What a Quarter! The requirement for hires across London’s financial markets hit a new peak as we entered Q3, continuing to grow throughout July, August and September. Firms continued to bring on vital hires at all levels, with an emphasis again on individuals with regulatory experience ahead of MiFID II’s Jan release.
As Investment Banks continued to hire aggressively, we saw a swing in priority to permanent recruits as spending on contract headcount began to fall; in some cases a direct response to companies overspending globally. Towards the end of the quarter, rumours and indications of hiring freezes began to emerge as to be expected for the time of year.
Buy side hiring continues to be sluggish in certain sectors, with volatility in the market remaining low. Despite this, a number of the larger companies continue to expand their technology teams, with systematic firms more active than their macro discretionary counterparts.
Across the pond, many of our US financial clients continue to hire from technology companies across the country, with Silicon Valley in particular being a hotspot for talent.
The competition from European Investment Banks has started as they are winning candidates over London, based on their excellent compensation packages and using the uncertainty of the Brexit to their advantage. We are already seeing competition from locations such as Denmark and Dublin, with prospects to increase throughout Europe. A number of banks have announced their commitment to new European locations, most frequently Dublin (Lloyds, Investec, and Barclays), Frankfurt (Nomura) and most recently Paris (BoAML), although plenty of speculation remains.
One of the most common themes this year has been firms undergoing initiatives to completely revamp existing platforms. As a result, we have seen increased demand for developers with broader skillsets, and experience across the entire stack. Teams are also showing more willingness to hire individuals without specific industry or product knowledge, but the capacity to learn.
Talented junior Java developers continue to be in high demand, a theme we have seen throughout 2017. C++ remains a strong presence throughout teams with latency sensitive and analytical functions. More and more developers are turning to Python as a primary language, and Scala grows on its success as one of the more popular and accessible functional technology on the market. From Q2 into Q3, we have seen many firms transition from AngularJS to Angular2 or Angular4, which is predicted to increase in demand in early 2018.
One of the most prominent rises in technology this past year has been of the cryptocurrency ledger system, Blockchain. Closely linked to Bitcoin which continues to experience an ever-fluctuating review from the big financial players, Blockchain has seen increased interest from firms ranging from smaller companies to the largest investment banks, but we still need to weigh the scales of the benefits and drawbacks of utilising such a system. As one of the most talked about advances in technology, many cite this as being a revolution for the financial systems, whether or not the transition to Blockchain comes any time soon however, one can only speculate.
As the tech world continues to fall in love with Machine Learning, a number of banks and buy-side firms are creating or partnering with start ups in this field to coincide with their business needs. However, many forums are awash with disputes over correct practises, a natural reaction to such a young development within the tech world. With more and more big-name firms partnering up with academic institutions and start-ups to utilise their expertise, opportunity in this area has flourished.
Hiring Projection for Q4
We expect to see the buy-side firms continue to hire through to the end of the year, less bound by freezes and sign-offs than their banking counter-parts. Contract hiring will likely continue to slow, if not stop altogether within IB’s, with permanent roles continuing through to Christmas at a decreasing rate or rolling through to January.
Despite this, there remain a number of business-critical projects looking to secure candidates before the end of the year.
Thomson Reuters conducted a survey asking 9,500 females across the G20 Countries what their main concerns and issues are in the workplace. From the information collected they were able to gauge the 3 main factors in not retaining women in the workplace – Equal pay, harassment, and work/life demands.
Equal pay is top of the list of concerns. Results found that only ‘one in three women were confident they are earning the same as their male equivalent and 51% noted this as the biggest challenge’ women face.
Only ‘22% of women would be forthcoming and report harassment at work if they felt they had been unfairly treated’. This is in contrast to 54% who said that they would never report this to anyone.
From the survey they also found that British females lacked confidence in the possibility that they could have children without hindering their careers. ‘Only 29% of those surveyed believe that their careers are not held back by the commitment of also having children’.
On a positive note, the survey did find some constructive trends for future forecasts of women in the workplace. ‘Of the minority, those who rated these challenges with low scores, suggesting they don’t feel the issue affects them; the demographic was largely younger women’. Younger women felt they had an equal chance at starting their own business as a man and felt that having children would not stop their careers from progressing.
Radley James is expanding and we are excited to announce the recent promotions of some of our colleagues. Congratulations to Oliver Wherrett, Ben Farr, Megan Costin and Will Hacking who have all been promoted to Associate Directors. This is a fantastic time for us as a company as we build our teams with the Associate directors heading up the sales floor within management, sales and training. A further congratulations goes out to Oliver Meacher, Nathan Glover and Cameron Squire on becoming Principal Consultants. These consultants have all worked their way up and now coach their own teams whilst also encouraging others to achieve the same goals in the future. We pride ourselves on our team work by encouraging each other, providing support and bringing in new talent to broaden and develop our team. This strategy enables us to deliver results straight to you.
Our steady success of placements extends through all of IT. We work closely within the Fintech, Banking and Telecoms industries providing the best possible talent pool for all our clients and candidates.
Please visit our website and view ‘About us’ section, to get a specific understanding of the markets we cover to see if we can assist you in the right direction. We are just a phone call away!
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Radley James Limited, 18 King William Street, EC4N 7BP
Telephone: 020 7332 9820