Boyden Global Executive Search released its quarterly outlook today saying there has been an increase in selective hiring within financial services during the second quarter following a sluggish start in the beginning of the year.
Jeanne Branthover, Leader of Boyden’s Global Financial Services Practice and Managing Director at Boyden New York, said that as financial services firms complete their restructuring, companies are assessing everyone’s skill sets with the new structure and placing the right executives in the right jobs.
"This is going to create big opportunities for people with the skill sets needed to succeed in the new structure,” said Branthover.
Retail banking, fin tech, wealth management, risk and compliance and research are among the areas of more active recruitment. In addition, the emerging markets, particularly Russia, China, Asia and Latin America, will continue to be a focus for growth in 2012.
In Canada, senior level technology executives are in demand at financial institutions, according to Janice Detta Colli, Managing Director at Boyden Toronto.
“The greatest demand is for risk management and treasury management in Europe,” said Andreas Landgrebe, Managing Director of Boyden Austria and CEE. “International banks need talent to move difficult assets off their balance sheets, define their workout portfolios and develop consistent strategies for executing them.”
In the Middle East, companies are aware of the oversupply of financial services talent in Europe and are keeping costs down accordingly. Thus, pressure on compensation and allowances will continue as long as the economic recovery is anemic, noted Magdy El Zein, Managing Director of Boyden Middle East.
Protecting corporate reputation is top of mind for directors as many companies are combating declining company images via traditional channels and, increasingly, through social media, explains Sarah Stewart, a board expert and a Managing Director of Boyden Pittsburgh.
“Companies, and their boards in particular, must understand that their reputation is only as good as the perception of shareholders and the public,” added Ms. Stewart. “Once damage begins, it often occurs at a blinding pace, which makes it difficult to control or contain.”
“Clearly, it is the board’s responsibility to watch for any red flags indicating operational weakness or a potential problem with executive behavior and to circumvent a crisis,” said Tom Flannery, Boyden’s Global Leader for Board Services. “But when a breach has occurred, it’s important for the board to protect the company’s standing by acting quickly and justifiably. Boards that fail to do so may find themselves recruiting not just a new CEO but new board members as well.”