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- In Q1 2008, organisations’ expectations have risen in terms of the calibre of candidates they are looking to hire and the relevance of the skills those individuals offer.
- Permanent hiring has remained consistent on last year, particularly on the trading floors and within private equity houses. High calibre candidates with experience in these areas are in demand. Trading floor and private equity positions attract candidates because of the strong bonus potential, averaging 15-50% of basic salary. Additionally, private equity firms are willing to pay 15-20% above investment banking salaries.
- Some bonuses were paid during the three months of Q1 resulting in increased candidate flow into the market, specifically amongst junior to mid level secretaries. As the majority of bonuses will be paid in Q2, it is expected that there will be further movement.
- As the role of the secretary continues to diversify, becoming more project based and client facing, candidates’ salary expectations have increased and therefore managing their expectations from the outset is paramount.
- Temporary candidate flow has slowed due to a combination of seasonal factors and uncertainty within the financial markets. It is typical of this time of year that there is a reduced number of antipodeans entering the market as they wait until the UK summer months to relocate here.
- Hourly rates for temporary candidates within smaller asset management and private equity houses have increased by 10-20% resulting in private equity and asset management houses succeeding in attracting investment banking candidates. For example the executive assistant to a group head within an established asset management house was earning £18p/h in Dec 2007. The vacancy has recently been refilled on a rate of £22p/h.
- In Q1 2008, companies continue to populate their permanent headcount via the temp to perm route but to a lesser degree than 12 months ago.
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