Pressure on the Scottish financial sector – The Global Recruiter
Core-Asset Consulting’s ‘Industry Trends and Salary Guide’ has found a massive shortage of applicants and the pressure to dramatically increase salaries and benefits is looking grim for companies in the financial services sector in Scotland. The report, now in its seventh year, says an exodus of international staff due to Brexit, Covid-related career changes and the climate crisis are the main factors that have caused huge staff shortages. employment in certain sectors, leaving the industry at an “uncertain crossroads”. ”.
The guide reports that despite some of the most extreme market conditions in living memory, financial services asset management industries have remained resilient overall, with roles such as business analysts, solutions architects and the most demanded regulatory risks.
However, with vacancies up 52% and applicants down 5% from the previous 12 months, this year’s report highlights a growing staff crisis across multiple sectors caused by the perfect Brexit storm, the increase in remote work, the elimination of intern and intern programs. , and the reluctance of many to move for work.
The report found that candidates actively applying for jobs fell by 35%, while conversely recruiters had to up the ante to find 57% more candidates than in 2020.
Betsy Williamson, founder and chief executive of Core-Asset, said the latest edition of the annual report, which is highly anticipated across the industry, is making alarming reading for its audience.
She said: “With such a turbulent predecessor as 2020, it was clear that 2021 was going to be another year of unpredictable change within financial services, and the sector now finds itself at an uncertain crossroads with huge hurdles to overcome.
“Unlike at the start of the coronavirus pandemic when many employees were fighting for their jobs, we are now witnessing a massively buoyant market for candidates, leading to increased pressure on employers to offer better wages, more flexibility and competitive advantages to attract and retain the best talent.”
The guide sets the stage for pay reviews in the financial services sector in Scotland, which usually take place in March and April. Uniquely, all of the data is 100% Scottish and the report sets expectations for those giving salaries, allowing them to benchmark themselves against competing organisations.
The guide highlights ethical investing as an area of financial services that has grown exponentially in recent years, with the number of job vacancies for ESG analysts in Scotland increasing by 70% in the last two years, reflecting the growing global demand for socially responsible investments. .
Betsy Williamson added: “Almost every major company has an ESG strategy and major investment firms are promoting socially responsible investment portfolios in mainstream media.
“ESG is no longer a tick box exercise where investment firms can take the path of least resistance, it is expected to now be an integral part of the investment process, and that is reflected in the massive increase in job opportunities in this field.”