Financial Services firms will have to face an increasing "war for talents" across various levels

Ugo-Background

In 2021, hiring remained subdued at the beginning of the year, picked up very quickly and remained at high levels throughout the course of the year and continued into quarter four. This is particularly due to Alternatives, ESG and fintech, which have driven a large part of the demand, as well as larger banks and asset managers making up for hiring last year that was put on hold. 

 

For the release of Robert Walters Salary Survey 2022, we interviewed William Andreae-Jones, Head of Financial Services at Robert Walters Switzerland, about the future recruitment and remuneration trends in the Banking & Financial Services sector.

What do you believe will be the three biggest hiring tends of 2022?

WAJ: "Attraction and retention of staff in the big banks and larger firms, more generally in financial services, will be a key trend for 2022. Largely because of the attrition they are experiencing from the fintechs and neo banks, which are aggressively attracting talent at the junior and more senior levels now."

Which skill sets will be in highest demand in 2022?

WAJ: "Sales professionals will remain in high demand through 2022 and that will be particularly focused around structured products, AMCs and Alternatives. And we are seeing a big, consistent level of demand for ESG and impact related sales and distribution, as well as relationship managers and private banking."

What advice would you give hiring managers looking to recruit and retain employees in 2022?

WAJ: "Focus on culture is key in 2022 to retaining staff as more and more firms offer a very different sort of career trajectory to the large and incumbent operators and in particular focus on diversity, flexible working and the ability to progress one’s career rather than purely focusing on a performance culture, paramount to maintaining a stable workforce."

What do you expect will happen to salaries in 2022?

WAJ: "The desire for people to move into neo banks and fintechs is so strong that they will take a cut in salaries in order to invest in their careers. However, compliance, senior relationship manager and sales roles have seen an increase and will continue to see an increase in salaries as there is a lot of competition for the best people in the market."

Find out more?

Do you want to benchmark your team's salaries and retain the best talents? Request access now to our 2022 Salary Survey and get insights on the remuneration and recruitment trends per specialisation worldwide.

 

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