The latest Market report on the UK Labour Market showed starting salaries rising as employer need to pay a premium as less people are open to making a move. In our view this has been echoed in Scotland's Financial Sector with many client's reporting skills shortages and lack of suitably qualified applicants in certain areas. The overall outlook remains good though with hiring up overall on Q1 and only slightly down on Q2 2016 according to our data. Here is what's happening at a sub-sector level:
Main volume of activity being driven by the Life Companies and Wrap Platforms. These clients have been looking for mutual funds knowledge and well rounded experience of various investment processes. Fund Accounting hiring is quiet, with only sporadic hiring mainly in the Statutory Reporting space. Operational Risk and Controls Testing remains a key hiring area for Outsourcing firms. Change Management professional with funds knowledge remain in demand, but in short supply, particularly those with leadership experience.
Risk & Compliance hiring starting to heat up. New AML Regulations have put further scrutiny on policies, systems and procedures relating to money laundering and terrorist financing. As seen in the press, HSBC's functional relocation to Scotland continues creating further fluidity in the market. IT hiring remains robust, with hottest hiring area being Cyber Security.
A fairly muted time for most firms on the hiring front. The pending large scale merger has removed some of the employee turnover from the market, which is in fact being listed as a problem for some firms! There has been small pockets of front office hiring from the boutiques.
Customer Services hiring at all levels and across all product lines has been high on the agenda as companies compete for the best staff to differentiate their overall customer experience. IT & Change hiring has been ticking along also, particularly in the Infrastructure space.