‘Brexit to increase pressure on weak recruitment models in Scotland’s financial sector’

Scottish financial sector companies served by weak recruitment models will struggle to attract the best talent in 2017, as the uncertainty surrounding Brexit continues to dampen the market.

This is according to analysis published today by recruitment company Core-Asset Consulting.

In its Salary Guide 2017, Core-Asset’s annual benchmarking tool for financial sector professionals in Scotland, the recruiter argues that the effective promotion of a positive and flexibility working culture, the ability to attract passive candidates, and easy access to an international talent pool will all be crucial in securing the best people in a challenging market.

Betsy Williamson, managing director of Core-Asset Consulting, said: “The outlook for recruitment activity this year is difficult to predict. Even though it seems likely the UK will pursue a hard exit and leave the European single market, market uncertainty will persist for some time to come.

But if 2017 is similar to the second half of 2016, with little in the way of acquisitions or aggressive business growth strategies, hiring organisations and the recruitment partners supporting them will come under increasing pressure.

“Effective promotion of a positive and flexibility working culture, the ability to attract passive candidates, and easy access to an international talent pool – these will all be crucial in securing the best people in 2017’s tightening market.

“For many people, work-life balance is no longer some nice-to-have bonus but a core part of their motivation to move or stay. In 2017 companies that fail to deliver flexible working, remote working, socially working hours, diversity programmes, and a positive working environment will struggle to attract and retain the very best talent.

“In 2016 a great deal of quality hires were to be found in the passive market, i.e. professionals not actively seeking a new move but open to considering one. Traditionally, this is where the best companies get the best people. With 2017 set to be a challenging year, the passive market will become even more important.

“Last year there were increasing instances of employers willing to extend their search for talent beyond the Scottish market. This trend should continue and is to be welcomed if Scottish-based organisations are to succeed in a global marketplace. But it may present additional challenges for employers who do not have access to international talent pools and fail to invest in relocation support for candidates.

“With 2017 looking subdued and uncertain, only the strongest recruitment models will succeed. Strategies without sufficient access to passive and international candidates will be ineffective. Recruiters – internal or external – lacking market expertise and unable to promote the unique proposition of an employer will fail.”