Contractors plug the gap after annual bonus 'merry-go-round'

by Susie Hughes at 15:31 11/03/15 (News on Business)

While many financial institutions have already lost permanent talent in the annual bonus ‘merry-go-round’, and others expecting to in the near future, contractors with sought after compliance and regulatory experience are, as a result, reaping the rewards.

Venn Group, contract and interim recruiter, reveals that contractors in the niche areas of AML/KYC and Liquidity Risk are commanding exceptionally lucrative rates as financial firms grapple for talent to not only replace headcount loss, but to also ensure future resignations don’t damage their ability to comply with today’s stringent regulatory landscape. Advertisement Jodie Finn, Associate Director of Venn Group, said: “While the demand for niche compliance contractors has been gaining momentum for some time, as firms seek out professionals to help deal with the most pressing of issues such as financial crime and legal and regulatory pressures, we are currently witnessing the annual bonus merry-go-round effect. "This has already left some City institutions with a shortage of permanent professionals and as a result they are pulling in contractors to help plug the gap. Elsewhere, we are seeing firms who have yet to reveal their bonus pay-outs planning ahead and hiring contractors to ensure ‘business critical’ functions are maintained should they lose talent in the coming weeks and months. “Both these trends have been very positive for financial services contractors. Not only are they receiving above market rates for their services, but they also have their choice of assignments. While we are seeing demand across the entire compliance spectrum, particularly sought after are Compliance Analysts, KYC/AML Remediation Analyst and Market and Liquidity Risk Analysts. We have seen the former command rates in excess of £600 a day and the latter two between £300 and £550 respectively." Accounting Elsewhere in the City, the analysis reveals a steady demand for accounting contractors – a theme which has been prevalent since the end of last year. Jodie Finn said: “As we reported last month, City firms are contending with huge shortfalls of ACCA or ACA qualified professionals. Consequently new qualified auditors are being drafted and can receive healthy rates. "One cloud on the horizon could be a long term talent shortage – even on the contract side – if more isn’t done soon to encourage and train the emerging generation into the arena. While contractors can always be utilised to plug skills shortages, there will come a time when demand outstrips supply.” Tweet -- If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'. - Susie Hughes © Shout99 2015

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