There is a renewed and material deterioration in financial markets through Q2, across broad geographies and ranges of asset classes / investment strategies (notably equities, multi-asset and fixed income) which is starting to impact asset managers, whose balance sheets are directly geared to the performance of markets and associated management fees. This is raising the potential for a pull-back in hiring, with firms experiencing departures adopting a view that remaining staff will need to pick up the workload.

Ongoing corporate action, notably mergers and acquisitions, present challenges to long-serving, loyal staff who may find themselves unexpectedly on the wrong side of a new management regime, with a mandate to cut costs aggressively.

EXPECTED FUTURE TRENDS

For the first time in decades, senior management and HR in firms across the UK, Ireland and Continental Europe will likely face significant headwinds in dealing with compensation negotiations, whether these be with existing staff during year-end appraisals or during the negotiation phase with prospective new talent.

Multi-decade highs in consumer inflation, brought about by broad-spectrum factors including a food and energy crisis in the UK and Europe, are resulting in rapidly deteriorating net take-home pay, meaning employers will need to conduct skilful negotiations to ensure existing talent does not leave, and ensure attractive real-wage proposals get tabled in package offers.

CANDIDATE EXPECTATIONS

Seasoned professionals are taking a much more jaundiced view on potential employers, conducting thorough desktop research into organisational culture, leadership, diversity, ESG, and most importantly, whether the prospective business will survive a deteriorating investment and operating climate, or become the target for a hostile take-out or potential closure with retrenchment of staff; no one wants to be vulnerable to a last-in, first-out discussion. Remote or hybrid working remains a crucial element in the new work paradigm and companies that can offer comprehensive and meaningful ‘corporate benefits’ in the form of pension, medical/dental, and insurance/disability are at an advantage in attracting top talent.

If you are interested in learning more about live opportunities, or you would like to discuss how we can support your hiring processes in the current market, please get in touch with Gareth Connellan, Principal Recruiter in Asset Management.