Exploring Potential Hiring Trends in Financial Services and Banking markets for 2024
2023 saw a slowdown in the staffing and consulting arena, with companies allowing for natural attrition and looking to back fill only the most critical roles. With new regulatory requirements becoming critical for most financial services companies in 2024/25, such as the Digital Operational Readiness Act (DORA), we expect to see an uptick in these projects as companies start looking for regulatory-driven project expertise in 2024. Otherwise, we feel it is likely to be a year focusing on niche and specialist hiring and consulting opportunities, as companies look to hire specialist skills for critical projects.
We see the following potential areas of need in Financial Services hiring in 2024:
Digital Transformation and Technology Integration:
Financial services firms continue to invest in digital transformation initiatives. Hiring trends include a demand for professionals with expertise in emerging technologies focused on AI, machine learning, blockchain, and robotic process automation, to drive innovation and operational efficiency.
Sustainability and Environmental, Social, and Governance (ESG) considerations continue to gain prominence, influencing hiring trends that prioritise professionals skilled in integrating ESG principles into financial strategies.
Cybersecurity and Risk Management:
The increasing frequency and sophistication of cyber threats means the need for candidates with cybersecurity, infosec and crypto knowledge continues to grow. Hiring trends are likely to focus on enhancing cybersecurity measures, risk management, and compliance to ensure the security of sensitive financial information.
Data Analytics, Data Science and Business Intelligence:
With an abundance of data at their disposal, financial institutions rely on professionals skilled in data analytics and business intelligence, with the ability to derive actionable insights to inform strategic decision-making.
Regulatory Compliance and Governance:
Regulatory compliance remains a critical aspect of financial services. Hiring trends are likely to include roles for individuals with expertise in navigating complex regulatory landscapes, ensuring compliance with industry regulations and governance frameworks.
Data Privacy and Governance:
As the amount of data generated and handled by banks increases, the focus on data privacy and governance continues to grow. Professionals who can ensure compliance with data protection regulations and implement robust data governance frameworks will continue to be in demand.
The job market remains tight and finding these specialist skills will require a focused campaign. If you or your team require specialist skills in these areas, please reach out, we’d be happy to help.
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