2022 was a record year for the job market. The threshold of 5 million permanent contracts signed was surpassed, according to figures published by the French social security agency (Urssaf). And the financial services sector was no exception: “ Despite the decline in the financial markets, all sectors of finance performed well. At our level, we saw a 27% increase in our revenue ,” explains Christophe Laville, Principal specializing in financial services at Vauban Executive Search. The headhunting firm, renowned for its expertise in real estate, is also at the forefront of recruitment in investment and financial services: asset management, private equity , investment banking, private banking, and family offices.

Contrary to expectations, 2023 seems to be starting under the same auspices as 2022. “ Everyone anticipated a difficult year in 2023, but for now the reality is quite different. Even if we are observing a bit of a wait-and-see attitude, in fact the appetite is still there and there are many recruitment projects,” shares Christophe Laville.

A broadening of perspectives

If we focus solely on asset management, we might think the recruitment market is less dynamic. “In asset management, the trend is toward consolidation. This leads to reorganizations, but it's more of a game of musical chairs. There aren't necessarily any new positions being created,” explains Christophe Laville. It's therefore necessary to take a broader view and not limit oneself to a specific sector. For certain roles, candidates can move from one niche to another. “Some sales professionals haven't hesitated to move into the private equity sector, attracted by promising fundraising prospects,” observes Christophe Laville.

We must also take into account the new arrivals: American banks, hedge funds , cryptocurrencies, FinTech … “Our clients remain mostly French, but we are increasingly being contacted by international companies. This is somewhat new and indicative of a deeper trend. Since Brexit, banks, funds, and hedge funds have been setting up in Paris to access continental European clients,” explains Christophe Laville.

Beyond Brexit, it's also clear that engineers, mathematicians, and scientists are increasingly sought after in financial services. With its graduates from Centrale and Polytechnique, France has nothing to be ashamed of. “ The market for this type of candidate is deep in France. There are a multitude of jobs that require people who know how to solve mathematical or statistical problems and implement them in software,” comments Christophe Laville. “For the past year, a large percentage of my hires have been for quant positions, whether in front office or risk modeling,” he continues.

Other notable trends include the search for female candidates and ESG regulatory experts. Institutional investors' money continues to flow into private equity. This segment therefore offers significant investment opportunities, and consequently, recruitment. These same institutional investors are paying particular attention to increasing the representation of women in investment teams, which are still predominantly male. They are also taking ESG issues more and more seriously; while it may have once been a marketing tool, it is now a regulatory matter. 

A candidate market

One thing is certain: candidates are still king. They are increasingly scarce and generally have several offers to choose from. With unemployment remaining low in France, particularly for experienced, qualified professionals, we are still in a candidate-driven market. In this context, a concerted effort in education and communication is necessary to effectively market these positions. Relying on specialized recruitment agencies to find the perfect candidate makes perfect sense.

“ My role is to understand the attractiveness of the position and the company, and to offer it to the person for whom it makes sense,” explains Christophe Laville. Indeed, after salary, candidates may be sensitive to very different employer brand characteristics: a company's reputation, its positioning, the expertise of its employees, or its societal impact are all sensitive points that can be emphasized.

Companies must therefore refine their processes and make themselves attractive. “ The candidate has the power and the choice. We must avoid common mistakes, such as having a long and poorly structured recruitment process. Having a few days of remote work per week has become the norm ,” warns Christophe Laville .
https://funds360.fefundinfo.com/actualites/funds360/les-tendances-de-recrutement-dans-la-finance-en-2023/