Interim managers and contracting professionals continue to enjoy high demand in the UK’s financial services sector, according to a new study from Campion Willcocks.
The management consultancy, which specialises in providing change management interims and contractors, has released its inaugural Market Trends & Salaries Report. The report collates data from over 2,000 contract, interim and permanent change management roles in 35 financial services organisations.
The survey yields insight into hiring trends in terms of geography, type of organisation, pay, roles and demand. It reveals that the vast majority (90 per cent) of requests for flexible resourcing (contracting professionals and interims) came from established financial institutions and banks.
By contrast, nearly half (46 per cent) of the requests from startups, technology companies and challenger banks were for permanent talent.
Topping the demand league table were business analysts, senior business analysts, project managers, senior project managers and programme managers. Between them, these accounted for 74 per cent of the requests for talent.
Umbrella Company Employees, interims and other contractors specialising in change management saw daily pay rates of between £550 and £900. Less than a third (30 per cent) of flexible resource roles saw day rates of £450 or below.
Other key findings in the report included the following:
- The highest demand was generated by retail banking, although this was closely followed by commercial banking and investment banking.
- Fintech companies, startups and challenger banks all generated rising demand.
- Specialist knowledge continues to be highly valued, with risk/regulatory and conduct risk experts topping the demand poll, closely followed by digital specialists and roles focusing on cost reduction and customer experience, such as transformation programmes.
- Over half of the requirements for this talent came from Southern England, while the North and Scotland were almost level-pegging, generating one-fifth and one-sixth of requests respectively.
Campion Willcocks’ Managing Director, Richard Clifford, said: “Overall, demand for interim and contract professionals in established banks and financial services companies remains very high compared to permanent resourcing. Organisations are looking for high quality flexible resources across the full range of roles, with some areas in particular demand.
“This was an opportunity to use our network, contacts and experience to ‘take the temperature’ of demand and trends in the sector. This is the first in what’s planned to be an annual survey. Given recent developments in the UK, it will be fascinating to see how the market continues to develop in terms of focus, demand and salaries.”
The rise in demand for contracting professionals revealed in this study is consistent with findings from the most recent surveys from a range of organisations, including APSCo, Morgan McKinley, the REC and the CIPD with Adecco.