London Change Management Candidate Insights in Financial Services 2017

Matthew Wilcox our consultant managing the role

View Financial Services market salaries within Change Management.

Download the full London Change Management market commentary and salary insights here »

FINANCIAL SERVICES

 Job Title    Salary Range   Day rate 
 PMO £45,000 - £55,000 £300 - £400 
 Senior PMO £50,000 - £70,000  £450 - £550
 Business Analyst £50,000 - £80,000  £400 - £500
 Senior or Niche Business Analyst £65,000 - £85,000 £500 - £700 
 Project Manager £70,000 - £90,000 £600 - £700 
 Senior Project Manager £80,000 - £100,000  £650 - £800
 Programme Manager £100,000 - £120,000 £750 - £1,100
 Programme Director £120,000 - £175,000  £1,100 - £1,500

 

View London salaries in other sectors within Change Management »

11/09/17
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The business case for a robust diversity and inclusion strategy in your organisation
The business case for a robust diversity and inclusion strategy in your organisation

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HR

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General

05/08/20

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The past few months – and indeed, years – have demonstrated just how important diversity and inclusion are in modern society. Through the #MeToo and Black Lives Matter movements, a light has been shone on the inequality and injustice that persists, not just in our day to day lives, but also in the workplace. We can no longer ignore how important diversity and inclusion are to businesses, nor can we expect things to get better without actively working to improve conditions and outcomes for everyone. And while promoting diversity and inclusion is absolutely the right thing to do for employees, there are also business benefits to doing so.  What is diversity and inclusion? Diversity and inclusion aren’t just a priority for HR departments – it should be a key business strategy for all organisations. Workplace diversity can be defined as the understanding, acceptance and promotion of differences between people. This includes those of different genders, races, ages, sexual orientations, disabilities and religions, as well as people who have different educational, socioeconomic and experiential backgrounds. Meanwhile, inclusion is about creating a supportive and respectful work environment that values collaboration and participation of all employees, helping everyone to feel included. Together, diversity and inclusion make companies more welcoming, accessible and harmonious for everyone, not to mention more profitable and competitive. Why is diversity and inclusion important? First and foremost, diversity and inclusion are essential to make workplaces better for everyone. Purely from a compassionate perspective, it’s the right thing for employers to create environments where people feel comfortable to be themselves and can succeed without limitation. Commercially, diversity and inclusion have a significant number of benefits. Firstly, a strong focus on D&I can significantly widen the candidate talent pool , giving you access to more candidates who may be excluded by non-diverse hiring strategies. With 70% of job seekers looking for a company’s commitment to diversity when applying for new roles, it’s clear that you may be missing out on top talent if you neglect to address D&I in your organisation.  On top of that, diverse organisations have better business results, higher employee satisfaction and are more innovative, according to Business in the Community . McKinsey research shows that executive teams in the top quartile for gender diversity were 25% more likely to have above-average profitability than those companies who perform poorly in terms of executive-level gender diversity. This figure jumps to 36% when analysing teams with ethnic diversity. Diverse teams have also been proven to be more innovative, solve problems faster and have more engaged employees.  Small steps to move the dial on D&I in your organisation The current emphasis on working from home presents a key opportunity for employers to rethink their D&I hiring strategies, with current conditions potentially opening up more flexible, part-time opportunities for those who may not have otherwise been able to commit to a 9-5 office job. To welcome more working parents and caregivers, disabled people and those with neurodiversity requirements, consider whether vacancies could be flexible, remote working or on part-time hours. Now is the perfect time to rethink your workspace and how it can be made more accessible to more people.  A dedicated diversity and inclusion policy, taskforce or officer can help to highlight its importance within your business. You could perform a D&I audit, examining the levels of diversity that exist within the company and specifically at the executive level, and set goals to achieve a more balanced, inclusive environment within a certain time period. Have open conversations with your team members about D&I and ask them what would make them – and new team members – feel more welcomed. It’s also important to acknowledge the diversity that already exists in your company, such as by celebrating different cultural and religious events, greeting bilingual employees in their mother tongue or inviting families into work.  Finally, while diversity and inclusion should be championed at the very highest levels of your business, it’s crucial that every single team member feels safe to contribute to these discussions and voice their opinions and stories. Prepare to tackle some difficult topics and be questioned. While subjects like the gender pay gap, lack of executive-level diversity and opportunities for progression can feel difficult to address, they are important conversations that need to be had in the process of making real change.  Marks Sattin can help to diversify your talent pool. By partnering with a specialist recruitment agency which has a strong focus on diversity and inclusion , you’ll benefit from having access to more candidates and guidance on how to actively recruit from diverse talent pools. At Marks Sattin, we can help you identify, attract and retain exceptional people across financial services, technology, change management and more.  Contact us here to have a chat about how we can work together. 

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The past few months – and indeed, years – have demonstrated just how important diversity and inclusion are in modern society.

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Becky Hughes

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Becky Hughes

Becky Hughes

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Becky Hughes

Engaging employees when working remotely
Engaging employees when working remotely

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General

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General

11/06/20

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According to Buffer’s 2019 State of Remote Work report, 99% of respondents admitted wanting to work remotely in the future. While that may have seemed like a distant reality for some, in what felt like an overnight transition, the majority of the workforce went from seeing their colleagues every day to communicating entirely online. Managers too had to adapt to this ‘new’ normal and familiarise themselves with hiring and onboarding remotely. In the first few weeks companies were caught up in the flurry of activity, but as things have started to settle, many employers are beginning to question what impact remote working will have on employee engagement. Most organisations have likely brought their daily stand up meetings into the virtual space but there’s much more that can be done. The following tips will help companies engage their remote employees by creating a positive working culture that not only works during the pandemic, but also in the post-coronavirus world. Create a distinction between home and work Buffer’s State of Remote Work report also shows that 22% of remote workers struggle with switching off from work, making it the top problem these employees face. Employers must help their team maintain good mental health by creating a separation between work and leisure time. Take inspiration from others: Good-Loop has offered each employee £50 to spend on their home office, inspiring them to create a space that helps them to concentrate. Meanwhile, advertising agency Merkle has sent out printable artwork for their employees to bring some life to their virtual background. This is also helpful for managers who want to conduct a video interview for maximum impact. Recognition According to O.C Tanner’s 2020 Global Culture Report, company leaders see an 83% boost in engagement when they recognise their employees. For recognition to be effective, leaders must ensure they celebrate those big achievements whilst also showing appreciation for the small wins. A learning culture Isaac Newton achieved some of his greatest mathematical breakthroughs whilst in quarantine and the modern-day workforce also has the opportunity to unlock their stores of creativity during times of limited social interaction. Virtual classrooms and content co-creation tools like online whiteboards are just two options for boosting workplace learning during Covid-19. Here are some other methods: Initiate a ‘learning from home’ hour Having employees block out a ‘learning from home’ hour in their calendar ensures they have the time to dedicate to improving their industry knowledge. This time can be spent taking a course, reading thought-leadership articles, or learning about anything that helps them feel more engaged in their work. Internal learning sessions Hosting internal learning sessions is a great way to encourage knowledge sharing within and across teams. Employers can either schedule fortnightly meetings where teams present insights from their ‘learning from home’ time or give employees the option to share thought-provoking ideas in the Friday wrap-up session.  Involve external thought leaders Invite external industry experts to bring a fresh perspective into the business, either through a presentation or by collaborating with them on a webinar. Working alongside a thought leader can spark innovative thinking, boost motivation and help employees feel more engaged in their field of work. Use surveys and questionnaires This is a dynamic way for organisations to engage their team because it empowers the employees to generate fresh ideas, mention pain points and state what helps them feel more involved in their work. This method receives bonus points because it saves companies the time of trialling and testing engagement practices that have worked for other organisations and skip right to applying practices that are personally suggested by their team. It’s important to remember that what works for one employee or team may not for the next. Employee engagement organisation, Effectory, began surveying employees since the outbreak of coronavirus to gain insight into the new working pattern and what it means for productivity and wellbeing. The results show that 66% of the workforce are able to do their job effectively from home and though this is a majority it still leaves one in three people struggling with the new working culture. Effectory have created a free Covid-19 Workforce Pulse survey which enables organisations to gain fast feedback on their employees’ engagement levels during the pandemic. The aggregated data from the survey shows that the top-performing companies all have one thing in common – they actively involve their employees. Use values to cultivate a sense of community Involving employees in the decision-making process through questionnaires also creates a sense of community. To nurture this environment, employers should seek more ways of helping their teams feel connected, something that’s particularly important for remote workers with limited social interaction. Emphasising the company values will ensure that employees working remotely feel as though they are marching to the beat of the same drum whilst encouraging camaraderie. To ensure their team feel connected and engaged, GitLab is hosting virtual coffee mornings. Boasting the world’s largest remote workforce, GitLab understands the importance of bringing colleagues together and promoting a shared sense of purpose. From e-birthday cards to online quizzes, there’s a lot that organisations can do to create a positive and inclusive virtual office culture. Are you looking for advice that’s relevant and timely? Since our advent in 1988, Marks Sattin have gained the expertise and knowledge that enables us to source the very best talent for businesses at every level, from start-ups to global organisations. Our recruitment consultants are committed to staying on top of trends in their specialist markets meaning they're able to provide our clients with the most relevant advice. Contact us to find out how we can help you recruit the top talent in your industry or register a vacancy now.

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According to Buffer’s 2019 State of Remote Work report, 99% of respondents admitted wanting to work remotely in the future.

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Matthew Fitzpatrick

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Matthew Fitzpatrick

Matthew Fitzpatrick

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Matthew Fitzpatrick

The cost of the status quo | A contribution from Women in Fund Finance
The cost of the status quo | A contribution from Women in Fund Finance

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HR

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16/09/19

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How failing to recruit and retain a diverse workforce may lose you the next big mandate, a contribution from Chelsea Bruno and Meera Savjani on behalf of Women in Fund Finance. Although hard to believe, there are still some who do not understand the value of diversity. Despite countless studies providing strong evidence that the most successful companies are those that employ a diverse group of individuals, many maintain homogenous workforces with no intention of diversifying. Although this approach has long gone unchallenged, there is now a growing consciousness within many corporate cultures which is driving companies to hold their external counter parts and service providers accountable for failing to address the issue. It comes as no surprise that some of the more “traditional” industries such as law and finance have been slower to progress in building diverse talent pools, and the clients of these firms have started to notice. In January 2019, more than 170 general counsels and corporate legal officers in the United States signed an open letter to big law firms which criticised these firms for the lack of diversity at the partner level. The letter, which was signed by companies such as Heineken, Vox Media, and S&P Global Ratings, stated that going forward these companies (many of which operate globally) would prioritise their legal spend on those firms that commit to diversity and inclusion. The letter went on to state “we applaud those firms that have worked hard to hire, retain and promote to partnership outstanding and highly accomplished lawyers who are diverse in race, colour, age, gender orientation, sexual orientation, national origin, and religion and without regard to disabilities”1. Although the letter does not set out how these firms plan to measure such level of commitment, it’s clear that these firms are serious about holding their legal counterparts accountable, and when taking a closer look, it’s clear that emphasis on diversity does not stop at these 170 corporations. Across the Atlantic, industry groups in the UK are also pushing to hold big corporates accountable for failing to make meaningful progress when it comes to diversity. As reported by the Guardian in May 2019, the Investment Association (IA), a trade body which represents UK investment managers who in aggregate manage over £7.7tn in AUM, has confronted 94 publicly listed companies for failing to make sufficient progress on gender diversity. The IA has written to each of these companies and raised concerns about the lack of gender diversity in leadership positions. A list of companies which received the highest level of warning from the IA was recently published in the Guardian and confirmed by IA2 , and although some of these companies have responded with statements emphasising efforts to address such issues, it’s clear that shareholders and potential investors will be looking for measurable progress going forward. In line with such expectations, some investors are taking accountability into their own hands, as evidenced by a change implemented by ILPA (the Institutional Limited Partner Association), the global industry body that represents the interest of private equity limited partners. ILPA recently expanded its standard due diligence questionnaire (DDQ) to include a section related to diversity and inclusion, and requires firms fill in a template which aims to measure and report the gender and ethnic diversity of teams by seniority and role. It also includes a section of questions designed to help investors understand a firm’s policies and procedures in areas such as hiring, promotions, family leave, mentoring, and harassment and discrimination. When asked about the updated DDQ, CEO of ILPA Steve Nelson stated “ILPA believes that diversity and inclusion is a strength that all stakeholders within the private equity ecosystem should embrace and promote in meaningful ways,” said Nelson. “The due diligence questionnaire expansion and Code of Conduct guidance represent an opportunity for general partners (GPs) and limited partners (LPs) to have conversations about these important issues, in the spirit of a stronger and ever improving workplace for everyone. We look forward to advancing these ideals which serve as the foundation for a healthy, prosperous industry.”3 As with the other industry groups discussed herein, ILPA is sending a clear message that diversity is no longer an optional. Changes such as the updated DDQ make it increasingly difficult for firms to completely ignore the topic, and although the potential consequences are meaningful in all industries, the cyclicality of fundraising in private equity means the risk associated with failing to adapt could be both severe and expensive. While few would doubt that the conversation around diversity and inclusion has evolved significantly over the past two decades, many are now suggesting that the time has come for the conversation to expand into action. Although just a few examples are discussed herein, it's almost for certain that there will be more letters and questionnaires to come. With the rise of such accountability, the cost of failing to adapt may soon weigh heavy on firms and maintaining the status quo of a homogenous workforce may come to feel like a burden in itself. Thus, firms must ask themselves whether the status quo is worth the missed opportunity that will result. The 10th edition of our highly regarded Market Insight Report represents the views of over 1,100 professionals, and contains insights from our specialist consultants and key business partners on market and employment trends.  If you’re looking to find out more on salary benchmarking and the motivations driving the modern workforce today, download our full report which contains key contributions from Western Union Business Solutions,Seddons Solicitors, Intoo UK & Ireland  and Breaking the Silence. Cited https://www.law.com/americanlawyer/2019/01/27/170-gcs-pen-open-letter-to-law-firms-improve-on-diversity-or-lose-our-business/ https://www.theguardian.com/business/2019/may/13/investor-group-warns-almost-100-firms-over-lack-of-gender-diversity https://www.pr-inside.com/ilpa-publishes-diversity-and-inclusion-resources-f-r4704476.htm

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Although hard to believe, there are still some who do not understand the value of diversity.

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Mellani Georgiou

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Mellani Georgiou

Mellani Georgiou

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Mellani Georgiou

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