3 Major Trends Impacting Financial Services
After a year in which companies may have been unable to grow as much as they had envisioned, they are pursuing new and creative ways to get back on track. As things in the industry are set to change, it’s critical that you are completely up-to-speed on the latest financial services trends.
“The past year has forced many financial institutions to adjust and adapt to new work environments,” says Adam Harwood, Senior Vice President of Professional Services at The Execu|Search Group. “As many business leaders map out what a return to the workplace looks like, we’re seeing several new and exciting trends emerge across the sector.”
So, what’s happening? Here are three financial services trends to be mindful of as you navigate your career:
Hiring is up across all areas
As workloads become more and more demanding, employers are looking to increase hiring in order to address the current workflow. “With economies reopening, there’s a critical need among financial services firms to hire new talent,” says Adam. “This isn’t limited to one specialty in financial services either; nearly every area, from alternative asset managers to hedge funds to consulting firms, are looking to hire top talent and hire new people quickly.”
You can expect to be back in the office
Remote work has been debated by finance execs for years. While firms had no choice but to adapt to a work-from-home model during the pandemic, there were early signs that this type of arrangement would not be a permanent solution. As states open back up, we are seeing some clear trends that point to a return to the office. While some firms are indeed adapting hybrid models, many big banks are gearing up for the transition back.
“Firms may start preparing their staff to come back by asking them to work in the office a couple of times a week,” explains Adam. “However, it seems safe to assume that firms will have employees back in the office full-time, at least four days a week in the future.”
There are many reasons why executives prefer staff to be in the office, including client visits and relationship building. Learning and development is also a huge driver. “Since several firms utilize an apprenticeship-style model of teaching, it’s important that all levels are coming into the office consistently,” says Adam.
Firms are expanding to Florida
While Manhattan is, and will continue to be, the global center for financial services, many firms are beginning to think creatively about the future of the workplace. Specifically, they’re thinking about how New York and the surrounding area isn’t the only place their companies can do business.
“For the first time, firms are expanding outside of New York and into Florida, which creates a discussion about what the future of hiring looks like,” says Adam. “Many people relocated, at least temporarily, during the pandemic and have enjoyed their new lifestyles. Financial institutions recognize that employee expectations are changing, and are looking for ways to meet them. Staff can enjoy tax savings and a warmer climate, while the firms look to build a mini Wall Street in places like Miami and Palm Beach.”