BSA 2024 Salary Guide Risk v2 SPREADS - Flipbook - Page 7
07
Contract recruitment trends
The contract market for risk, quant and treasury
professionals continues to be relatively subdued,
although we predict an increase in hiring activity for
interim staff over the coming year if demand within
the permanent market remains suppressed.
A combination of low attrition, tighter budgets
and the merging of teams at organisations is likely to
result in skills gaps, with employers turning to contractors, temporary resource and co-source support to
assist with crucial workloads.
“The contract market can be quiet when the permanent
market performs well, as was the case in the immediate
post-pandemic period,” says Tamryn George, Principal
Consultant at Barclay Simpson.
“However, engaging with highly skilled and
experienced contractors on short-term contracts
becomes increasingly attractive for cost-conscious
昀椀rms that don’t have the budgets to add permanent
headcount.”
There is already solid demand within the credit risk space,
and we expect interim operational risk roles to 昀氀ourish in
2024 as more organisations strengthen their frameworks
to comply with incoming regulations.
Currently, interim staff comprise approximately 15%
of risk teams on average, with 73% of employers using
contractors and temporary resource primarily for speci昀椀c
projects.
After project work, the most-cited reason for enlisting
the services of contractors in 2023 was to keep permanent headcounts low (13%). This not only re昀氀ects the more
sedate recruitment environment last year, but is also
in stark contrast to 2022, when an inability to source
permanent candidates ranked joint second (16%).
Primary reasons for using interim, contract and co-source staff
Support BAU due to
high workloads: 6%
Inability to source
permanent staff: 6%
Keep permanent
headcount low: 13%
2023
Speci昀椀c
projects: 73%
2022
Speci昀椀c
projects: 53%
2021
Speci昀椀c
projects: 39%
Leverage subject
matter expertise: 11%
Inability to source
permanent staff: 16%
Absence
cover: 16%
Keep permanent
headcount low: 11%
Support BAU due to
high workloads: 13%
Absence
cover: 14%
