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For those in the world of funds management, staying on top of market changes is essential for both hiring managers and job seekers. In this blog, I’ll cover the current state of the job market in funds management and provide strategies for hiring managers and tips for candidates.
What does the current Funds Management job market look like?
In recent years, the job market in funds management has been marked by significant shifts. Here's a snapshot of where we stand today:
Candidate's market: For some time now, the job market in funds management has favoured candidates. This trend was further accentuated when the unemployment rate hit a 50-year low earlier this year.
Offshoring and supply issues: Over the past decade, offshoring practices have strained the candidate supply, leading to an unsustainable situation in which the demand for skilled professionals outpaced the available talent pool.
Pandemic-induced salary surge: The COVID-19 pandemic brought about a surge in salaries as companies scrambled to attract and retain top talent, even in the remote work environment.
Balanced market emerging: However, we are now beginning to witness signs of the market coming down from its peak. Demand for talent in funds management has started to taper off slightly, ushering in a more balanced market.
Do you have any helpful strategies for hiring managers?
Proactive recruitment: Stay ahead of the curve by identifying potential candidates well in advance of your recruitment schedule. Establish a long-term recruitment plan and maintain a healthy pipeline of candidates ready to go.
Speed matters: In a candidate's market, time is of the essence. Avoid lengthy recruitment processes and interviews with multiple decision-makers involved. Act swiftly when you find qualified candidates.
Embrace soft skills: While technical skills are essential, don't shy away from candidates who might not be a perfect match in terms of technical skills. Investing time in training candidates who align with your company culture can yield excellent results.
What are your top three tips for seeking candidates?
Customise your resume: Tailor your resume for each job application, highlighting the technical skills required for each role within the first few bullet points. Your resume is your sales tool to secure that crucial interview.
Consider non-salary benefits: Beyond just salary, be open to other employee benefits. Work-life balance, flexibility, and bonuses can be significant factors in your job satisfaction.
Explore contract roles: In the current market, many roles are offered on a contract basis. Don't hesitate to consider these opportunities, as they often lead to permanent positions. Contract roles may have fewer entry barriers and technical requirements, making them a valuable stepping stone.
In conclusion, the job market in funds management is in a state of flux, but with the right strategies, both hiring managers and candidates can navigate it successfully.
Watch our Hot Tips & Insights video series discussing these points, in our video library.
Reach out to me for further assistance with your hiring needs or career goals!
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