Category: Recruitment

Two promotions within the UK management team

Staffing 360 Solutions, Inc. has announced changes to its UK management team. The company, which has been executing an international buy-integrate-build strategy by acquiring staffing organisations in the United States and the United Kingdom, announced that Robert Harper has been promoted with immediate effect to President of the company’s Professional Staffing (UK) business stream.

Robert will report directly to Brendan Flood, Staffing 360 Solutions Chairman and CEO, and joins Alicia Barker as an Executive Vice President of Staffing 360 Solutions. He has also formally joined the Executive Team.

Brendan Flood, Chairman and CEO at Staffing 360 Solutions, commented: “Robert has excelled in his role as Managing Director of CBSbutler, and I am proud to partner with him as we manage this transition. My time as interim President, Professional Staffing (UK) has been a privilege, and it has allowed me to work very closely with so many of the great people who are the backbone of our UK organization.”

Another management change is the promotion of Simon Girven, Managing Director, The JM Longbridge Group, to Senior Vice President, Commercial Director for Professional Staffing (UK). Simon will be working closely with all the company’s UK brands in the ongoing development of long-term client relationships and the formation of new ones.

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Over 36 graduates vie for every job in the UK this summer

Despite economic upheaval all over the country, there is good news for the Class of 2022 as job opportunities and pay rates for graduates soar, so says new research from job search engine Adzuna.

According to the research, 14,690 graduate job vacancies were advertised across the UK in May 2022, compared to 9,265 this time last year (+59%). This is due to employers relying on new graduates to plug gaps in their workforces.

For grads concerned about the current cost of living crisis, many employers have been increasing their pay rates on offer, with advertised salaries for graduates climbing to £26,076 in May 2022. This number is up 7% year-on-year from £24,389 and marks a six-year high in advertised salaries for graduates. In the most competitive sectors, pay rates have soared to new heights, with salaries of up to £70,000 advertised.

Even though there is a massive increase in job vacancies, the competition for grad jobs is fierce, with more than 36 graduates vying for each available job opportunity.

The research showed, however, that European law and banking firms are struggling to match their American counterparts in terms of salary offerings:

US legal firm Davis Polk & Wardwell increased salaries for newly qualified solicitors (NQs) by 8.5%, from £147,500 to £160,000, while its graduates earn £60,000. In comparison, Magic Circle firm Freshfields Bruckhaus Deringer is offering grads £50,000 in their first year, with NQs earning £125,000. Similarly, in the banking sector, Barclays is offering their grads £50k, RBS £31,850, compared to JP Morgan offering up to £70,000.

The research also looked into which university graduates receive the highest compensation five years after graduation. The Top five institutions all see grads earn over £40k after five years. The research showed that:

  • Oxford and Imperial are beating Cambridge University in terms of leavers’ earnings, with University of Oxford grads bringing in an average salary of £47,618 five years after graduation, compared to £45,741 for Imperial College grads and £44,190 for University of Cambridge grads.
  • Oxford is second only to Bayes Business School leavers, formerly known as Cass Business School.
  • The lowest-earning grads studied at Aberystwyth University (£25,129), Bath Spa (£25,196), and Edge Hill (£25,334).

Paul Lewis, Chief Customer Officer at Adzuna, comments: “This is the strongest jobs market we’ve seen for graduates post-pandemic. Despite the negative headlines, plenty of sectors remain desperate for talent and looking to grads to fill those gaps. They’re well paid positions, too – with advertised salaries for graduate roles hitting a six year high and some sectors offering pay cheques up to £70k. It’s a welcome piece of good news for the Class of 2022, who battled remote learning and pandemic pressures over the last two years.

“The choice of university can massively impact earning potential, with students from the most prestigious institutions raking in over £20k more a year on average five years post graduation, compared to grads from lesser-known places of learning. For those wanting to earn big, London universities are good bets with grads from Imperial College, UCL, and King’s all top earners five years into their careers. Russell Group institutions also dominate the list, showing when it comes to earnings, the stamp of approval from a prestigious academic institution can still make all the difference.”

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Nearly half of workers done expect employers to make the change

With 70 UK companies trialling a four-day working week trial, research from recruitment agency, Aspire has shown that 73% of the workforce would be keen to move to a four-day week, but 45.2% don’t think that their employer will make the transition

The survey of over 800 candidates from various industries – including marketing, sales, technology, and the creative industries – explored the key trends impacting the world of work in 2022.

The four-day working week pilot project involves over 3,300 workers across 70 companies reducing working hours without any change in salary. The shortened working week is being suggested as a solution to the UK’s productivity problem, contributing to the UK’s net-zero targets and working towards a better work-life balance for employees.

The research showed that only 14.2% are confident, and only 10.7% are very confident that their employer will transition to a four-day working week in the future. In comparison, 45.2% of workers have no confidence or doubt that employers will make the change. A further 29.9% of respondents are unsure.

Paul Farrer, Chairman, and Founder of Aspire, commented: “It’s no surprise that workers want to receive five days’ pay for four days’ work. The question is, can they be as or more productive? This pilot scheme will make interesting reading. Naturally, not all jobs can as productive when one day a week is lost, particularly manual work. So the four day week risks creating a two-speed country. Those paid or charging by the hour will be challenged as to how they could make it work.”

“Personally, I’m sceptical. The early responses of those trialling a four day week found that employees get more rest, but our own research shows that 28% already have a side hustle, with a further 20% intending to create one. What’s more, most employees would like to work on this full time in due course. This leaves employers potentially paying to lose their employees.”

“In the current competitive jobs market, a shorter working week has obvious appeal, but it also poses huge risks – the biggest of which is actually trialling it. After the initial honeymoon period of increased activity, businesses must consider how they would address a potential productivity decline. How do you revert back to a five day week? The pilot will be interesting when four day week companies are measured against their five day competitors. I know of one company that has operated a four day week since January and they are witnessing increased productivity. Taken at face value it proves the concept works, but when compared to their competitors they have fallen behind.”

“Given the appetite for a four day week, it could be decisive when it comes to attracting talent and retaining staff. But where it might offer an advantage in recruitment and employee wellbeing when the economy is growing, employers must carefully consider if it will deliver a commercial advantage and work logistically in the long run.”

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Asia is leading the way in gender diversity

In recent months, hiring in the financial services industry has hit record numbers globally, with eight major hubs showing increases of 64% in advertised roles. This makes the financial services sector one of the fastest hiring industries post-pandemic, only surpassed by the technology sector.

These findings were revealed in a new report from recruitment consultancy Robert Walters. The report, ‘Hiring Trends in the World’s Leading Financial Services Cities’  looks at the labour market across London, New York, Tokyo, Sydney, Paris, Singapore, Frankfurt, and Hong Kong.

London continues to power ahead as home to the most financial services professionals working in any one city (293,700). However, the AsiaPac region has increased in the last 12 months, with Singapore (250,000), Sydney (167,364), and Tokyo (166,000+) being the most notable cities with high levels of financial services talent.

Job Growth in the Past Year by City

  • London: +101%
  • New York: +78%
  • Tokyo: +77%
  • Singapore: +76%

Job Growth by Region

  • Europe: +62%
  • North America: +60%
  • AsiaPac: +61%

In terms of the greatest numbers of advertised job roles, New York (48,595), London (38,945), and Paris (24,165) are in the lead.

AsiaPac, however, shows the best hiring conditions. Professionals in Sydney (81%), Singapore (76%), Hong Kong (67%), and Tokyo (60%) expressed a high willingness to move roles even with this very tight candidate market.

Asia is also leading the way with gender diversity in the financial services sector. For example, Singapore (46%) has almost 50/50 gender diversity; meanwhile, in Hong Kong, women make up 44% of the banking workforce.

New York (36%) and London (36%) lag with gender diversity. However, they have made strides in cultural, racial, and socio-economic diversity. Many firms in these areas have advanced recruitment programmes to ensure their workforce represents the diversity of the city in which they are based.

Senior hires typically represent around 8-10% of all new hires. Most of the hiring is at junior and mid-management levels. However, the figures for senior hires rose dramatically over the last 12-18 months, with 1 in 3 new hires in banking has been at a senior level in some cities.

  • London: 20% of new hires are for senior roles, an increase of 5%
  • New York: Team/Department Heads were the only area to experience growth in the pandemic (+26%)
  • Tokyo: 19% of new hires are at a senior level
  • Sydney: 28% of new hires are for senior positions, an increase of 5%
  • Paris: 63% growth at Manager-level and above
  • Singapore: 31% of new hires are for a senior role

Toby Fowlston, CEO at Robert Walters comments: “The global financial services system is as solid as it was before the pandemic – and much healthier than after the last crisis in 2008 (GFC).

“Whilst the pandemic did not have the expected harmful financial effects on the global banking industry, it has certainly accelerated change in a multitude of other areas. Digital banking boomed whilst cash use fell, savings expanded and credit card debts were paid-off in record time, remote became a way of working, data-capture and usage is a central business function, and environment and sustainability are now front of mind for customers and regulators.”

“All of this change has led to exponential hiring in the sector – with each hub trying to fight for the same talent at the same time, the results being a fiercely competitive recruitment market like we’ve never seen before, with execs being offered over +30-40% pay increases with the option to work from anywhere in the world.”

“As a whole the global financial services sector has made solid strides in gender diversity – with near half of the entry-level workforce in financial services being women.”

“The task now is to equal representation at the top, where in banking less than a quarter of high-level senior positions are held by women. We are seeing some worthy gains been made in this area, and I think the increasing diversity in senior positions will only help to speed up the rapid rate of innovation and change within the sector.”

“Employers will continue to experience challenges in attracting junior analysts and associates as the traditional appeal of working for a large Financial Services organisation now finds itself in a battle with the lure of a career in a start-up or major tech firm.”

“Reputational issues suffered since the GFC and workplace-related perceptions – around hours, flexibility, and culture – will all need to be addressed head on by financial services firms if they want to build out their future talent pipeline.”

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How can businesses improve inclusivity?

A recent audit of the FTSE100 found that neurodiversity and disability are the areas of diversity most likely to be ignored when it comes to recruitment and employee support. The audit, conducted by Agility in Mind, looked at initiatives announced by FTSE100 companies over the last five years concerning age, disability, gender, mental health, neurodiversity, LGBTQ+, and race.

The audit found that despite 99% of FTSE100 companies having an inclusive mission statement, only 37% have a substantial disability initiative, and only 4% offer a neurodiversity initiative.

In partnership with research house, Censuswide, Agility in Mind then surveyed 250 UK business leaders to explore the disparity between support for diverse groups. The survey found that only 16% of business leaders describe their neurodiversity initiatives as ‘highly effective’, compared to 26% in both race and gender.

Although 15% –  20% of the global population is thought to be neurodivergent, with conditions such as ADHD, autism, dyslexia, dyspraxia, or Tourette syndrome, only 21.7% of autistic people are currently working – making them the least likely to be employed of any disabled group.

Agility in Mind’s ‘Inclusive Growth’ playbook offers a six-step framework for managers struggling to implement this type of organisational change:

  • Remember, your organisation is unique, so simply copying other organisations may not achieve the results you want to see
  • Start with inclusivity in mind by bringing diverse views into the team managing change
  • Set out the characteristics of the organisation you want and share a clear vision for the future
  • Take small steps that are aligned with your vision to achieve real change
  • Iterate, ensuring you learn at each step, and share the lessons across the organisation
  • Make change visible to all, so everyone knows the progress you’re making.

Michelle Meakin, Business Services Director at Agility in Mind, commented:  “We’ve seen progress over the last few years with organisations of all sizes embracing change management processes to become more diverse. Core to this shift is in making sure that companies can build a culture of inclusion, making work accessible to everyone, which is able to scale as they grow.”

“However, where change is harder to track- such as with invisible disabilities or neurodiversity – businesses are still lagging. As the war for talent continues, organisations that are able to tackle this widespread issue are likely to see the most diverse – and productive – teams and reap the clear benefits of building an inclusive business. This is where the agile approach to change management comes to the fore; incremental change, a strong vision of inclusion and how to get there, and an openness to adapting the route are key ingredients to meaningful and lasting progress.”

Toby Mildon, Diversity and Inclusion Architect, said: “The disparity between commitment to nuances of diversity has been an ongoing issue. That only 4% of the FTSE100 offer initiatives to support neurodiverse employees, in comparison to the 47% that offer an LGBTQ+ empowerment initiative or are accredited by a national association for LGBTQ+ rights, is telling of how much work there is still to be done.”

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Half of workers dismiss jobs that do not offer hybrid working

According to new research by IWG, hybrid working is now the most sought-after benefit for job seekers. The research showed large numbers of office workers out flexible working alongside other benefits such as health insurance and group income protection (88%), life insurance (84%), unlimited vacation (76%), and extended parental leave (71%) as important benefits in a new role.

The survey was conducted among 2,000 office workers to understand better the key factors driving jobseekers’ decision-making.

The jobs website Indeed revealed that ‘hybrid’ is one of the fastest-growing search terms, having increased by 6,531% in the last 12 months. In addition, according to IWG’s research, half of workers would immediately dismiss jobs that do not offer hybrid working.

Job seekers also highly value the opportunity to work remotely. Searches for remote work have also risen by 666% and now account for 2.3% of all searches. Sixty percent of respondents stated they would like to work within 15 minutes of their home.

According to the research, office workers’ top five considerations when applying for a new role are:

  • Hybrid working (43%)
  • New colleagues (32%)
  • Potential for progression (30 %)
  • Company culture (27%)
  • Equity and bonuses (27%)

Half of office workers (49%) said they would immediately rule out jobs that didn’t offer hybrid working. Sixty-seven percent said it improved work/life balance. A further 37% mentioned improved mental health and wellbeing as a benefit. Reduction in commuting load was another benefit (36%). Thirty-one percent said it enhanced productivity.

IWG also provided data that indicates how the popularity of hybrid working is increasing the demand for suburban and rural office space. Demand for rural and suburban office space increased by 29% in 2021. Locations such as Bromsgrove (+52%), Beaconsfield (+33%), and Tewkesbury (+22%) rose in popularity.

Bruce Daisley, Author of The Joy of Work and former EMEA Vice-President of Twitter, said: “We’re right at the start of the biggest transformation in the way we work that we’ve ever witnessed. The biggest danger for firms is thinking that we’re the end of the change; we’re just at the start and companies need to prepare themselves.”

Mark Dixon, CEO of IWG, commented: “With a buoyant job market after a challenging couple of years, workers are demanding more of their employers and their roles. Gone are the days when salary was the only factor when considering a job offer, and nothing better demonstrates this than the rise of hybrid working.”

“Daily commuting is an expensive and unnecessary practice, and it’s clear to see that workers around the UK are taking back control of this time. Employers who don’t offer hybrid working are going to miss out on the best talent. Not only do employees benefit from a dramatically improved work-life balance, but by switching to a hybrid model, businesses can expect to save an average of more than £8,000 per employee, all while minimising their carbon footprint.”

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Twice as many job seekers in the city compared to same time last year

According to job seeker data from job aggregator, ClickJobs.io, 35.4% of all job seekers in the last month were applying for roles in the capital, putting London in the lead for job applications in the UK.

Year on year, these figures show a huge spike. During the same period last year, 19.7% of applications were for jobs in London. The next city on the list, Birmingham, only accounted for 3.7% of applications. Manchester and Leeds followed at only 2%.

The spike comes as no surprise as offices reopen post-pandemic and people begin to return to the city. While this is good news for London-based businesses, it could negatively impact hiring employers in other cities and regions.

Joe Boll, CEO at ClickJobs.io, commented: “At CilckJobs.io we believe it is essential to understand how job seekers are applying for the latest jobs across our portfolio of websites to ensure we can offer the very best solution to mirror these trends. This new data shows a huge increase in demand for jobs in London which is good news for the capital but could impact other regions looking to attract talent.

We manage millions of jobs every week which means we can quickly see how the market is changing and what key trends are happening across employment in the UK.”

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Fundraiser takes inspiration from The Queen’s Baton Relay 

Recruitment company, The Best Connection employment group has announced that they are launching a company-wide baton-relay charity fundraising campaign entitled Tour de Best Connection.

The campaign is inspired by The Queen’s Baton Relay and will comprise two baton journeys. The journeys will start in Glasgow and Truro on Friday 17th June and finish on Thursday 28th July at the company’s head office in Bromsgrove. This is the date for the opening ceremony of the Commonwealth Games.

The business is challenging its employees to pass the baton across the whole branch network throughout the UK.

The batons will travel around 800 miles each and can be transferred through any physical activity, including walking, running, cycling, or swimming, provided they reach their next destination.

The event will celebrate the company’s workforce and achievements over the last three decades. The money raised by the individual branches throughout the event will be donated to a local charity of their choice.

The company has pledged that at the end of the relay, they will match the amount raised across the network and donate this to a national charity selected by the company’s employees.

Neil Yorke, Director of The Best Connection, said: “Tour de Best Connection was inspired by The Queen’s Baton Relay for the Commonwealth Games which this year will be hosted in Birmingham where our inaugural branch was established 31 years ago.”

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Launch in response to increased demand for contractors

Recruitment business Camino Partners announced this week that they have launched an interim finance division. The new division has been set up in response to the increased demand for contractors across their key markets.

The interim desk will place finance professionals into both the Camino Partners and Camino Search brands.

Managing Director Harry Hewson has set up the interim desk in reaction to the increased demand for contractors across their key markets.

The new division will be headed up by Sam Nelan, Joe Hamblin, and Jordan Hopewell.

Harry Hewson, Managing Director of Camino Partners, commented: “The pandemic has seen a paradigm shift in how businesses operate, and the way employees now want to work has changed rapidly. Many professionals are placing higher value on working from home and flexible working, to fit around their lives. We are also seeing that many companies are going through periods of restructure or growth. Contract work offers Interims more flexibility and autonomy, whilst allowing high quality finance professionals to effect change in an impactful manner. We have launched this desk to support our network.”

Sam Nelan, Talent Partner at Camino Partners, commented: “We’re excited to be launching the new division; we’re already working with exceptional talent and some extremely impressive businesses”.

Joe Hamblin, Talent Partner at Camino Partners, added: “Placing interim roles offers a great opportunity for us to have a positive impact on rapidly-scaling businesses.”

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Hiring spike in May, latest data reveals

According to the latest statistics from the Association of Professional Staffing Companies (APSCo), jobs spiked again in May despite the ever-increasing skills shortages.

This data, together with the Organisation for Economic Co-operation and Development (OECD) suggesting that the economy will stagnate, has raised further concerns for the UK’s economic growth.

The data provided by Bullhorn showed that contractor jobs increased by 34% between May 2021 and May 2022. Permanent roles also showed an increase of 25%, year on year. Looking at month-on-month comparisons, job numbers for permanent roles increased by 16% between April and May 2022. Contract roles were up by 19% during the same period.

The data also showed a 44% increase in the number of permanent placements in May 2022, compared to the same month last year.

As resources continue to dwindle in the UK, the Office for National Statistics (ONS) has revealed that there are now more jobs than unemployed people.

Ann Swain, CEO of APSCo, commented: “The UK’s labour market is reaching breaking point and this latest data suggests hiring demand is unlikely to slow anytime soon, which is a concern given the latest OECD forecast. In recent months we’ve seen record breaking vacancy numbers reported by the ONS and the first ever instance where there are more jobs than people out of work. In a post-Brexit and Covid-hit economy, the strength of the labour market will be paramount to the UK’s ability to become and remain a global powerhouse. If this is to be achieved, the country’s policy makers need to implement an international approach and bolster global opportunities. This includes creating an attractive entry route into the country for highly skilled self-employed professionals and refocusing international trade deals on skills, the workforce and the mutual recognition of services and professional qualifications as well as tariffs and goods.”

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