# Recruitment in a Candidate Tight Market  Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-03-22 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: How Finance Companies Can Recruit Top Talent in 2022 Meta Description: Discover insights from the latest salary survey by Bain and Gray, highlighting the competitive market for executive support staff and the need for attractive URL: https://financedigest.com/recruitment-in-a-candidate-tight-markethtml ![Tray Durrant, Executive Director of London-based, Executive Support Recruiter Bain and Gray](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/4da31-450x302-1736815949475-compressed.jpg) _By_ **_Tray Durrant,_** _Executive Director of London-based, Executive Support Recruiter Bain and Gray, outlines the latest market trends from their annual salary survey and suggests how finance companies looking to recruit new candidates in 2022 can stay a step ahead of the game_ The annual salary survey 2021-22 from London-based, Executive Support Recruiter, Bain and Gray [www.bainandgray.com](http://www.bainandgray.com) shows a candidate-tight market where finance companies need to go the extra mile to attract quality executive support staff.  Our survey results underline the competitive nature of the recruitment market and the acute shortage of junior staff with one to two [years’ experience](https://www.financedigest.com/2021-the-year-of-buyer-experience.html "2021: The year of buyer experience").  While hybrid working is the [‘new normal’](https://www.financedigest.com/how-banks-can-triumph-in-the-new-normal.html "HOW BANKS CAN TRIUMPH IN THE ‘NEW NORMAL’"), employers looking to retain full-time, office-based staff must offer highly competitive packages to attract and retain both junior and senior candidates. And as ‘remote on-boarding’ ends, [companies need](https://www.financedigest.com/italys-windfall-tax-on-energy-companies-needs-to-be-rewritten-pm.html "Italy’s windfall tax on energy companies needs to be rewritten – PM") to ensure office-based training is part of the robust set of benefits offered to staff to ensure their retention and evolution.  In-situ training is key to ensuring that the supply chain of candidates remains robust over the [next five years](https://www.financedigest.com/novartis-to-spin-off-generics-business-sandoz-next-year.html "Novartis to spin off generics business Sandoz next year"). 90% of client workforces are returning to the office for at [least 3 or 4 days a week](https://www.financedigest.com/80-of-brits-admit-to-feeling-hangry-at-least-once-a-week.html "80% of Brits admit to feeling “hangry” AT LEAST once a week") and recruits are expecting more flexibility when it comes to where they work.   The few companies recruiting for full-time, office-based positions are struggling to [hire the best candidates at senior](https://www.financedigest.com/adnami-appoints-senior-executives-in-french-and-german-speaking-markets-as-hiring-spree-continues.html "Adnami appoints senior executives in French and German speaking markets as hiring spree continues") levels. Experienced candidates are accepting lesser paid roles if [hybrid working](https://www.financedigest.com/how-has-hybrid-working-impacted-the-gender-gap.html "How has hybrid working impacted the gender gap?") is offered, whereas juniors still expect the most competitive package, regardless of hybrid working arrangements.  These sorts of factors must be ironed out well in advance of recruiting for a new member of staff, as a [job that is advertised as a hybrid role](https://www.financedigest.com/amazon-ceo-says-job-cuts-to-exceed-18000-roles.html "Amazon CEO says job cuts to exceed 18,000 roles") to subsequently switch to a full-time office-based position is a certain way to prevent successful recruitment and on-boarding. Results show that the pipeline of [jobs has doubled in the past year:](https://www.financedigest.com/new-year-new-job.html "New year, new job? ") the recruitment market has never been busier, and it is a candidate’s market, which means companies must work smarter to attract the best people.  The upsurge in roles was in all [sectors and particularly in boutique finance](https://www.financedigest.com/finance-is-the-next-big-sector-to-be-ubered.html "Finance is the next big sector to be Uber’ed") and heavily funded start-ups. Companies [need to be wise about salary scales](https://www.financedigest.com/scams-have-eroded-digital-trust-banks-need-to-do-more-to-combat-the-industrial-scale-of-scams-in-the-uk.html "Scams have eroded Digital Trust – Banks need to do more to combat the industrial scale of scams in the UK.") and benefits from the go-get of the recruitment cycle.   There is no doubt that [benefits and bonuses are increasing:](https://www.financedigest.com/benefits-of-increasing-blog-traffic-with-guest-blogging-and-posting-service.html "Benefits of Increasing Blog Traffic With Guest Blogging and Posting Service") 25-28 days holiday, generous pension contributions, private dental and health insurance have been complemented with hybrid working arrangements, life assurance, further training and generous bonus payments.  Benefits are expected to sharpen even further throughout 2022. Typically, executive support positions within finance companies have rigid salary bandings for roles, and it is important that the overall [package is clear to the client](https://www.financedigest.com/unicredit-sets-out-8-billion-aid-package-for-italy-clients-hit-by-surging-prices.html "UniCredit sets out billion aid package for Italy clients hit by surging prices") and candidate from the outset.  In New York it will be mandatory to include a salary range on all [job ads from the end](https://www.financedigest.com/hp-to-cut-about-12-jobs-by-end-of-fiscal-2025.html "HP to cut about 12% jobs by end of fiscal 2025") of April 2022, a move which creates more clarity for all parties involved in the recruitment cycle.  Rigid salary bands also make for nuanced [selection when recruiting candidates](https://www.financedigest.com/oranges-board-selects-three-candidates-for-new-ceo-sources.html "Orange’s board selects three candidates for new CEO – sources") for a mid-level role at (around the £40-50,000 pay bracket). There is no doubt that more experienced candidates will be applying for other roles, and in today’s highly competitive market may find themselves tipped in another direction by a the [offer of a slightly higher](https://www.financedigest.com/credit-suisse-offers-higher-deposit-rates-in-asia-to-woo-the-wealthy-sources.html "Credit Suisse offers higher deposit rates in Asia to woo the wealthy – sources") salary.  It’s not all about the pay and benefits, but clearly [money talks](https://www.financedigest.com/more-than-one-in-ten-brits-are-embarrassed-to-talk-to-anyone-about-their-money-issues.html "More than one in ten Brits are embarrassed to talk to anyone about their money issues"), and talks loudly in the context of today’s unprecedented rises to the cost of living. Historically, the line manager interview stage in the recruitment [cycle has been about finding a cultural fit and can often lead](https://www.financedigest.com/invest-in-infrastructure-to-escape-the-starvation-cycle-warns-leading-nonprofit-sector-strategist.html "Invest In Infrastructure To Escape The ‘Starvation Cycle’, Warns Leading Nonprofit Sector Strategist") to a detailed grilling on a candidate’s experience and skills. In the [current job market](https://www.financedigest.com/acne-scar-treatment-market-current-trends-and-future-aspect-analysis-2021-2031.html "Acne Scar Treatment Market Current Trends and Future Aspect Analysis 2021 – 2031"), line managers should be taking the opportunity to extol the virtues of the organisation to the candidate: explain the business culture, environment, average tenure of employees etc.  In today’s competitive market it is vital to [sell the business](https://www.financedigest.com/reasons-why-you-should-hire-a-business-broker-to-sell-your-business.html "Reasons Why You Should Hire a Business Broker to Sell Your Business") and the particular the role they will be doing, in order to seal the deal with the right candidate. [Finance companies](https://www.financedigest.com/ultimate-growth-for-sme-finance-company.html "Ultimate growth for SME finance company") continuing to find it difficult to fill a particular position, should look at the use of temporary staff. With the return of business confidence, more companies are using temporary staff to plug the gaps in permanent and experienced staff, as [well as cover maternity leave positions](https://www.financedigest.com/fed-keen-to-be-well-positioned-to-act-on-inflation-other-risks-minutes-show.html "Fed keen to be ‘well positioned’ to act on inflation, other risks, minutes show"). It’s a way of ensuring business [continuity while talking time to search and locate the best position](https://www.financedigest.com/artificial-intelligence-ai-to-catalyze-the-continuous-positive-airway-pressure-cpap-devices-market.html "Artificial Intelligence (AI) to catalyze the Continuous Positive Airway Pressure (CPAP) Devices Market") for the permanent vacancy.  We have often seen temps so enamoured with their current role, they end up applying for and being [appointed into the permanent vacancy for the same position](https://www.financedigest.com/playground-xyz-appoints-new-team-members-as-it-solidifies-its-position-as-a-leader-in-the-attention-space.html "Playground xyz appoints new team members as it solidifies its position as a leader in the attention space"). What is clear is that younger and less experienced positions are the [roles proving the most difficult to source](https://www.financedigest.com/the-role-of-open-source-in-uncertain-times.html "The Role of Open Source in Uncertain Times") candidates for.  Since travel has re-opened for the first [time in two years](https://www.financedigest.com/german-tax-revenues-fall-in-august-for-first-time-this-year.html "German tax revenues fall in August for first time this year"), many are choosing to take their delayed gaps years now, exacerbating the dearth in juniors with one to two years’ experience.  Companies seeking to redress this balance should look at [providing superlative on-the-job training](https://www.financedigest.com/mazars-to-acquire-financial-modelling-consultancy-and-training-provider-corality-financial-group.html "Mazars to acquire financial modelling consultancy and training provider, Corality Financial Group") – particularly among those who on-boarded remotely during the pandemic. Now is the chance to train and retain younger members of staff, with face-to-face seminars, in-person learning by shadowing and learning through osmosis, as well as allowing for creativity [around the water cooler or over after-work drinks in ways](https://www.financedigest.com/5-time-efficient-ways-to-travel-around-the-philippines.html "5 Time-Efficient Ways to Travel Around the Philippines") that have not been possible at the height of the pandemic. Our young staff are the workforce of today and tomorrow and it is in both the corporate and individual interest to provide exemplary training – including a better appreciation of the company culture and ethos – which will increase their lifespan within an organisation and endow them with the skills to [face future](https://www.financedigest.com/smes-facing-an-uncertain-future.html "SMEs facing an uncertain future") challenges and roles. --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---