Welcome to the second part of the 2024 Salary Guide summary.
Following the previous segment of this series where we covered Finance and Accounting & IT and Technology, this week we will dive into the prominent legal and financial sectors providing you with the best foresight into the next year.
Read on to find out more.
In the pursuit of strengthening their task force and advancing business expertise, firms are actively seeking talent which is capable of seamlessly integrating into their pre-established teams and bolstering their companies. Prioritising candidates with a robust background in commercial positions has become pivotal in meeting the evolving demands of the new corporate landscape.
The persistent 'war for talent' continues unabated (Similar to other sectors too, have a read of our previous summary here.), notably for adept legal professionals possessing versatile commercial and generalist experience. Among the most desired permanent positions are roles such as legal counsel, paralegals, in-house lawyers, and senior legal counsel. However, some of the most sought-after technical skills are specialised technical competencies, with data privacy law, commercial real estate, SaaS agreements, and commercial contract negotiation.
Distinct sectors like technology, real estate, banking, and asset management prominently lead the charge in recruiting legal experts. Yet, within these thriving industries, specific niches struggle with serious staffing shortages. Fintech, cryptocurrency, AI, and cybersecurity legal counselling represent the areas where sourcing qualified personnel poses a notable challenge, highlighting the intensifying need for legal expertise in swiftly evolving domains.
Thriving in this challenging landscape demands increased cooperation between aspiring candidates and hiring professionals. As the demand for specialised legal skills advances across diverse industries, staying ahead of these trends becomes pivotal in securing the right talent and steering industry success for the legal sector.
Recent surveys indicate that a staggering 61% of business leaders within the Financial Services sector are gearing up to reinforce their teams. Amidst this surge, expertise in financial crime, accounting, and fund management will emerge as the most desired skills.
This intense need for talent faces a persistent challenge - a skill shortage that shows no signs of stopping. In such a challenging climate, the retention of existing skilled professionals assumes fundamental importance for organisations to flourish. Businesses are increasingly recognising the significance of cultivating a supportive environment to retain talent. Stress reduction support, mental health resources, and engagement programs centred around charitable giving and volunteering are being prioritised by over a quarter of these businesses.
Investigating into specifics, several roles and technical skills are notably sought-after within the financial services sphere. Permanent job vacancies predominantly feature positions such as head of finance crime, compliance officers, financial accountants, and fund accountants. In terms of technical expertise, proficiency in IFRS 9, tax management, financial modelling, and month-end reporting stand as highly sought-after skills.
Moreover, certain sectors stand out for their aggressive recruitment drives. Corporate banking, private equity, investment management, asset management, and fintech entities top the charts in terms of recruiting new talent. To meet the demands of these roles, certifications such as ACAMS, CISI, ICA, CFA, ACCA/ACA, and CIMA are highly prized.
As the financial services industry marches ahead into 2024, a strategic focus on talent acquisition, retention, and skills development will remain critical in navigating the evolving landscape.
Information sourced from Robert Half.
Next annum, companies should strengthen their skill retention tactics alongside searching for new talent to increase productivity within their teams. Future employees face an intense job search grind and should ensure they are up-to-date on the latest qualifications, and for success apply in accordance to the roles that have the highest need for new hires.
If you or someone you know are looking for a new job in the Finance or Legal sectors, please get in touch today.