Digital drives hiring in marketing and sales at FS firms
According to specialist recruitment firm Morgan McKinley Financial Services marketing related roles “are at the frontline as client demand better digitisation and improved ways of communicating with financial services companies grows”. According to the firm, the gap between a support function such as marketing and the traditional front office banking jobs is narrowing, even as front office salaries have increased due to bonus cap regulations over the last few years. Base salaries in the most senior end of marketing roles have remained relatively flat, but there are possibilities to double packages through performance-based incentives.
“Those marketing directors and heads of marketing communication functions who are able to command the highest packages are those combining a strong traditional marketing skills set with broad knowledge of digital marketing tools ,” said Jo Stone, associate director of sales and marketing at Morgan McKinley. “Furthermore, experience of successfully driving content, social media marketing strategies and evidence of contributing to the expansion of distribution channels are the most sought after abilities by employers.”
There is demand across the board for marketing and sales support professionals as financial services companies attempt to boost trust in their brand and products in order to attract and retain customers. “We have noted that RFPs and investment writers’ salaries continue to drive upwards. Hiring demand in both of these discipline areas, particularly within asset management, has continued to outstrip supply now for years,” said Stone.
As the demand for marketing skills broadens across the financial industry, employers are searching for marketing professionals with competence in digital marketing and the effective use of modern distribution channels (social media). “For years, banks and insurance firms have gradually been growing out their digital marketing teams, but now their asset management cousins have joined the party, resulting in a significant skills gap,” says Stone. “Those with a CV that includes digital and social media marketing experience, combined with a broad knowledge of digital marketing tools and platforms, can command higher salaries.”
Overall hiring slowed down during the summer, but the long-term trend in jobs growth continues with new job opportunities rising 17% year-on-year.
“As expected, the summer holiday season has had a noticeable impact on the numbers,” said Hakan Enver, operations director, Morgan McKinley Financial Services. “This is likely to have an effect on next month’s statistics as well, then it will be back to business as usual.”
Professionals seeking new opportunities continued to climb, rising by 27% month-on-month. “Summer holidays are when job seekers have time to update their CVs and structure their career plans,” said Enver. “July and August are the months when many new job seekers enter the market.”
Some employees are also taking advantage of the quieter months to renegotiate their compensation packages. “We’ve seen some staff ask for a raise accompanied with the threat of changing employers,” said Enver. “It is a tactic that does sometimes work, however, it is risky. Your bluff may be called and even if the tactic works, it can damage the relationship with the employer.”
Moving jobs does bring benefits: “Last month showed that on average, a financial professional could demand up to 22% more salary by moving from one organisation to another. This is one of the highest percentage increases we have seen in a while, which bodes well for those considering a move,” said Enver. “The market has an appetite to remunerate those with a skill set that is in high demand.”