As we approach the final weeks of the year, we reflect on how the US hiring market is responding this quarter, in an environment that is quite different from previous years because of Covid-19.
Typically, Q4 of a “normal” year, would see an uptick in hiring activity after the summer slowdown. Usually in the form of targeted hiring, this is focused on filling leftover headcount or crucial hires before year end. Then, in the New Year a broader hiring push usually comes in response to post-bonus attrition and new headcount being released. As to be expected, however, in 2020, the pandemic caused a slowdown in hiring earlier in the year, so we are now seeing an even greater push to fill open headcount in Q4 and make up for lost time during lockdown.
In Q3 (2020), we placed two Chief Compliance Officers, a Head of KYC, as well as a number of mid-level hires. We are seeing these roles come from independent trading firms, independent RIAs (Registered Investment Advisers), as well as Institutional Asset Managers. As such, the trend we are seeing is that an appetite to hire remains across all sizes of firms. What is also encouraging is the big banks are pressing ahead with hiring, which was not the case earlier this year.
Just last week, we received word from one of our clients letting us know that there would be a few senior level searches coming live in the next few weeks. An encouraging sign for hiring as we move through Q4.
If you are in the market for a new position or are a hiring manager looking to make a crucial hire on your team, please get in touch with us today.
Just in time for the last push for hiring this year, we are announcing our 2020 US Compliance Salary Survey. In this report you will find the salary trends that we are seeing across a variety of different types of financial services firms, and at different levels.
It is a helpful guide if you are looking to benchmark your team, or to make sure that your salary is in line with the rest of the market.
Please get in touch with us today to receive a copy of the 2020 US Compliance Salary Survey.
Senior Associate, Compliance Practice
Tel: +(1) 212 600 4807