Ireland has a long history of exporting talent to the world, with some of its brightest minds seeking opportunity and experiences in pastures new. But with the Irish economy booming, and unemployment at a post-crash low, combined with increasing uncertainty as a result of factors such as Brexit, many people, Irish and non-Irish alike, are … Continued
Banking and Financial Services Market Update Q3 2016
People with crica 5 years restructuring/recovery experience are like gold dust at the moment and should take advantage of the situation while they can.
Banking and Financial Services Market Overview
The third quarter of every year is traditionally quiet to begin with and hectic towards the end of September with holidays taking the sting out of recruitment activity. This year however we saw sustained activity through July and August with each month as busy as September. New jobs registered and candidate applications are up 20% on the same time last year and although there is a wary sentiment following the Brexit vote, it hasn’t dampened hiring expectation with nearly all of our FS clients expecting to make numerous new hires going into the final Quarter of the year.
Salary increases are getting more dramatic and counter offers more frequent with companies realising they have to take action if they are to retain or attract top level staff in today’s market. There has been a strong push on employer branding and clients are frequently driving new initiatives looking to attract staff from abroad – particularly Irish professionals looking to return home.
From a candidate perspective, we are seeing increased engagement with people no longer happy to tolerate a stagnant internal process and realising that opportunity does exist externally. Money has once again become a significant driver with candidates with a continued focus on securing a higher percentage in salary increase and more importantly promotion opportunities that had alluded them internally.
We spoke previously about an increase in hiring across Private Banking and Wealth Management and this has continued to be the case. Nearly all of our clients within this space have registered jobs within the last quarter, a trend that looks set to continue until the end of the year. There is huge competition for talent in this area and candidates with a strong track record of delivering sales can have their pick of employer and command significant salaries.
Although we had predicted a slowdown in restructuring and recovery roles in the market, this proved not to be the case with a number of clients taking on multiple new hires at mid-level range. This has proven to be an area where staff are in huge demand, however, there are not sufficient candidate numbers to fill all available roles. People with circa 5 years restructuring/recovery experience are like gold dust at the moment and should take advantage of the situation while they can.
Activity within the lending space is still on the rise across commercial and property, with new entrants growing in size and recruiting staff from some of the more established players. This has been a welcome release and has meant that activity and competition have grown once again with candidates not as reliant on a select number of employers. There is no longer a huge talent pool in this area waiting for the right move and gradually things are starting to normalise.
What do we expect for the remainder of the year?
We expect there to be continued volume hiring with the Personal Banking, Private Banking and Wealth Management space carried through to the end of the year and into next year. There are still gaps with restructuring teams and some of the loan servicing companies we still expect some movement. All in all, we are very positive on activity in this area going to year end and with new entrants to the market things can only look up.
If you are thinking of a move this Q4, for a confidential discussion please contact me on EBlake@lincoln.ie or call 01 661 0444.
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