Following our recent 2022 salary survey we have been looking into the trends in compliance and financial crime recruitment – some of which may surprise you.
Demand for talent is up
2021 saw a huge demand for specialist talent with a 37% increase
Time to hire is down
This has decreased, with an average time to hire in the UK compliance and financial crime space down to only 34 days.
Hiring process streamlined
Companies with lengthy recruitment processes or those who left large intervals between each stage of the interview have found that the most sought-after candidates were off the market by the time they reached the next stage in their process
The return of the face-to-face interview
These are typically now conducted as the final interview stage. With talent being snapped up quickly many companies have been looking to complete the more standardised elements of the process remotely to decrease the length of the recruitment process
With the market being as fast-paced as it is, alongside the limited talent pool, there has been a surge in counteroffers. Counteroffers are now almost expected as firms look to retain knowledge within their business whilst reducing business impact and mitigating the cost to hire a replacement.
Temp and contract recruitment trends
Changes to IR35 regulations in April 2021 had a big impact on contract recruitment for 2021.
The initial decline of temporary vacancies
Compliance Professionals saw temporary vacancy volumes begin to decline at the end of 2020 and continue into 2021. In 2021 contract hires made up 18% of our business which was a significant drop from the 26% we had seen in the previous year.
Temporary vacancies are now on the rise
Contract vacancy volumes have now begun to gradually increase as firms become accustomed to new IR35 rules and assessments. We expect contract hiring to continue to increase in 2022 for positions both inside and outside of the IR35 rules.
Did any of these trends surprise you?
If you would like to discuss any trends, are ready to expand your team or accelerate your career, get in contact today.
Download a copy of the Compliance Professionals salary survey here.Back to industry news