Seven week wait on UK financial hires

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A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.

Permanent executive positions related to risk are the toughest positions to fill and take the longest of any category analysed, averaging 8.2 weeks according to the report.

The next most challenging are compliance jobs, which are taking 8.09 weeks to fill on average in the UK. That’s followed by business development and revenue driving positions, which are reportedly taking around 7.74 weeks.

While trying to fill operational support roles is less demanding, it is still taking an average of 6.38 weeks according to the report.

Commenting on the reason it is taking so long to find appropriate candidates for these roles, the recruitment firm points to the growing demand for talented professionals with the necessary skill sets across the fast-changing financial services industry.

In terms of plugging these gaps, it seems word-of-mouth is not the preferred solution. Just 11% of those polled in the report naming this method in their top three recruitment channels.
Instead, recruitment consultants (70%), internal referrals (66%)and job boards (58%) are seen as the most effective.

“In a competitive marketplace, financial services firms are eager to avoid having vital roles left vacant for crucial functions, such as risk and compliance, for extended periods,” says Luke Davis, vice president at Robert Half Financial Services.

“During the hiring process, it can be challenging to keep this a priority while managing the day-to-day activities of the function, coordinating schedules, booking interviews and screening interviews. As result, this extended hiring process could result in businesses missing out on skilled candidates to their competitors.”

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