Recruitment agencies have bounced back since the fall. And 2021 is shaping up to be quite promising.

Published on May 4th, the latest Workforce Needs (BMO) by Pôle emploi (the French public employment service) identified 41,260 recruitment projects this year in the financial and insurance sectors, 39% of which are considered difficult to fill. This sector, which represents 1.5% of all hiring intentions, has seen these intentions decrease by 18.9% compared to 2020. However, specialized recruitment agencies remain relatively optimistic.

After a spring 2020 marked by a slowdown in recruitment and a wait-and-see approach, even withdrawals from candidates reluctant to attempt a move without real guarantees, the job market rebounded strongly in the fall. “In financial markets, 2020 started very well. The first lockdown halted this momentum, but recruitment wasn't canceled, simply postponed,” confirms Karine Favreau, Associate Director in charge of this division at Fed Finance. “ The third quarter of 2020 was even better than usual, and this momentum hasn't stopped because we're dealing with sectors—private equity, private wealth management, asset management—  that are booming. For internal control, risk, and compliance roles, some companies even outbid each other with external offers to avoid losing their best talent.”

Numerous and diverse mandates

“Overall, we held up well in financial services, which are transforming and creating jobs,” adds Jean-François Monteil, CEO of Morgan Philips Banking, City & Fintech. “ The markets ultimately performed well. And while bonuses are clearly down in many sectors, there are needs, particularly in the ‘sales’ roles within asset management, investment solutions, interest rate management, asset-liability management (ALM), and risk management.” Not to mention the rise of ESG investments (based on environmental, social, and governance criteria), “which no one will be able to escape in the long run.”

At Vauban Executive Search, whose finance practice primarily serves companies and investment funds, Martin Louvet , senior advisor , notes a significant demand in project finance. " There's a lot of liquidity in this asset class, and therefore a lot of deals," he says. " We also have openings for CFOs (Chief Financial Officers) , a market that's largely about replacements, but where the traditional 'guardian of accounting standards' is giving way to more flexible profiles, closer to operations, capable of communicating with everyone and proposing solutions. Mid-sized companies and SMEs were active in 2020,  while large corporations, as a precaution, froze recruitment as early as March."

At Vendôme Associés, after an excellent 2020, 2021 is unfolding under the same auspices, with "numerous and diversified mandates ." Its president, Denis Marcadet ( see the Testimonial ), is resolutely optimistic, as evidenced by the firm's recently published Job and Trend Barometer "a certain quality of life, a pool of highly qualified jobs and skills ," has indeed benefited from Brexit (along with Dublin and Amsterdam). "Everything is adjusting, and market participants should, for the last quarter, need market operators, with the implications this has for support functions," he observes. Jean-François Monteil, for whom "Brexit is currently resulting in staff transfers," expects "net recruitment in regulatory and compliance."

At Vendôme Associés as at Morgan Philips, they also point to the excellent health of private equity : "It is an increasingly broad offering which is becoming structured and is of interest to everyone, from insurers to asset managers and private banks," comments Jean-François Monteil.

Red carpet for IT professionals

Other notable points for Denis Marcadet: the asset management industry is regaining momentum, with ESG becoming essential and digitalization a reality, as are the development of passive management and the rise of unlisted assets. “The impact of Brexit is undeniable, with the deployment of entrepreneurial firms in private, alternative, and quantitative asset management… The enthusiasm for real assets is leading to a need for diverse profiles (client services, data…). Corporate banking is also thriving, with sustained activity in structured finance, leverage, and payment solutions.”

In a context where digital technology, remote work, and cyber threats have grown significantly, some IT professionals are finding themselves in prime positions. This is especially true since finance isn't the only sector affected. "Skills in cybersecurity – consultants, engineers, penetration testers, etc. – development, data, artificial intelligence, and machine learning are highly sought after," confirms Charles Hidier, senior recruiter at the firm Hurryman.

Recent months have also cemented the importance of video conferencing in recruitment. "It facilitates the organization of interviews and helps maintain momentum in the process," says Martin Louvet . "It's a flexibility we'd be foolish to ignore." Finally, while there isn't really a bidding war for salaries, except for certain rare profiles, companies have, on the other hand, given considerable thought to work-life balance, with remote work becoming "a determining factor for candidates," observes Fed Finance.

Hélène Truffaut 03/06/2021 ( https://www.agefi.fr/emploi/actualites/hebdo/20210603/emploi-finance-en-bonne-forme-321941)