Are financial services firms really facing a chronic shortage of project and programme managers?
Investment banks and asset managers are still comparatively keen to hire for IT roles but – as we’ve alluded to previously – the primary focus is on recruiting developers and technical architects. Why, therefore, are they struggling to attract project and programme managers?
We’re a little late to this, but a report by McKinsey on the ‘battle for technology talent’ outlines areas where skills gaps exist. As the ‘heat map’ below shows, wholesale banks and asset managers are struggling, really struggling, to find enough project and programme managers.
Considering the difficult job market, it seems unlikely that there’s a dearth of potential candidates for these roles. In the UK, recruiters suggest that the real issue is that investment banks are demanding different skills from their project and programme managers, and it’s this that’s straining the supply of talent.
“It used to be that project and programme managers were hired because they could get things done and deliver individual initiatives,” says Ben Cowan, director at recruiters Astbury Marsden. “Now, they want change managers, people who can reshape processes and culture, achieve best practice and produce cost savings. There’s been a new desire to recruit Lean Six Sigma experts, rather than those with more traditional project management qualifications.”
As well as the qualifications, banks are looking for people with excellent communication skills, people skills and a degree of diplomacy – often, tech projects based around improving efficiencies mean some headcount reduction, and programme and project managers need to be sensitive to this. “They want someone who has the human touch,” says Cowan.
Currently, there’s most demand for project and programme managers within FX, rates, regulatory and clearing and settlements, suggest recruiters.
To some extent, hiring managers in banks and asset managers are shooting themselves in the foot, however. James Richmond, sales director at IT in finance recruiters Cititec, says that delayed decisions on signing off headcount are putting off good quality candidates from making a move. What’s more, as they’re assuming it’s a client-driven market, they’re often demanding too much from new recruits.
“Managers have higher, and in some cases unrealistic, expectations,” he says. “The majority of jobs in recent months are now ‘hybrid’ roles, which are essentially a mix of two core skills-sets that used to be done by one person very well. Now that they’re mixed together, it dilutes some skillsets, but takes project and programme managers away from their core competencies.”
