The market in FS strategy remains slow even though the start of the year saw a distinct increase in roles compared to the end of 2014, with our live vacancies up by 35%. There is still a significant need for candidates at manager and VP level, with candidates 2 – 6 years’ hiring experience in especially high demand across both banking and consulting. At the same time there remains a limited amount of positions at the Senior Director / Head of Strategy level.

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Market insight
Strategy
2015 Quarter 1

2. 04 Financial Services
06 Retail & Consumer
Contents
Strategy

3. Page 4 0f 8 Market Insight | Strategy | Badenoch & Clark Market Insight | Strategy | Badenoch & Clark Page 5 0f 8
The market in FS strategy remains slow even though the start of the year saw a
distinct increase in roles compared to the end of 2014, with our live vacancies
up by 35%. There is still a significant need for candidates at manager and VP
level, with candidates 2 – 6 years’ hiring experience in especially high demand
across both banking and consulting. At the same time there remains a limited
amount of positions at the Senior Director / Head of Strategy level.
Skills required
Candidates that are successfully placed in
Senior Director level roles have in depth
product experience, ranging from Capital
Markets – to Fintech expertise. The market
has seen a shift away from candidates
with generalist consulting skills towards
experienced professionals with both consulting
and relevant industry experience. Although
the UK banking market has picked up, it still
remains slower than other global financial
centres such as New York where we have seen
a sharp increase in the need for quality FS
candidates.
New trends
In terms of new trends in the market, the biggest increase has been an
uplift in hiring in both the Fintech and Start up space. With regulation
hitting banks harder than ever it seems that the start-up and Fintech
world has thrived, attracting a number of senior ex-strategy consultants
with it. Whereas these types of roles don’t offer the hefty payout and
bonus potential associated with banking, it seems senior candidates
are happy to bypass this for new and innovative roles, combined with
significant equity options. Competition for these types of positions
remains fierce with more applicants than ever applying whilst clients are
becoming increasingly selective around ‘culture fit’.
This has been demonstrated in their aggressive hiring of consultants
from top-tier strategy and blue-chip companies within the last few
months alone.
What this means for candidates in the market, however, is that the FS
strategy recruitment process remains lengthy. Consulting processes
remain anywhere between 3-6 months due to Partner scheduling
availability and the sheer volume of interviewing that is occurring. This
is similarly reflected in the Fintech and Startup space – the popularity
of roles and cost associated with a single hire in such a small business
means clients are being more thorough than ever, and relying on close
relationships with their preferred recruiters to ensure they are only
meeting the most appropriate candidates.
Outlook
We foresee the next 6-12 months continuing on
a similar path: hiring in FS banking strategy will
remain slow but consistent, the big 4 will continue
to seek candidates from top tier backgrounds, and
finally the Fintech and Startup space will continue
to pick up pace as new and innovative technology is
created.
Financial Services
We have also seen an increase in hiring within
FS strategy consulting, with the Big 4 identifying
a gap in the market where many blue chip
consultancies have streamlined their FS teams.
E&Y for example have significant plans
for growth:
“Our ambition: by 2020 we will
be a US$50 billion distinctive
professional services organisation.
We call this plan Vision 2020,
and its objective is to make EY the
leading global professional services
organisation by 2020.”
Our live
vacancies
are up by 35%
High demand across
both banking &
consulting
With regulation hitting banks harder than ever it seems
that the start-up and Fintech world has thrived, attracting a
number of senior ex-strategy consultants with it.

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The current market in Strategy is broadly different depending on the
organisation and their ever-changing market position. It has been a dynamic
start to the year for Retail companies. Many organisations experienced a
stronger than expected performance over the Christmas period with a focus
on head-count reduction and reshuffling of staff for others. Organisations that
were not considered “big players” in the supermarket wars of the past have
increased their market share, and this has in turn made others reflect inwards
and focus on more cautious business strategies.
Skill sets
A strategy skill set will always be in demand with the need for ex-top
tier and highly academic candidates remaining strong. We have seen
a requirement for high caliber strategic talent from organisations
that are not located in Central London continuing, with a focus on
salary packages and flexible working used to attract this talent. Going
broader than just strategy, we have taken on 20% more commercial
insight and data analytics positions in comparison to this period
last year. This area is fast becoming another option for ex-strategy
candidates to look at when deciding where they wish to take their
career upon leaving consulting.
Most big retailers are now looking to differentiate through their
digital capabilities by offering click-and-collect, and becoming truly
multichannel companies to meet with consumer’s demands. We have
observed exciting group strategy and customer strategy projects
increasingly becoming a focus, and this gives candidates from strategy
backgrounds a range of options which they can move into. As the
year progresses, we expect there will be a continued need for highly
analytical strategy types, with a specialism within consumer sectors, to
help bolster in-house strategy teams and give them a competitive edge
in the market. Also, as competition increases, we expect innovation
and strategic transformation programmes staffed by strategy
consultants who have moved into industry to increase.
Outlook
The outlook for the next 3-6 months looks very
promising within the Retail Strategy marketplace
with companies further migrating into the digital
space with a continued focus on innovation.
Due to the constantly evolving landscape we have
found retail strategy to be an industry of choice, for
candidates seeking to use their strategic skill set
in organisations that increasingly have to reinvent
themselves and think “outside the box” to gain or
retain their market share. For most strategists, this
can be seen as an exciting challenge.
IDG’s senior retail analyst Nick Gladding correctly
predicted at the end of 2014…
“All Big Four retailers publicly acknowledging the threat they
face from the discounters, the focus in 2015 will be on defending
their market positions better against Aldi and Lidl. Linked to this
need to deliver lower prices and getting stores to perform better,
retailers are cutting their capital expenditure and adopting much
more cautious plans.”
This in turn has created a tough trading environment and due to this change
in business strategy, the need to attract high caliber strategic talent within
retailers has increased.
Retail & Consumer
increase in insight
and analytics roles
Think “outside the box” to gain
or retain market share
20%

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© Badenoch & Clark 2014. All rights reserved. The information contained in this publication is intended for general purposes or guidance only.
It does not purport to constitute professional advice. Badenoch & Clark accepts no liability for the accuracy of the contents or any opinions expressed herein.
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