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- Generally, there has been a more cautious approach to hiring within operations during the first quarter of the year with the focus being on critical and replacement hiring rather than volume recruitment.
- Exceptions include the exchange-traded derivatives space where there has been a rise in hiring levels due to increases in trading volumes at the end of Q4 2007. Likewise, there continues to be demand within OTC derivatives, in particular within the more exotic and complex product areas. Now, the focus is on hiring line managers and analysts and to a lesser extent programme managers.
- In turn, strong derivatives candidates continue to be in short supply, particularly for settlements and documentation roles where candidates with functional experience are required. Other key areas of focus are futures and options, loans and securities lending.
- Salaries in Q1 2008 have remained steady on 2007 levels. Organisations are now paying particular attention to the makeup of their benefits packages, ensuring that they remain competitive in the market. Firms recognise the importance that benefits play during the negotiation process for new hires.
- On the temporary operations side, recruitment has been occurring at a similar rate to Q1 2007 although banks are being more cautious about future hiring projections amidst the current market volatility.
- In candidate short areas within the temporary market such as asset servicing and settlements/back office derivatives related roles, institutions are working particularly hard to retain their quality temporary staff and counter offers are becoming ever more prevalent.
- During the first few months of the year, temporary pay rates have remained at similar levels to last year.
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