Financial services recruitment in 2015

With the downturn in the economy looking like history, things are definitely on the up for those hoping to get a new job in the financial services sector.

More companies are set to recruit new staff over the next few months, with research showing around nine in ten key financial services firms are positive about the UK recovery and this is having a positive impact on job opportunities.

It is natural that an improving economy will encourage more companies to expand and in order to do so they need to find qualified staff who can help capitalise on emerging business opportunities.

The financial services industry has also seen a shift in culture following the banking crisis and this has led to an increase in regulation and compliance requirements. A focus has now been placed on firms to ensure they provide transparency to investors and it is expected this will create a need for more staff to help provide such compliance.

Another growth area for financial service firms in 2015 is related to concerns about cybercrime. Many financial officers have revealed plans to increase spending on boosting cybersecurity and this is expected to create demand for those who have experience in IT security.

Related to cybersecurity is a greater emphasis on the benefits of data, with storage and analytics becoming a must for the leading financial service firms.

Many financial service firms have raised concerns over a potential lack of skills with the sector. Any shortages are expected to create strong demand for those professionals who do have the right experience and it could lead to an attractive job market for those with the right skills.

A number of companies have also started to look at ways to ensure they retain their most talented staff members. This has seen an increase in wages, especially as the economy improves, as well as more attractive benefit packages to prevent staff looking elsewhere for opportunities.

It is expected such salary increases will continue over the next 12 months as demand continues to rise for those with the right skills needed to support business expansion. One growth area could be in business process improvement.

At first, there could be a number of opportunities for temporary staff and contractors within the financial services industry as companies assess their positions, but this could eventually allow for more permanent employees are a long-term basis.

There could also be a rise in internships available within the industry, especially on key projects that require more staff to cope with increased workloads. Such positions offer good opportunities for those wishing to expand their knowledge within the industry.

Overall, Barclay Simpson are expecting a positive year within the financial services recruitment sector, with expansion of regulatory compliance and new business development forecast to drive job opportunities.