Having passed the halfway point of the year, the market conditions within Financial Services remain stable…
While the mortgage market is having some impact on the sector in general, in turbulent economic conditions the general consensus is to leave your finances alone and ride out the storm; as such, there hasn’t been a massive drop off in recruiting, hiring freezes, or redundancies within our sector that other industries have seen. The general feeling of caution of the population has essentially worked in the favor of businesses and individuals within Financial Services.
With that being said, there is undeniably still a shortage of talent on the market for a new role; finding those with both the skills and longevity to meet client requirements remains challenging. As such, competition to secure these individuals is fierce. Progression is definitely the biggest motivator for professionals in the industry to look for a new opportunity, so opportunities that will allow individuals to advance their careers will always be the most attractive.
In terms of the level of flexibility and opportunities for remote working that are generally available in the industry, it’s a mixed picture: some firms have eased up, whereas others have tightened up. Generally speaking, the average is 3 days within the office and 2 at home, or vice versa. The roles that are client-facing are generally hybrid, whereas technical roles can afford to be more remote, with Paraplanners for example able to situate themselves relatively far away from the actual office. However, where the role will involve giving face-to-face financial advice, it is obviously necessary to be based within the area they are actually working, and therefore they are generally more office based.
Salaries are in general remaining confident and more volatile; it is a stable game within the Financial Services industry, and the sector is thankfully able to remain relatively immovable in the face of a stormy general outlook.