Talent management 'biggest challenge in financial sector'
Performance management and talent management are both expected to be the biggest challenges in the financial sector over the coming years, with 31 and 34 per cent of HR professionals respectively citing these as major problems for the industry as staff suffer from itchy feet in the current climate.
On the bright side, remuneration is likely to remain one of the sector's bright spots - HR teams in more than half of banks are predicting an increase in fixed pay to offset the bonus cap planned by the European Union, according to new Towers Watson research.
Some 53 per cent of survey respondents anticipate a growth in overall salaries, while only seven per cent expect that the new regulations from the EU will lead to an overall drop in how much financial services workers are being paid.
Mark Shelton, managing director of Towers Watson's financial services talent and reward practice, claimed that business leaders are aware of the need to make up for the drop in salaries by using different approaches.
"Some will do it through higher fixed pay or increased pension contributions, but many companies are planning to invest in training and career development, healthcare and flexible working programmes in order to continue to motivate and engage employees despite the potential impact on their annual pay," he added.
Two-thirds of the HR professionals canvassed predicted that politicians and regulators were likely to have the greatest impact on banking industry rewards over the next three years, underlining the pressure the sector is facing - shareholder, employees and the media were all to be less influential.
Finally, the markets highlighted as likely to benefit from a talent exodus in the UK's financial services sector were New York and Hong Kong, followed by Singapore and Switzerland. According to the report, this could lead to firms developing rather than recruiting talent.
Signup to receive the latest discipline specific articles
Related articles
![How to become a change manager: qualifications and requirements](https://attraxcdnprod1-freshed3dgayb7c3.z01.azurefd.net/1481115/1438233e-ba19-4fa6-bc88-cbe12d4d2518/2023.17000.2532/Blob/post_no_image.jpg)
Teaser
Change & TransformationContent Type
Career Advice
23/07/24
Summary
What is a change manager? A change manager ensures that business-wide changes are executed smoothly and effectively. This could be the implementation of a new process, system, or organisational
by
James Thompson
![Five reasons change management is important in times of uncertainty](https://attraxcdnprod1-freshed3dgayb7c3.z01.azurefd.net/1481115/1438233e-ba19-4fa6-bc88-cbe12d4d2518/2023.17000.2532/Blob/post_no_image.jpg)
Teaser
Change & TransformationContent Type
General
23/07/24
Summary
In the modern world of business, change management plays an important role in delivering results and ensuring employees are successful. Whether spurred by technological advancements, shifts in m
by
Cillian Mcevoy
![Why is change management important in transformation?](https://attraxcdnprod1-freshed3dgayb7c3.z01.azurefd.net/1481115/1438233e-ba19-4fa6-bc88-cbe12d4d2518/2023.17000.2532/Blob/post_no_image.jpg)
Teaser
Change & TransformationContent Type
General
23/07/24
Summary
In the modern world of business, change management plays an important role in delivering results and ensuring employees are successful. Whether spurred by technological advancements, shifts in m
by
Oliver Bradley
Related jobs
Salary:
£65,000 - £80,000 per annum + + bonus + benefits
Location:
City of London, London
Industry
FinTech
Qualification
Fully qualified
Market
Financial Services
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
An exciting opportunity for a Commercial Finance Analyst to join a growing international FinTech.
Reference
BBBH181444
Expiry Date
01/01/01
Author
Florin HodinituAuthor
Florin HodinituSalary:
£150,000 - £175,000 per annum + equity, bonus and benefits
Location:
London
Industry
Healthcare
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks sattin executive search is working with an effective international, PE Backed healthcare buy and build business
Reference
TA 3325
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
Equity, Bonus and Benefits
Location:
Essex
Industry
Transport & Logistics
Qualification
Fully qualified
Market
Executive Search
Salary
£125,000 - £175,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is seeking a Chief Financial Officer to join a fast-growing PE-backed B2B business based in Essex.
Reference
TA 3324
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
£100,000 - £120,000 per annum
Location:
City of London, London
Industry
Investment Banking & Capital Markets
Qualification
Fully qualified
Market
Financial Services
Salary
£100,000 - £125,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
An exciting opportunity to join an international Bank and play a pivotal role in driving financial excellence, growth and transformation.
Reference
BBBH181445
Expiry Date
01/01/01
Author
Florin HodinituAuthor
Florin HodinituSalary:
£180,000 - £200,000 per annum + Equity, Bonus and Benefits
Location:
City of London, London
Industry
Energy, Resources and Industrial
Business Services
Qualification
Fully qualified
Market
Executive Search
Salary
£175,000 - £250,000
Job Discipline
Private Equity Executive Search
Contract Type:
Permanent
Description
Marks Sattin Executive Search is working with a successful PE Backed B2B Infrastructure Consultancy business based in Central London
Reference
TA 3323
Expiry Date
01/01/01
Author
Executive SearchAuthor
Executive SearchSalary:
Negotiable
Location:
Chorley, Lancashire
Industry
Consumer & Retail
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Finance Manager (Management Accounts) - 40% home working
Reference
BBBH180107
Expiry Date
01/01/01
Author
Laura HalloranAuthor
Laura HalloranSalary:
Up to £55,000 per annum
Location:
Edinburgh
Industry
Business Services
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Delighted to be working once more with one of our long standing clients, who due to restructure are recruiting a Commercial Financial Controller
Reference
BBBH179738
Expiry Date
01/01/01
Author
Laura HalloranAuthor
Laura HalloranSalary:
£85,000 - £95,000 per annum
Location:
Bristol
Industry
Technology
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Permanent
Description
Marks Sattin have been engaged by an international software services company based in Bristol to recruit a Group Financial Controller.
Reference
BBBH181364
Expiry Date
01/01/01
Author
Ben NeeamuthkhanAuthor
Ben NeeamuthkhanSalary:
£50,000 - £55,000 per annum
Location:
Bristol
Industry
Manufacturing
Qualification
None specified
Market
Commerce & Industry
Salary
£50,000 - £60,000
Job Discipline
Part Qualified & Transactional Finance
Contract Type:
Permanent
Description
Marks Sattin have been engaged on an exclusive basis to recruit a fantastic Capex Buyer role for a very exciting client based in the Bristol area.
Reference
BBBH181424
Expiry Date
01/01/01
Author
Ben NeeamuthkhanAuthor
Ben NeeamuthkhanSalary:
Negotiable
Location:
London
Industry
Pharmaceuticals & Life Sciences
Qualification
Fully qualified
Market
Commerce & Industry
Salary
£80,000 - £100,000
Job Discipline
Qualified Finance
Contract Type:
Contract
Description
A 6-month contract Senior Finance Business Partner role with a globally renowned research organisation in London.
Reference
JAR2802
Expiry Date
01/01/01
Author
Julia AruciAuthor
Julia Aruci