2025 has posed many challenges for the hedge fund industry. You would have thought that following 2024 where they say that half of the world went to vote, that this year would accelerate hiring needs following quite a vanilla year of recruiting in 2024. Whilst 2025 has been certainly been more buoyant, it is fair to say that attracting talent comes with higher salary costs and more competition for the standout individuals.
We have seen most businesses try to make good of the staff they have, investing in automations and improving efficiencies with the added the buzz of AI sweeping across the industry. To top it all, there has been a reappointment of President Trump who is doing his best to try and make America great but has caused so much volatility in the markets that most firms have sat on their hands whilst they fathom the potential outcomes. We also have a new government here in the UK, causing financial implications to both individuals and businesses, and not forgetting a much-delayed budget announcement adding to uncertainty.
When there is so much volatility in the markets, the experienced Portfolio Managers and Traders just sit tight and wait for market corrections to take place. The key thought is when do these corrections take place, as volatility is more aggressive these days, especially where trend-following or algorithmic / systematic strategies continue to cause extreme market movements as the computers all jump on the same trend-following curves and duplicate trading patterns. There is a still a sparse number of mergers, acquisitions, and IPOs in the market, meaning the event driven and arbitrage strategies still struggle. It’s Equity Long/Short strategies that have really had it tough, with most becoming more focussed on being long. Hedge Fund Benchmark Indexes have dropped, and some companies are satisfied to hit their High-Water Marks in the current climate and not just aiming for double digit performance like years gone by. But can we blame them given how much market uncertainties there is out there?
Macro funds appear to be the most stable given their ability to change direction when needed, but it is Fixed Income strategies (Private/Public, Open Ended/Closed Ended, Credit, Long/Short) that really continue to rally, and these types of funds are showcasing the better performances in the industry. We are now starting to see Digital Assets becoming more prominent across the sector, both as a fund strategy or being used as a hedging tool (stable coins as example) in a wider Macro strategy. What is for sure is that week by week we could have written something completely different, the markets are moving so drastically that there has been opportunity for some funds out there to be on the right side of the markets. We know of some incredible performances in 2025 and fully expect them to receive accolades in the industry and of course offer noticeable performance related bonuses to their staff soon.
We have held many conversations this past year where smaller funds still struggle to raise assets, but the bigger funds get bigger and bigger. There is still a distinct lack of new fund launches (that are not just pod spinoffs from major funds), and our communication with Prime Brokers and Law firms all show solidarity that there is pipeline of new firms wanting to launch, but many never actually get off the ground given the level of compliance required and the overheads. This is making the use of outsourced support more favourable at the beginning of their journeys, and luckily, we have some well-established relationships in this space.
Outsourced models are becoming far more prominent overall, and many businesses have either already entered agreements or are looking to outsource their back / middle office functions (and potentially their fund accounting services) to major Fund Services providers or platforms that can achieve this. Many of the Fund Service providers have been hiring Business Development talents to help them take more market share, as supposed to just targeting what has historically been a lucrative “new launch” market here in the UK.
We are witnessing growth in the Middle East, where Dubai and Abu Dhabi are starting to attract established firms and offer lucrative tax-free earnings for their staff to help build offices in a new time zone, but with focus on revenue generators or front office staff at this stage. What is encouraging is that we can see this landscape changing dramatically and understand there are many new startup funds and even family offices looking to launch in that region. Compliance professionals are already in demand to make sure they accommodate local regulations, but we expect infrastructure hires in Operations, Middle Office, and Fund Accounting to rally over the course of the next 18months.
At the time of writing this article, the BBC have reported that unemployment is at a high following COVID. There is always a number of redundancies towards the end of the year because most companies start doing the budgets for the following year. But this year it feels much higher than usual, especially for the more experienced employees and likely the most expensive. We are going through a period which I have seen many times in my 22-year career, where businesses want to get rid of the more mature and bring more youthful employees through the door thinking it will be cheaper for them, and to build layers for the future. Where there is a distinct lack of senior roles in the market, it means there are many more senior individuals looking for work and applying for less responsible roles, yet they get overlooked as companies worry, they might be overqualified and treat it only as a stop gap.
The main issue is with salaries for junior hires at such high levels is that when they realise, they then want someone youthful but with the knowledge of someone far more experienced, to potentially justify a higher and unexpected junior price tag. Even if they tend to bring advanced technology skills as standard, and in comparison, to the experienced Operations staff who know how to build robust and enhanced controls to their functions based on experience. When a company has not had to hire in recent times, they are shocked to hear how the landscape has changed in our post-Brexit world, not forgetting the many negative work-ethic questions, expectations, and opinions of the said inexperienced demographic.
What has become more popular for the more experienced staff is the buzz word “Fractional.” Where companies are trying to reduce cost of senior staff salaries, and with many more experienced candidates on the market, fractional roles are becoming more popular with many firms turning to consultants on shorter working week hours to deliver their minimum requirements. We have seen an increase in contracting, permanent fractional or part time opportunities coming to market.
What has not stopped is the sheer demand for junior talent. Even though we still must remind many firms that no graduate schemes were run in 2020 and 2021, making the identification of a candidate with less than 4 years’ experience a near on impossible task. When identified, many have already found new careers given the volumes of hiring at that level over the last couple of years. Not forgetting that the candidates have a kaleidoscope of options to choose from. With the continuous demand for candidates with 3 years’ and under experience, it is obvious that those salaries and total remunerations have increased, making the very junior market lack value because demand is outstripping the supply. You can see the difference in the salary survey data when comparing year on year results. Its flabbergasting how much they can command on average.
External hiring has become expensive. There has been so much hiring in the previous few years that higher salaries have already been paid to attract them, and an incentive needs to be on offer to get them to move again. This means that all levels of experienced hedge fund candidates now come at premium, sometimes to unfathomable levels for their experience, but the demand is there!
What does appear to be an issue is not keeping your current staff in line with comparable market earnings and especially considering the cost-of-living increases. A few hundred pounds increase is just not enough these days, especially when considering the average salary increase to move role/company is now just over £9,000. Internal salaries have fallen behind, disappointingly for those who have remained loyal. The big issue comes when a team loses someone, and they need to replace, then because of the current financial setup in their team, they struggle to find someone with similar experience for the same value as the person leaving. And then when the person leaving tells their team how much more money they have achieved with their new role, well this is when companies start to see a bigger staff turnover and gain a reputation for paying under the market.
Clients’ expectations in search of a perfect CV have not yielded. In fact, it has become harder to convince some hiring managers to meet candidates at times. Whilst strong academics will always remain prominent in the Alternatives sector, it is now very realistic to expect candidates to have programming skills with advanced Excel or VBA as an essential requirement with every job brief. There is still focus on companies using Operations or Middle Office hires to further their expertise of programming skills (VBA, Python, SQL), and use this department as a way of trying to improve processes and enhance efficiencies. However, this is not to be confused with hiring a Quant, which some funds think they can achieve in Operations / Middle Office as a cheaper solution instead of utilising the demanding and buoyant Quant recruitment market. Candidates with this skillset can command 30% higher salaries and have the pick of the more exciting of roles in our sector, as they look to enhance and support their automations, without enduring further expensive resources in their Dev Ops or Quant teams. Not forgetting they could also be contenders for a Quant role simultaneously.
An appreciation for Data is now becoming extremely useful in Operations hiring, especially those who can manipulate large data sets as part of their role, leading to an appetite for Controls or Risk Mitigation being key topics of interview questions during the process. Other regular questions include demonstrating a time where a candidate has improved a process, enhanced efficiency or help automate a workflow, as well as highlighting if they have been a valuable collaborator or assisted with technical situation or difficult client as example.
We are seeing a staggering amount of interview processes becoming exceedingly long and not giving opportunities those who really want the role and do not tick every box. Whilst it is a hiring managers prerogative to chose what they want to justify a new hire, sometimes they are a victim of not hiring because they just took too long, asking for too many people’s opinions, or was too precise with what they needed. We always encourage a fluid, timely and transparent recruitment process. And be open on the background of where you hire from – you will pay more to attract someone from a competitor hedge fund, and you might yield more cost-effective solutions hiring from long only managers or prime brokers as example. Giving someone a chance reaps many rewards, most noticeable is that they will be skipping through the door to work as they will be learning, and not just doing the role because they are earning more.
It would not be a sincere recruitment reflection if I did not bring up Linked In. Yes, the overused and completely un-unique tool that everyone thinks can yield magical recruitment results on the cheap, and most of the time without employing or using a highly trained or skilled recruiters to manage their processes. Recruitment is a difficult skill, it is not just identifying talent, it is then managing the interview process and experienced recruiters know how to circumnavigate the challenges and hurdles that are presented. Linked In is great for the unemployed, especially where they have the time to dedicate trawling the site and must be seen to apply to as many roles as they can to earn their benefits. However, the best candidates are typically not using Linked In for a new role, because they do not have the time to trawl pages of adverts in hope they stumble across something perfect. The best talent pools are using recruiters, either actively or passively, to make sure their search is accurate, and they have someone to help them manage their process and share valuable information to help them achieve a successful outcome. Not forgetting sharing valuable insight into market conditions.
If only Team Managers knew how often their staff have been approached on Linked In by recruitment companies trying to persuade them to leave. This is because Microsoft has monetised Linked In so well that people can easily send an approach to anyone, and every firm now feels they have an external database of candidates looking for work. Which it is not. Only 5% of people on Linked In want to hear about new opportunities and displaying the “open to work” badge. What is not realised is everyone is fighting for that same small pool of talent, and most people making offers to the same one standout candidate and then the majority missing out to more competitive offers. This is unfortunately very common. Many Hedge Funds have direct Talent teams based in international locations, and do not have day-to-day knowledge of the local recruitment market, and certainly not aware of what their competitors are doing simultaneously, yet they are not afraid to send a message to anyone and everyone in hope that one might stick.
This will all naturally cause staff retention issues, constantly turning employees’ attentions believing they can achieve more elsewhere, even more so when large salaries are dangled in front of them. What is omitted from people’s realisation is this is causing many people to spend less time on Linked In, because users are getting fed up with the continuous number of unsolicited approaches from all types of salespeople or robots. And if you’re not on Linked In at precisely the right moment, then you can’t see the role being advertised, and by the time you do then 200+ people have already applied for the role and you’re likely to not be considered. Let alone any kind of response or communication back from the company you have applied to.
This all causes huge frustrations, complications and hiring delays, much to the annoyance of hiring managers who typically want to use a trusted recruitment partner, and not just rely on a company-wide stance to try and do recruitment on the cheap via Linked In. Yet most times they are unable to influence a HR team, which is counterintuitive when you consider a Talent team is there to support the Hiring Manager and their needs to deliver quality Operational support to the business.
Many firms we speak to want 2025 out of the way given all the volatility and 2026 is looking positive in terms of hiring needs. With 2025 boasting many recruitment strategies because of replacement needs we have many firms already talking to us about hiring to support expansion and increase in trading volumes. Many businesses we are speaking to have increased their front offices, determined to drive revenues further, and the subsequent knock-on effect is to have a robust Middle Office and Operations function to support this.
This is exactly where CassonX can work alongside you with your hiring needs. Be prepared that most candidates will have three months’ notice period, even the inexperienced staff, and we are also witnessing many companies willing to buyout bonuses to attract the staff they want, of course with proof of their previously paid total compensations. Face-to-face interviews are once again the norm, and it is also expected that most Hedge Fund employees are in the office 4 or 5 days a week, with hybrid working conditions starting to become a thing of the past in this sector and certainly in the $5bn+ AUM funds.
We are advising all candidates looking for work in this sector to make sure their CV details all the asset classes and strategies they have supported, to make sure that hiring managers can make an informed decision accordingly about transferable skills. During COVID, the introduction for more awareness to DE&I became very prominent, it is now expected that each shortlist of candidates that CassonX provides is considered as diverse as possible, giving equality to the hiring process and an inclusive decision based on merit.
We are delighted to let you know that CassonX has produced its annual salary and total compensation survey for the Hedge Fund sector and it separates the detail via company size and type of role. This is not a mass-produced salary survey, it is live, it is specific, and it is produced without AI. Most importantly it is free and gives a realistic snapshot of our market.
Should you wish to see a copy then please go to our contact page, click on Clients, select salary benchmarking and fill in your details accordingly – don’t forget to include your work email and contact number.
This information is available to all those who have hired or are thinking about hiring, and we will be happy to send you a copy via email or even catch up over a coffee to discuss further. If you are a curious candidate wanting to see this information, please do let us know and we can arrange a separate conversation, as this data is designed for hiring managers and clients who are looking to benchmark their own teams.
Let me start by saying that I am a LinkedIn advocate. Having used it for approaching 20 years, it should be a friend when boasting 24,000+ connections. Having a professional networking site like a Facebook networking platform is particularly useful in recruitment. And I really like how we can run pages for our specialist recruitment company, share knowledge, assistance, intelligence, and job opportunities to those who follow. I also like how I can follow companies and inspirational leaders too. But Microsoft has cottoned on very quickly on how to build a business out of this platform, charging lots of money for their services. And I mean lots. However, there is a huge problem – this is encouraging companies and staffing firms to become clones of each other, regarding how they now hire or attract talent…
…If everyone only uses LinkedIn, then you will not get different outcomes or unique results.
I understand and respect that advertising a role on LinkedIn it is cheaper than using a recruiter, and it also sends out a positive message to those who are on the platform that the relevant company is hiring. However, is everyone on LinkedIn actively searching for work? No. Is every jobseeker only using LinkedIn to find a new opportunity? No. Does advertising a role on LinkedIn also send out a message that the company is more concerned about costs than attracting and investing in the right talent? Yes. Especially considering we hear nothing but negative feedback from hiring managers post-LinkedIn advertising campaigns, and how this process does not attract enough relevant and sometimes quality profiles for them to consider.
Some companies are reluctant to use a recruiter after a LinkedIn campaign has finished because they have already paid a fee to LinkedIn. Considering most hires are urgent, you have then wasted time trying to focus on what LinkedIn brings, when you can have at least asked a specialist recruitment company to show you what candidates they have at the same time. A contingent recruitment process is free to see CVs and interview those candidates represented by a staffing agency and can add instant comparison to what profiles and interest you have generated yourself via LinkedIn (and other sources).
What flabbergasts me is that now it feels that LinkedIn is fast becoming the go-to platform, preferred and sometimes a sole strategy to try and attract talent. I would argue that it is killing the recruitment market, and as mentioned we hear many negative stories about how unsuccessful it is for businesses. Much to the profitability of Microsoft.
It is worth highlighting that I meet many recruiters as part of my hiring processes, and it is annoying to hear that most businesses train their staff to predominantly use LinkedIn to find candidates. I always must ask an interviewee to detail other ways they find candidates, and most are sometimes flummoxed. How can they find a different candidate to their competition, to stand a chance of making a fee, and to be able to service their client well by giving them a plethora of options to choose from.
You cannot just rely on LinkedIn. Everyone is theoretically fishing in the same pool of potential candidates as everyone else, not forgetting how many recruiters will then approach a prospective client, “chasing a lead” as you have announced to the world you are hiring. Which must be frustrating for the hiring team or manager, to receive so many unsolicited approaches. So many companies are still (after a week or two of paying the noticeable LinkedIn fees) are sitting on their hands magically waiting for the perfect “unicorn” of a profile to press “easy apply.” This is not going to attract the best talent. You can’t even contact a potential candidate unless you pay a substantial amount to buy InMail credits / upgrade your subscription (another great revenue stream from Microsoft), nor can you talk to anyone unless you are connected to them, and if you do connect and don’t change your settings, then LinkedIn announces your new connection to all of their network. And let us face it, LinkedIn fees are increasing well above inflation rates too. The price for recruiters is incredibly high.
This soulless advertising process, which gives companies the chance to filter through the applicants, gives opportunity to not even send an acknowledgement, or update the candidate on their application. This is the biggest issue we constantly hear from candidates, where they are not receiving any update nor have a point of contact to follow up with to make them stand out in the crowd of applicants. This lack of communication will not paint your company in a good light. Not forgetting that the only candidates you will see apply are the same candidates who are realistically applying for multiple roles (whether they are relevant or not), and where they are entertaining multiple roles, then counteroffers will be common when competing for that one good candidate which everyone has found. It becomes a dog fight to hire them, leading to inflated salaries. You will realistically only see the candidates waving the “pick me” flag, who typically have the time to actively look at LinkedIn 24hours a day, and tech-savvy enough to follow this process. We find that the best candidates are more passive on LinkedIn. However, many people are spending less time on LinkedIn now due to sheer volume of unsolicited approaches they are receiving. It is becoming annoying for many – no one really likes unsolicited approaches or sales. Even I get on average twenty messages from people trying to sell me everything for energy in my office, telephone deals, “get fit in 30 days” services. The list goes on.
I have had many hiring managers say to me they know when one of their team is looking to move on, and that is because it is as soon as someone updates their LinkedIn profile! #opentowork! Consider this – do you think that potential candidates are going to announce on LinkedIn, in front of all their connections and potential colleagues, that they are looking for work! Not if they are employed. But by ticking the “open to opportunities” button, or updating your profile, it certainly sends out that message to their network.
Every company looking to hire should always try and attract their own talent directly. This is something we promote. No one will ever sell their own company, team, role, and culture with credibility as well as their own staff or hiring teams. But please consider the situation where the person who is leading their campaign is not skilled in recruitment, like us professionals who are well trained – this is what we do for a living and how we pride ourselves on partnering with the businesses we staff. This could cause an unsuccessful recruitment process, especially when most people’s LinkedIn profiles are not as detailed as their CV, and their relevant skills are not displayed to successfully obtain an interview. We should also highlight that sometimes candidates’ applications can be enhanced and sometimes misleading, especially with how AI on LinkedIn will help draft an application and messages on LinkedIn now. This is a recipe for disaster for candidates, exaggerating their talent or writing abilities, and just creates a false impression of their skills.
Businesses should be asking their current employees for recommendations at first, because if they are good enough to work them, then realistically so will someone that they deem good enough to work there too. “Ducks fly with ducks” is an old saying one of my first ever recruitment managers used to say to me. But if your internal recommendations process is exhausted, you should use a specialist recruiter because this is what we do every day and night. We find candidates that you cannot find yourself, and a lot of our candidate attraction derives from asking good or relevant candidates for a recommendation.
Job seekers like using recruiters because we provide a consultative experience, where we can give guidance on their resume, share knowledge of the company, what the hiring manager is looking for, assist with their interview preparation, and act as a broker throughout the process. Clients seem to have somehow forgotten that this benefits their hiring and interview processes too.
The number of roles we see, after an unsuccessful LinkedIn campaigns, is significant. Many in fact. And from companies that we have long standing relationships with. Largely because of the sheer volumes of irrelevant profiles that are received because you can hit the “easy apply” button without qualification. We are not saying do not use LinkedIn but just do not rely on it. It does not yield the best results. It is not unique. It wastes a lot of time. Yes, you might find that unicorn, and yes, it is cheaper than a recruitment fee, but it certainly feels like LinkedIn is killing the recruitment world. It is cloning everyone.
We are just pleased our clients come back to us to step in to resolve their staffing issues when LinkedIn does not give the results they are looking for.
20 Years. Wow, 20 Years! This month I celebrate that I have been recruiting the Operations and Middle Office world for 20 years.
Recruitment is a challenging job. It requires persistence, thick skin, and determination. But nothing beats a good honest day’s work, enthusiasm, and a smile. The cornerstones of how I have lived and breathed my career to date, and how I train others to embrace the hurdles and challenges thrown at you daily. People come from all different walks of life and backgrounds, have unique desires; by being able to give everyone a chance, and to just be honest and try for them, then hopefully your reputation will be positive.
My recruitment journey started following the devastation of 9/11, when made redundant from JP Morgan and had to find my own job ringing around my counterparts and contacting companies directly. A former manager rang me and asked if I wanted to do it for other people as a recruiter. The rest is history. To be a success, you must be able to navigate the ever changing landscape that recruitment throws at you.
During my time I have seen many things. Good and Bad. Smartphones, Social Media, Emojis/Memes, GPS, and Wi-Fi have become prominent. No one watches live tv and streams what they want to watch. Climate change is real, with people buying electric cars and recycling more. Not forgetting Boris telling us to stay home for the best part of two years whilst a pandemic swept the globe.
We are now living in a financial services world where we see computers trading the markets. FinTech firms are more trusted than high street banks. Crypto currencies now exist. We are almost living in a cashless environment. However, nothing will ever compare to recruiting during the Great Recession of 2007-2009. Those were the darkest of days, yet I still managed to produce successful high achieving recruitment solutions whilst others struggled. Those times really contributed to deciphering what is needed to be a proven and tenured industry recruiter.
Maintaining relationships is of paramount importance, whether you are a client, candidate, or vendor, and you must treat each person you meet with respect. You will never know when you will need to reengage with them again, and it should then be accommodating.
Throughout the years I have met thousands of people, got to know them, and tried my very bet to make sure I have done everything I can to help. I have seen careers blossom, watch people become well trained, seen many counterparts get married and start families, and proud to have assisted hundreds of businesses and thousands of job seekers with their employment needs. I have worked with some incredibly talented recruiters, supported many inspirational leaders, made lots of friends, suffered with many hangovers, and have some rather hilarious and sometimes flabbergasting recruitment stories to tell.
Without you all, I could not have had the amount of success I have achieved. Whilst I am yet to see England win a major footballing championship or my golf game reach single figure handicap, I am however proudly married with 2 beautiful daughters, and the owner of one of the go-to names in Financial Services Recruitment. I am so proud to say I am the owner of CassonX and how we have built its strong market perception.
Thank you to everyone who has made the last 20 years so enjoyable.
Working Conditions are changing. Again.
I have been reminiscing on my tenured experience of recruiting into Financial Services. In particular the buzz of the City of London for 5 days a week.
It was only a few years back where one of the most important parts of going to work was to build face time with peers and seniors, to help credibility with career advancements and enhancing camaraderie. Not forgetting the fun factor too. It’s crazy to think that this was almost eradicated when COVID descended upon us.
Times have changed, we are now in a huge transition with working conditions, taking our journey back to pre-COVID times.
We are finding that remote roles are almost extinct, that’s for sure. Most firms are still adopting a 3/2 or 4/1 routine, however, there is a surge in companies now insisting on 5 days in the office, and is becoming normal again.
We get lots of candidates coming to us because their companies are enforcing 5 days in the office, and justified with lots of research out there that proves there is less productivity with companies that adopt weekly WFH arrangements. Employees have become accustomed to the new routine of it all – less commuting time and saving money on commuter costs, and yes, being able to take delivery on that all important item you need.
What I find flabbergasting is that we still get job applications of recent graduates who still want to work fully remote, with no idea of what the City used to be like, and expect to be rewarded and have impatient desires for career advancements
My team here at CassonX have seen that many companies now want to do face to face interviews again, not exclusively video, and certainly with those who have a 4/1 or 5 day in office week policy.
Fast forward 3 years, I think everyone will be back to 5 days in office, except for the much larger firms who want to save on office space, and can have more processing type of roles that can be done at home without supervision.
And just to think, 10 years ago I was reminiscing of working in the City where there was open outcry stock markets, and not just seeing it on Trading Places or The Wolf of Wall Street.
I wonder what I will be reminiscing on in 10 years to come…
Candidates who fall into the 1 to 4 years’ of experience bracket have always been the most in demand type of profile recruiters are asked to find.
I have recruited during a couple of recessions, including the turmoil of the financial crisis post 2009, and I can honestly say that in my 18 year career specialising in Operations and Middle Office recruitment, the current market for these types of less experienced hires is one of the hardest and most challenging I have witnessed.
The main issue that we are facing is that most companies are only just starting to run graduate recruitment scheme, potentially the first since the summer of 2019, which consequently means that there is a distinct lack of individuals who fall in the 0 to 3 years’ experience bracket. Whilst CassonX has been able to find those who have that level of experience for many companies, because of the sheer demand for this talent, it means that they are commanding salaries that are indicative of those who traditionally have between 4 and 7 years’ experience. It also means that actively searching candidates have a plethora of job opportunities to choose from, with most of these individuals not wanting to just do the same job in a company just for a little bit more money. This has been the typical hiring strategy for many years. Consider that a lot of businesses will give them the chance to move into roles with an opportunity to develop and learn/do more, deemed more of an “exciting” opportunity than the traditional entry level Operations where they might have trained.
Very intriguingly, in most instances where the lucky few have managed to secure a role within Operations over the last couple of years, their working career dictates that they haven’t even been into the office five days a week and only ever experienced hybrid working conditions. Trying to attract this junior talent is very challenging, so the knock on effect mean that those with 4 to 7 years’ experience are the most inexperienced people that most employers can find available, and making that level of experience very demanding and competitive too. Candidates are demanding substantially more when moving for the same type of role. As example, candidates aren’t moving for a standard 4/5% increase, they are able to command £10,000 pay rises with probably rounding it up to the next £5,000 marker. And most companies are willing to pay it to attract the talent they want and be competitive.
Trying to educate some potential employers about this current climate and market conditions has been the hardest part of our role as a trusted recruitment partner, especially if they haven’t had to hire for a period of time and seen this recruitment spike. It is also worth highlighting there has be a ton of hiring in the Operations market in the last 6 months, and concequently many previously available candidates are now not available having secured roles. Realistically, there are certainly no large pools of good candidates sitting at home unemployed given the sheer volumes of roles we have seen.
It’s not only enticing that is very difficult, especially if companies can’t offer video style interviews and insist on face to face interviews, but also companies are really struggling with retaining their staff also. I am starting to experience many of my clients talking to me about offering retention incentives and other creative ways they are trying to keep their staff from having their heads turned. Especially as the cost of living has substantially increased this year too. The best advice I have given everyone considering a retention bonus is to make sure that this is on top of what they are already doing, and not, as example, as a substitute to a bonus they are receiving. It is becoming lot more standard in the industry that those working in Operations have a 3 months’ notice period as standard also. Unfortunately this does not fend off interest from other firms though.
Only 3 years ago I recall talking to businesses about people who wanted to only work 3 days in the office, and this was almost laughable. Because of the recent pandemic, the hybrid working model has now become a normality. Can you believe that candidates are now looking for even more flexibility than that! Especially when this is only what they have experienced hybrid conditions with their careers so far.
CassonX have really struggled sourcing talent for opportunities with companies where they want their employees in the office five days a week, or even host interviews in a face-to-face capacity. This is deemed much less favourable and given the huge amount of opportunities available to candidates, they have quite bluntly rejected the chance to even meet with them given the variety of options available. Unbelievably, some candidates are now demanding a chance to work from home at every single day of the week, which is not something CassonX agrees with for many reasons – especially for building camaraderie, but is showcasing and indicative of the new working conditions in the modern world that we are working towards.
We are also now passed the period where people are “lucky to still have a job”, and if an employee hasn’t been rewarded with pay rises or bonuses, then I can almost guarantee they will be looking for a new role, after committing and remaining loyal during this abnormal pandemic period. Even if they aren’t actively looking, then given the aggressive marketing strategies available on social media platforms, and of course LinkedIn, then I can guarantee they would have received communication from at least one recruiter at some stage offering a golden carrot to leave.
It is very much a candidate lead market at the moment, please do consider how the market has changed over the last year before hiring talent at this level.
CassonX are very happy to discuss any of this information with those that are looking to hire talent, and how best to be successful in this climate.
