Glasgow’s financial services district, has enjoyed a buoyant 2018 for hiring after a muted 2017. The city is competing well to become an attractive location for both existing firms and next market entrants to base staff from. Alongside being attractive from both a talent and cost perspective, Glasgow Region City Deal is investing in improving the cities infrastructure with hopes to reach their goal of becoming the most productive major city economy in the UK by 2023. Glasgow is already considered home to some of the biggest players in the global finance sector, including Morgan Stanley, Clydesdale Bank and Barclays. For this reason, recruitment in Glasgow’s Financial Services has been thriving and keeping us very much on our toes.
5 things I've learned this year:
1. There has been no knock-on effect from Brexit (yet)
The 29th March 2017, marked the day of an independent Britain becoming a crashing reality, the day that brought fear and uncertainty to many. Whilst there was no immediate effect we and our clients have been waiting to see what would come from separating with the EU. With Glasgow being a key hub for many international financial services organisations, the vote created instability. However, following that initial period post-announcement we have noticed stronger permanent hiring this year with a 27% increase in permanent vacancies. Obviously “Brexit” is yet to “happen”, however employers seems to be in a bullish mood in the run up period.
2. That the Pensions area is booming presently.
If you work in pensions, then it’s good news for you, as the second thing we have learnt this year is pension jobs are booming. There is always a steady flow of pension roles in Glasgow across Servicing, Pensions Technical, Compliance as well as Business Change related roles, which required this product knowledge.
3. Clients are investing long term in Glasgow
Last year the global financial servicing giant, Morgan Stanley, made the exciting announcement they were building a brand new, state of the art office right in the heart of Glasgow’s financial district on Bothwell Street. This office marks the companies second biggest in Europe and shows the company's commitment to developing in Glasgow. Following their lead, Clydesdale bank will also be joining them on Bothwell Street, with their own office. With these financial giants investing in Glasgow, it indicates to us their plans to stay in the city.
4. There’s no slowing down for summer
Even though it is summer and therefore holiday season, the Glasgow market is not showing any signs of a holiday break. Many key decision makers tend to be off on annual leave during the summer. However, it’s not hindered the market one bit and we are noticing that candidates usually now have more than two or three offers at one time. Due to this we are actively advising clients to move quickly on candidates in order to not miss out.
5. Qualifications are key
Last but certainly not least, qualifications are becoming more and more important to our clients. They continue to ask us to find skilled candidates, in particular they are looking for candidates with CISI and CII qualifications. With an increase in skilled roles becoming available in various areas, clients are looking for someone who is fully qualified or at least actively studying towards a qualification.
The Financial Services Industry in Glasgow is flourishing and has brought a lot of exciting hot jobs for us to work on. The opening of new hubs from financial giants alongside the city region deal will hopefully grow the financial services industry in Glasgow and expand the job market.