Will the surge in hiring activity continue throughout the summer?
NYC Firms moving fast to secure top candidates
After a slow 2016 with the election playing a part in many firms choosing to implement hiring freezes, we are seeing significant redressing of the balance. Many firms are both hiring for replacement headcount, as well as building out new functions and departments within Compliance.
The first half of this year has seen a huge amount of hiring activity – which so far shows no signs of slowing down.
Top candidates being snapped up
We are seeing firms having to move fast to land the talent they want, as candidates are receiving 2-3 offers at a time. Many firms whose usual hiring practice is slow and considered are moving at a faster pace with interview processes – in order to beat the competition. This is currently more common than you might expect, and it means that if you see a candidate you like, as a hiring manager, it is important to come in fast with a strong offer and employer value proposition, and be prepared for counter offers.
Hiring activity might continue into summer
Although we usually see a slight decrease in productivity across the board during the summer months, the current momentum could well continue right through the summer. Because of the significant drive to land talent that is currently taking place, and with so much confidence back in the market, 2017 may be a year in which we do not see the typical slowdown. Hiring managers should therefore be aware that now is not the time to ease off the gas.
Be prepared for attrition
With significant movement in the Compliance market, hiring managers should also be prepared for continued attrition. For hiring managers looking to expand their teams, they must also be prepared for replacement hiring, alongside filling new headcount.
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