Glimmers of hope for accounting and finance
Glimmers of hope for accounting and finance

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Financial Services

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General

11/01/21

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I don’t think anyone would disagree that 2020 was a tough year. In recruitment we are usually on the sharp end of economic turmoil, so I’m very empathetic to people’s struggles, especially those seeking new employment.   However the good news is that over the last couple of months we have seen some glimmers of hope. Since last September there has been a slow but steady incremental demand for accounting & finance talent in London. This was precipitated by the gradual reopening of offices, and clearing the hiring backlog which was created in the late spring and summer months due to the COVID restrictions and the extreme uncertainty. Candidate needs have changed Whilst firms were constrained and had conservative hiring plans, the risk appetite among candidates for a new role, company, or location change surprised us - this has no doubt been triggered by the enormous lifestyle changes that we’ve all been contending with recently. Many people have decided to escape that city in search of open, more green spaces, and the vast majority of candidates we speak with are expecting a new level of work flexibility to support their personal and family interests.A large dichotomy between company attitudes to hiring!   Some firms are making the hiring process so cumbersome that both parties lose interest half way through the process.  It’s not uncommon to see a candidate going through six or seven rounds of interviews, without receiving an offer at the end of the saga. Whilst other organisations are very quick to bridge the skills gap, recognising that finance departments need enough resources to operate effectively. The overwhelming message that we are receiving is that accountants are feeling jaded, given they are working harder than ever with less moral support and fewer resources. Now businesses are starting to see cracks appear and recruitment is back on the agenda. " It has largely been an employer’s market lately, where candidates have very realistic expectations and businesses have been able to secure strong candidates quickly. We are also seeing a fresh demand for niche skillsets, such as: Regulatory Reporting,  IFRS 17, and Technical Accounting, which has led to competing offers and a shortage of candidates with the right skills. The projects that were put on the long finger are now back in focus.In contrast to the 2008 crisis, we haven't seen many redundancies within financial services firms. Nevertheless, businesses are reassessing what skillsets they require from senior finance leaders in this uncertain environment. Unfortunately we have seen some cost cutting at the very senior end of the market with opportunistic or knee-jerk removal of CFOs and Directors who may have been seen as an expensive luxury in a stale economy, however these people will be an absolute necessity to have in place when businesses return to growth mode. We’re expecting risk appetite to accelerate Going into spring 2021 we fully expect that positive news on a vaccine will spur a newfound confidence, and risk appetite will accelerate the need for additional resources and new expertise, leading to a war on talent. Our advice would be to really look after those star employees who you want to keep as they will be approached by other companies! If you are thinking about growing your team or department, it may be worth getting ahead of the game and kicking that process into action before you lose out, or have to pay salaries over the odds.If you are considering recruitment options, or want to discuss your own personal circumstances, then please feel free to call me for a chat on 079 6337 0126, or drop me an email.

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In recruitment we are usually on the sharp end of economic turmoil, so I’m very empathetic to people’s struggles, especially those seeking new employment.

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Paul Roche

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Paul Roche

Paul Roche

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Paul Roche

How part qualified accountants will add value to your business
How part qualified accountants will add value to your business

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Financial Services

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General

07/01/21

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Having spent two years at a Big Four firm and three years working in the part qualified market for Marks Sattin, I have a vast amount of market knowledge and have worked with a variety of clients within financial services. The part qualified market forms a big part of our business, however some of our clients have never recruited a PQ candidate before or are unsure of what this candidate pool looks like. So, we thought we would answer some typical questions/opinions regarding PQ recruitment below. ‘We are a small team and cannot afford to lose a member of our team to study for weeks at college’This is a common misconception from clients who have no experience in study support for junior accountants. If you are a practice-trained ACA your personal experience will be very different to accountants who have qualified in industry. It’s important to note that typically candidates don’t get sent to college for vast amounts of time, and there is always the opportunity to offer candidates online courses or evening/weekend courses taken outside of core working hours. A typical study support package towards ACCA/CIMA would look like this:-           Exam and membership fees -           Study materials-           An additional one or two day’s leave for revision plus the exam day, per exam ‘We don’t want to invest in someone and then they leave our company’ Investment in candidates is always rewarded with harder work and longevity which are key attributes clients look for when hiring!  The ultimate goal for aspiring accountants is to become qualified and have steady career progression, and without investment by their current business, they may be more likely to seek investment from a competitor who will provide study support. " When offering a study support package most clients can protect themselves with a clawback clause, meaning if an employee leaves during their studies or a short period after qualifying, they will have to pay back a percentage of  the fees incurred by the employer. ‘Why would good candidates be on the market for a new role before they’ve qualified?’ This ties in well with the above point, whilst study support is very important to candidates, equally to that is career progression and continued professional development. I am sure if you are reading this then you will be able to relate, especially when thinking about your own decisions and choices that you have made to get to where you are today!  Coming from a big 4 background myself, I know how uncommon it is to leave an ACA training programme before you are qualified - you could even say it is frowned upon. There is a completely different culture to accountants who train and ones who qualify in industry. Just because they are on the market as a part qualified accountant does not mean they are underperformers. In fact it just means they actually are committed to bettering themselves! ‘We are looking for a smart and ambitious graduate but we don’t provide study support’ In short you’re saying you want the best of the best without giving them anything in return. Smart and high achieving graduates will be sought after by many businesses. From my experience, these types of candidates can usually end up with more than one job offer on the table. For example one of my candidates recently graduated from a top university (University College London), and within a week had three offers on the table! In this scenario, more often than not, money is not a key motivator. By contrast these candidates will favour career progression opportunities, study support as well as the culture of the business. You need to make yourself competitive to win over ambitious candidates, unfortunately a good salary isn't enough. ‘We would prefer a newly qualified accountant’ Depending on the type of role a good question to ask is: Why do they need to be qualified to do this role? Part qualified candidates ultimately show value for money. A part qualified accountant with 2-3 years experience, will know how to do the job itself. For example, processing invoices, journal entries, bank recs, preparing management/financial accounts. Their salary expectations range from £33k to £44k. You can then compare this to a newly qualified accountant coming from an audit background that may never have performed a hands-on accounting role, only external audit. Their salary expectations are usually around £55k if they’re big 4 or around £50k outside the Big 4. Alongside the savings you could make, PQ accountants tend to be more willing to take on some of the transactional tasks which qualified accountants want to move away from, recently qualified ACA candidates typically do not like financial reporting roles, instead they’re looking for more ‘commercial’ roles. This is proving to be  a massive challenge in recruitment. You can achieve greater longevity from a part qualified accountant as they work towards becoming qualified, especially with the help of clawback clause. ‘We prefer to hire directly for junior roles’ With everyone looking to cut costs now more than ever, it also means there are an abundance of candidates and more people applying for jobs. One of my adverts received over 2,000 applications! This may seem like the ideal situation with plenty of options to choose from but the reality is that the majority of applications are candidates who are not suitable for the role. A lot of job seekers have the ‘throw everything against the wall and see what sticks’ kind of approach. And the reality of finding the right CV becomes ever more daunting. By using a recruiter who specialises in this industry, and who spends their days building relationships with these candidates, you can cut this down to receiving a few top quality profiles tailored to your business. Not only will this save you time, but you will also receive an extra level to the interview process. Speeding up the entire hiring process (especially if you are looking to replace a team member who is leaving, this notice period window can be crucial). As everyone in business likes to say; time equals money! Long hiring processes can mean losing candidates to other offers, or losing their interest if you make them wait too long - it doesn't reflect well on the business. At that point you may find yourself starting the whole search process again, not ideal or cost effective. If you would like to discuss a part qualified role, or if you're looking to expand your team please get in touch with me here.

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The part qualified market is huge and forms a big part of our business, however some of our clients have never recruited a PQ candidate before or are unsure of what this candidate pool looks like.

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Rebekah Froom

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Rebekah Froom

Rebekah Froom

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Rebekah Froom

Looking forward to 2021: What can we expect from the compliance and financial crime market
Looking forward to 2021: What can we expect from the compliance and financial crime market

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Financial Services

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General

14/12/20

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As we start the final furlong to Christmas and the end of a pretty eventful year, I wanted to give my overview and thoughts on the current state of the UK compliance and financial crime market, taking a positive outlook and working towards what to look forward to in 2021. The current market in the UKWhen looking at unemployment statistics for 2020 it might feel a bit concerning, The Office for National Statistics confirms the estimates for June to August 2020 showing an approximately 1.52 million people unemployed, representing 209,000 more than a year earlier and 138,000 more than the previous quarter. This puts the current unemployment rate at 4.5%, considerably less than most of the other G8 nations and still some of the lowest figures on record. However, despite the UK dipping into a recession, there’s still been plenty of recruitment activity within the governance space, fuelled by the UK’s position as a global financial services hub, with a special mention to the growth of the fintech (the UK has three of Europe’s biggest fintech firms in its grasp). London especially continues to perform well in global rankings for innovation and investability, regularly coming in at the number one spot and continuing to lead the world in forex trading with an estimated $2.86 trillion per day going through London and as such businesses continue to maintain their presence in the square mile. A new way of workingAgile working has never been more prevalent with working from home now firmly entrenched in many businesses cultures, coupled with investment in digital and virtual processes which have been implemented over the last 6-9 months. Within compliance and financial crime our clients have responded well to all changes and have adapted with ease, meaning less need for employees to worry about making too many adjustments or needing to come in to work on a regular basis. Compensation in the compliance and financial crime sectorPositively, salaries and benefits for permanent roles have remained fairly consistent this year although there has been a marked decrease in day rates on offer for contractors with £500 to £700. This is where we have found most businesses comfortable operating in a volatile market. This has also been affected by the anticipated arrival of IR35, which will come into effect in April 2021. Why choose compliance and financial crime? Compliance and financial crime continues to be a popular career choice for school and university leavers, driving the competition for graduate level roles.  We continue to see an increasing number of qualifications available from the ICA, ACAMS and IRM which are being more desirable when applying for a new position. " This is unsurprising given the UK’s position within the world of banking and financial services. It’s also due to the fact that a career in compliance is now possible straight from university, rather than the traditional route through legal or audit.Relocation is high on the agendaWhen looking at available vacancies it’s worth noting that a large number of roles are being relocated to Europe, particularly Benelux. Amsterdam is boasting a strong selection of risk, compliance and financial crime roles, particularly within the attractive Fintech space. However, we know that it’s not simple to uproot from London and move abroad, and there is still high appeal in London for both the employee and company side.Marks Sattin has continued to perform well and above expectation this year. Whilst some businesses have reduced headcount, we have maintained and in some places expanded our existing teams to ensure we can continue to support clients across all locations. We are anticipating a marked increase in the number of hires next year and would love to support you with any future hiring plans. For more information on how we can support you or if you have any other needs you would like assistance with please get in touch.

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As we start the final furlong to Christmas and the end of a pretty eventful year, I wanted to give my overview and thoughts on the current state of the UK compliance and financial crime market, taking a positive outlook and working towards what to look forward to in 2021.

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James Flood

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James Flood

James Flood

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James Flood

How have businesses performed in the Thames Valley?
How have businesses performed in the Thames Valley?

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Financial Services

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General

26/11/20

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As the year comes to a close, we thought we would share some market information on what we see happening within the Thames Valley region: How well have businesses been performing in the Thames Valley?There are definitely many positives to take away from the last 6 – 9 months and we have seen businesses adapt quickly and efficiently to the new world of hiring. Remote working has become the norm for many of us and it has been refreshing to hear good stories from around the area as to how teams have responded and how business operations have been working well for the majority. We are sure this is something that will continue to be the norm once we come through to a more “normal” time. Onboarding and interviewingWe have seen a dramatic change in the way these process would normal have worked, and maybe this is a step in the right direction? Through the year we have supported our clients and candidates in understanding best practices for video interviewing and virtual onboarding. For many businesses in our market they have been conducting their usual two stage processes, albeit with the necessary changes. The initial telephone interviews and two or more video interviews via Teams or Zoom, sometimes even WhatsApp video. These have all proven to be highly effective and we have seen success conducting many processes like this remotely during the course of the year. Onboarding remotely has been a positive experience for both our clients and our candidates starting new roles. We have luckily heard no horror stories which is amazing, especially considering that we were plunged into this new way of working without very much warning or time to plan these new remote processes. We are positive about these new tools we are using making attending interviews and integrating new employees easier than ever, and we're sure this was of working will carry through to the future of recruiting.The interim and temporary marketOne of the areas which we have been successful is helping business navigate their own situations by finding interim or temporary talent to meet certain demands. This has seen a boom in the desire for short term placements. If you're looking to hire during financial and tax year end, or if you're a candidate looking for an interim role - please get in touch here. 

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There are definitely many positives to take away from the last 6 – 9 months and we have seen businesses adapt quickly and efficiently to the new world of hiring.

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Karen Chilton

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Karen Chilton

Karen Chilton

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Karen Chilton

Is cash a thing of the past
Is cash a thing of the past

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Financial Services

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General

11/11/20

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In June 2019, Huw van Steenis - Group Managing Director at UBS and a credible figure in the banking and finance world, chaired the Future of Finance Report, conducted on behalf of the Governor of the Bank of England to review the UK’s financial system and what this meant for the Bank’s agenda over the coming decade. In this report, one of Huw van’s recommendations for the bank was: To enhance the payments system for the digital age as this is a force shaping the economy as we know it. " In the Fintech boom, companies and cloud based systems are becoming ever more respected in the banking & capital markets space - you don’t have to look too far to see a new digital payment or trading app popping up offering even quicker and easier payment transfers, online banking and currency converting.A major switch in how the public perceive technology is something that forced the hand of even the ever cautious consumer, long gone are the days of apps or cloud based systems being perceived as risky when uploading your most important information, including your banking details. The now slick and smooth process of setting up a new bank account via an app like Monzo, or setting up a new staggered payment process via Klarna can be done within minutes.In a digital age, cash in its conventional sense seemingly inhibits the consumer and some believe it becomes a problem that they never knew they had, as loose change and heavy pockets are an inconvenience we don’t have to live with. Huw van discovered that in Sweden, cash payments had fallen by 80% over the past decade and experts believe that the UK is only four to six years behind.Ten years ago cash was used for six out of ten payments and experts believe that this will inevitably drop to one in ten payments in ten years’ time, as you can imagine cash has been taken over by debit cards and contactless technology that is only bound to increase over time.As of 2018, cash accounted for 28% of payment methods used, this is down from 60% in 2008, so it is obvious to see the use of cash is on the decline heading towards the experts predictions of 9% by 2028, but has Covid-19 sped things up pushing us five to ten years ahead of schedule in reducing the use of cash?Banks and retailers have been pushing the use of contactless payments and online services for hygiene reasons and as shops started to close, the UK cash usage halved within days. Reports also show that during lockdown ATM transactions were down by 60%, a rapid drop compared to the year on year decline of roughly 6% - 10%. This all happened despite the World Health Organisation never actually instructing people to avoid cash during the pandemic.In some cases retailers have been refusing to take cash, I know this from personal experience, maybe you have experienced this too? So what chance does cash have to survive?Over the past few years with the emergence of the Fintech space in London, we began growing our offering for clients of this type. We recognise the need to be flexible and dynamic to match the world of Fintech and are proud to support such disruptive businesses. With our financial services expertise and tenure, we've found ourselves to be excellent commercial partners and providers for Fintech firms that are both in a period of rapid growth and those that have made their mark on the market. View our latest roles here. 

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In June 2019, Huw van Steenis - Group Managing Director at UBS and a credible figure in the banking and finance world, chaired the Future of Finance Report, conducted on behalf of the Governor of the Bank of England to review the UK’s financial system and what this meant for the Bank’s agenda over the coming decade.

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Nicholas Hesketh

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Nicholas Hesketh

Nicholas Hesketh

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Nicholas Hesketh

How technology has inspired the new wave of M&A deals
How technology has inspired the new wave of M&A deals

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Financial Services

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General

10/11/20

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While mergers and acquisitions were once a strategy for companies to extend their global footprint, or grow their workforce, technology has shifted the focus. Firms are now motivated to acquire technology companies and assert their dominance in the digital sphere. Businesses might currently be facing a great deal of economic uncertainty, but there are still plenty of deals on the table, and in the first two months of H2 2020, global M&A megadeals totalled $256 billion. No matter whether the intentions of a business scale-up are to drive innovation, or to ensure competitive advantage, technology will continue to take a leading role in future deals. Here’s why technology is an essential piece of the puzzle and how it has inspired the new wave of M&A deals: Future-proofingSome job markets - like professional services - have faced fewer hurdles since the virus outbreak but they still face the pressure to remain relevant and to future-proof their services. Businesses are acquiring to stay in the game and become recognised as trailblazers, rather than chasing the competition’s tail, and M&A deals are motivated by the need to acquire new services, processes, talent or technology. Technology has the power to future-proof a business because it accelerates digital transformation; as companies try to navigate the uncertainty that is ahead, M&As will shift from being a future-proofing approach to a crisis-proofing strategy, and technology will likely play an increasingly central role. The booming cloud services marketNot long ago, AI was considered a futurist technology and conversations centred around whether robotics were a threat to jobs – even to those in the tech industry. However, research has proven how machine learning has the capacity to create more jobs and enable workforces to become more specialised. Within the same family of ‘disruptive technology’ is cloud computing. The global cloud services market is expected to hit a value of $331.2 billion by 2022, and today there are very few businesses which don’t use cloud computing models such as SaaS. This has created a flurry of activity on the M&A scene as corporations rush to snap up businesses who have the expertise and equipment they need to take their operations entirely remote. What’s more, cloud computing is built on the idea of scalability, making it an essential piece of the M&A puzzle. Research has proven how machine learning has the capacity to create more jobs and enable workforces to become more specialised. " FintechM&A deals rely heavily on face-to-face interaction, so it is no surprise that there was a 44.7% drop in the value of transactions in H1 2020 when compared to the previous year. However, in spite of the restrictions and economic uncertainty, Mastercard announced the acquisition of Finicity for $825 million in June. The fintech company specialises in open banking – a business model that gives third-party companies secure access to customers’ banking details, thereby allowing customers to have greater control over their finances and how they budget. Open banking has helped to bring financial services into the modern age - one reason why many similar M&A deals are appearing in the wake of Covid-19. 2019 was hailed the year of fintech M&As, bringing in four megadeals and a total deal value of $121.18 billion in H1 alone. Yet, 2020 has proved to be a promising year and the surge in the acquisition of fintech firms can also be attributed to the need for companies to provide a wider range of multichannel services. Markets are converging and this mounting interest in technology-enabled banking services has stirred up the M&A market where high profile fintech deals will likely go on to break more records. A career in M&AProfessionals working in M&A are in the business of creating value. While some companies will have been forced into survival mode, for others, the pandemic has exposed an opportunity to join forces with emergent start-ups or disruptive corporations. Professionals working in the M&A market are helping these businesses to source and snap up technology companies that will allow them to stay ahead of the curve. As technology continues to infiltrate every industry and discipline, M&A deals will become more widespread and the strategic skills of employees in this field will become more desirable. If you’re ready to take your skills to the market browse our jobs and have a look at our career advice hub. Providing a service that is tailored to youIf you’re interested in partnering with an agency that approaches the recruitment process differently, then Marks Sattin is the choice for you. We have a rich history of providing an unrivalled, relationship-led service to our clients and candidates. Our consultants are committed to connecting businesses of all sizes – from global organisations, to emerging start-ups - with talented professionals. Contact us if you’re looking for more information on recruitment solutions in M&A, financial services, corporate development or investment & advisory. 

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While mergers and acquisitions were once a strategy for companies to extend their global footprint or grow their workforce, technology has shifted the focus.

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David Harvey

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David Harvey

David Harvey

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David Harvey

Should I stay or should I go now?
Should I stay or should I go now?

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Financial Services

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General

22/10/20

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Even though it appears that the world has turned on its head right now, surprisingly we have seen an increase in the number of professionals who have decided now is the time to make a move. Why now!? … well along with all the other changes lately, candidates are experiencing a range of changes to their roles, and for some, the negatives are outweighing the positives. In order to ascertain whether a candidate is ready to move, I have look for the five P’s in my conversations. What are these five P’s I hear you say?, (or maybe not, and lockdown is getting to me already!):Payment – It’s usually the first reason I get from a person looking for a new role, but the truth of it is that although payment or feeling you are being paid fairly is important, it’s only ever part of the reason you look to change your job. There is more to life than money and being in a very well paid job that you hate will never last! With people currently working from home and saving on travel, lunches and the extortionate amount of coffee we purchase – payment is only ever part of the puzzle! I regularly speak to candidates who are being paid up to 20% below the market average salary and when I ask them about making a move and tell them the disparity, they often respond with, ‘but I’m happy in my job’. This might sound crazy to some, but another ‘p’ is priorities, and everyone’s are different! People – Now, more than ever, people’s relationships with their colleagues are being tested. But not how you might think - I have spoken to professionals who are no longer searching for their new role to escape interpersonal challenges at the office, because rather than sitting beside someone for eight hours a day, it’s now virtual meetings a couple of times a week! Similarly, I have other candidates who were staying in roles just because they had very strong relationships with their colleagues, and that was the most positive aspect of their working day. Plateau – Growth is important and feeling like you are learning and growing year on year is an integral part of your career happiness. However, if this doesn’t go hand in hand with at least some of my other ‘P’s’, it’s unlikely that you will see a professional leave when they have hit the glass ceiling in a company they love working for. Often these candidates will actively seek out other opportunities for growth within their organisation. Sometimes candidates will give lack of progression as the reason when in fact they are unhappy with other aspects of their role. Place – Location and commuting are less relevant at the moment than ever before. Having to battle the traffic on the stairs in the morning is the most many of us have been doing recently. However, one consideration under this point at the moment is - has your employer made your ‘place’ any better for you? I spoke to a candidate recently and part of their reason for wanting to make a move was because their company did not provide them with a monitor to work from home comfortably. A monitor is a relatively small thing, but it helped the employee to work more efficiently. This was the last straw for them and gave them the drive they needed to look for a new role. I have also spoken to candidates who have praised their companies for sending a desk, supplies, treats and anything to make their working from home life better.  These acts of kindness by employers are earning loyalty points with employees. " Praise – People who feel appreciated by their colleagues and managers for the work they do generally work harder to continue this circle of praise. It’s human nature to seek positive reinforcement that we are good at our job and really appreciated for the work we do.So what can we take from this? That you can be well paid and feel you are developing within a company, and still be motivated to move. Similarly we can have great work colleagues and feel valued in our role, and still seek something more in our careers. However, in my opinion and experience, if your job ticks most of the P’s then are you really looking for a new job, or just testing the waters?I think we will see an even bigger focus on being content at work going forward, because although our work life balance might be a bit better these days, our job is still a big part of our lives. I would be very interested to hear if you think there are other strong motivators that drive professionals to leave, or stay in a role?

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Even though it appears that the world has turned on its head right now, surprisingly we have seen an increase in the number of professionals who have decided now is the time to make a move.

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Sarah Fallon

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Sarah Fallon

Sarah Fallon

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Sarah Fallon

Staying ahead of the game - safeguarding for the future
Staying ahead of the game - safeguarding for the future

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Financial Services

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General

16/10/20

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Looking forward to the end of the year, it is unfortunate to state that the Covid crisis is still a huge part of our lives, and with this comes the expanding impact on the global economy. True, a few sectors have done well under lockdown conditions but they have been the exception. It has been suggested that by the time this crisis is over, it could, through the destruction of the economy, cause much more harm to the financial system than the 2007 financial crisis, with talk of a V-shape recovery becoming muted. The future is somewhat unknown, and with no vaccine, the virus will continue to change the world we know.The financial sectorOne particular sector which has weathered the storm is banks and other financial intermediaries. They did this by being quick to react and adjust to the new business environment. An environment that requires more attention to liquidity management, conducting business over a long distance, and offering more time and support to their clients. However, the real test will come when the debt moratorium ends. Banks will need to have a clear picture of the outlook of their clients and their new risk profile. " Brexit in the backgroundThere is also no forgetting Brexit, rearing its head in the background of the pandemic. While we wait for a negotiated deal, the outlook is still concerning, as things will not be the same for most businesses moving forward. A new normal and a new kind of relationship with the EU requires a full-scale reassessment of risk. Banks and other financial intermediaries will need to upgrade their risk management systems, just like they did post the 2007 financial crisis. Like before, banks that stay ahead of the game will emerge as clear winners. Safeguarding for the futureRisk - when the ceiling has been lowered on the revenue front, it makes sense for banks to focus their attention on risk, and to put in more efforts to minimise foreseeable loss. Among other things, banks will want to recalibrate their credit risk models, taking into account the varied impact of Covid on all the economic sectors.Credit quality - financial institutions will need to reassess the credit quality of their clients after they emerge from the crisis; paying particular attention to those in sectors that had been more exposed to the fall out. New data and assumptions will have to be incorporated into the model in order to determine EBITDA, free cash flow and costs.Technology - This will, of course, play an important role in risk management. Banks will employ new technologies to help manage operational risk, credit risk as well as market risk. If the 2007 crisis is any indication of things to come, a lot of hard work will have to be put into the management of credit and operational risks, employing new technologies to monitor banking operations, review data and reconfigure risk models.Talent insightFor now and for a long time to come, talented risk managers and professionals are what banks will continually need - people with the right set of skills and experience. Unfortunately, the talent pool of risk managers has not been expanding in line with the new demand.Over the past decade as regulatory demands were on the rise, becoming increasingly more complex, no meaningful efforts were made to attract more talented people into the field of risk management. This has led to a shortage of skilled risk managers even before the emergence of the pandemic. Given the urgency of our current climate banks will not have the time to train people and will need to recruit. This is where we come in, if you're a professional within risk, please get in touch now.

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It has been suggested that by the time this crisis is over, it could, through the destruction of the economy, cause much more harm to the financial system than the 2007 financial crisis

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Deem NaPattaloong

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Deem NaPattaloong

Deem NaPattaloong

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Deem NaPattaloong

Survey results: Business response to Covid-19
Survey results: Business response to Covid-19

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Financial Services

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General

31/08/20

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‘The only constant is change’ has never rang more true and there is no facet of business that has not been changed dramatically by this year’s global events. It is not about adjusting to any ‘new normal’, it’s about making sure you can adapt adequately to this new, more rapid pace of change'. During May 2020, we produced a survey for our contacts to understand how their business was reacting to the pandemic and to gauge overall market sentiment. We received over 130 responses to key questions relating to their thoughts, reactions and predictions regarding the unprecedented level of change we are experiencing. Although market conditions are changing daily, the ease of lock down has brought a wave of positivity as we look to rebuild on the disruption of the past few months. With this in mind, the below report outlines some of the findings from our research, and our predictions for the future. Covid-19 survey

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The only constant is change’ has never rang more true and there is no facet of business that has not been changed dramatically by this year’s global events. It is not about adjusting to any ‘new normal’

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David Harvey

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David Harvey

David Harvey

by

David Harvey