Temporary staff fill the gaps
A new study suggests banks are handling shortages of investment banking operations and compliance staff by hiring an ever increasing number of temps.
Latest data from financial services recruiter the Blomfield Group shows the number of temporary financial services positions in the UK rose 25% in February, following a 50% rise in December and January.
The biggest increases were for temporary banking operations and temporary compliance staff. Between December and February, the study suggests the number of operations temps rose from 1,025 to 2,700, while compliance temps soared from 300 to 900 on the back of increased demand for contract staff to fill anti-money laundering roles.
The study suggests accountancy and finance temps are paid the most, at 24.88 per hour, followed by investment management and banking operations temps, at 20.33 and 18.81 per hour respectively. Despite soaring demand for compliance-related temporary staff, average hourly pay in the area has fallen from 12.99 to 11.96 since December. However, higher pay is apparently on offer for compliance staff with 18 months+ experience working in London, who can apparently earn 20 plus.
Nabila Sadiq, managing director of Joslin Rowe Temporaries, says growing demand for temporary staff is symptomatic of strong hiring post-bonuses. "Strong market conditions, a lack of permanent candidates with the relevant experience, combined with a need to fill positions quickly, have all contributed to a continual need for high calibre temporary staff."
