobs and increased candidate activity has led to a more ‘even’ playing field between candidates and clients for the first time in a number of years. Good candidates are now having a number of interesting roles to choose from. We expect this to continue into Q3 and beyond.
One of the threats to the smooth running of this process is clients that are too slow with their interview practices and processes are finding themselves losing out to quicker more efficient rivals. A tighter more controlled interview process is the key to securing the best talent in the market – particularly for those candidates who possess specialist skills sets such as product advisory and CASS experience. Other sought after areas include those with EMIR understanding or other impacting regulations such as AIFMD within the hedge fund sector.
Due to the improved market conditions, recruiters are finding that the need for good candidates is increasing. Those who have an array of candidate generation techniques are finding it easier to place candidates and in turn, win new business.
Those agencies with a wider and more diverse candidate base - such as Investigo - are able to capitalise on this and generate increased income activity with both new and existing clients.