2. FinancialSector Employees | The outlook for 2016
Change management
We have had a positive 2015 in Change Management seeing key market trends linked to new regulations,
costsaving and an increase in strategic initiatives as the economyimproves. The majority of demand has
beenat AVP and VP level primarily Business Analyst and Project Manager roles with a continued shift
towards permanent hires. Key regulations this year have been:
- Mifid II
- Dodd Frank/EMIR
- Banking Reform Act/Structural reform
The Banking Reform Act is a government led initiative to separate or “Ring Fence” the retail and small
corporate customers from the “Casino” element of the bank including the large corporate, asset management
and investment banking areas. This will create two separate banks to protect the retail and small corporate
customers.With Banks needing to be compliant by 2019 we have seen a significant increase in the need of
projectmanagers and business analysts from a strong regulatory background.
On the Investment Banking side there has been a continued focus on ensuring compliance with regulations
such as Dodd Frank and EMIR. OTC derivative and collateral skill set has beenin high demand due to the
effectof the new regulations on the business and the new clearing processes being imbeddedcorrectly.
As with previous years there has been a focus on streamlining processes and costsaving across Financial
Services.Lean and six sigma professionals are in high demand. The aim is to create more efficientprocesses
as well as training staff to adopt a more efficientapproach in their day to day roles. Candidates may have
financial services experience but equally oftencome from manufacturing and industry backgrounds where
these projectmethodologies were initiated.
We have experienced a continued increase demand for permanent hires across the majority of our clients.
One of the reasons for this is that projects and programmes oftenhave longer life cycles; therefore employers
are keen to retain skill sets and knowledge within the company. A number of our clients have formed and
increased the size of central project/change teams. This allows them to create a team of change
professionals that they can allocate to a number of projects across the bank and ensure they can offer
permanent employees long term opportunities. Bringing employee in on a permanent basis also allows
companies to create more stable teams with less attrition. Financial Services remains a cost sensitive
industry so increasing permanent headcount allows companies to reduce their spend on relatively expensive
contractors.
There is still a high demand for the contractor skill set particularly in projects where strong SME knowledge is
required such as risk, stress testing and regulatory. The roles tend to be at a senior level and often on a short
term basis.
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Permanent
Role type Analyst (£) AVP (£) VP (£) Director (£)
Business analyst 35,000 – 50,000 50,000 – 70,000 65,000 – 100,000 N/A
Project manager 35,000 – 50,000 55,000 – 70,000 65,000 – 100,000 100,000 – 130,000
Programme manager N/A N/A 80,000 – 110,000 110,000 – 160,000
PMO 35,000 – 50,000 50,000 – 70,000 65,000 – 90,000 100,000 – 130,000
Six sigma black belt N/A 50,000 – 75,000 70,000 – 100,000 100,000 – 140,000
Six sigma master black belt N/A N/A 75,000 – 110,000 110,000 – 160,000
3. FinancialSector Employees | The outlook for 2016
Change management (cont/d)
2016 Outlook
Looking toward 2016 there will be a continued focus on regulatory changes across our Financial Services
clients. Current regulations such as banking reform,Dodd Frank and EMIR will continue to be embedded into
the business and new regulations such as MiFID 2 and IFRS9 likely to be a major focus.Project candidates
with regulatory, compliance,counterparty and Credit Risk will continue to be in high demand in an already
saturated market. Candidates from a consultancy background are sought after by our clients due to their
exposure to regulatory changes across a number of organisations, particularly within the initiation and design
phase of the regulatory projects.
Towards the end of 2015 we have seen an increase in demand for strategic driven projects such as systems
implementation,new product launches and new start up firms entering the market particularly within our
corporate,retail and wealth clients. We expect this trend to continue into 2016 as the markets recover and
companies lookto take advantage. This will result in an increase in demand for strategic and business
architecture roles with the view of expanding current business capabilities and a focus on improving the
service to the customer.
The retail and corporate banking functions are becoming a core part of our clients strategy particularly UK
Banks. As a result we are seeing an increased focus on improved customerengagement and experience.We
expectthis trend to continue into 2016 with a focus particularly on online and digital platforms as well as
improving products to customers such as lending and onboarding processes.
Having seenan improvement in market conditions and recruitment demand in 2015 we expectthis to
continue into 2016 . We expectto see our clients take advantage of the continued economic recovery and
grow in their core markets.
If you would like any further information on our view of the market and candidates or have any questions
please feelfree to contact us.
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For more information please contact David Stansfield:
t: 020 7776 5959
e: davidstansfield@michaelpage.com
For more information please contact Michael Warren:
t: 020 7645 1464
e: michaelwarren@michaelpage.com
w: www.michaelpage.co.uk/bankingandfinancialservices
Temporary
Role type Min (£) Mid (£) Max (£)
PMO support 150 225 275
PMO analyst 250 350 450
PMO manager 450 550 650
Business analyst 350 450 550
Senior business analyst 500 600 700
Project manager 450 600 800
Programme manager 700 850 1200
Six sigma black belt 550 650 850
Six sigma master black belt 650 800 1000
