As the need to restructure continues to affect many organisations in the financial services sector, change management professionals remain in high demand. There are numerous temporary and permanent opportunities, but organisations are struggling to fill vacancies as there are only a limited number of professionals with change management experience on the market.
The shake-up in the financial services sector has created a demand for change management professionals, on a scale that we have not witnessed in the past. Many employers are looking to build up their change management team on a permanent basis in order to create an internal knowledge base that did not exist previously. The problem that hiring managers face is that there are simply not enough jobseekers with the right experience, and it’s not an area where the skillset can be compromised – employees have to have a broad understanding of change management, and how to structure change. One strategy we are seeing to tackle the shortage looks at targeting senior managers or directors who have exposure to projects. This level of seniority will bring man-management experience, as well as experience at the implementation phase of projects. Not only will they know the business area, and can get half the project done but because they are senior, they have the necessary credibility.
The rise in demand for change management professionals has come about thanks to the number of organisations that are restructuring after the downturn. Organisations who were badly affected by the downturn are having to carry out a root and branch restructure simply in order to survive. They are having to identify their core and non-core business and choose which aspects of the business can be lost, and where there is room for growth. Likewise, there are organisations that were not hugely affected by the downturn, and are seeing the recovery as an opportunity to drive their business forward, take ground from weaker competitors and grab these new opportunities. Both sets of restructuring are taking place on a similar scale, albeit with very different aims in mind.
Not only is the lack of available talent affecting the speed at which vacancies are filled, but the pressure to match salary expectations is also causing challenges. Many employers are not accustomed to hiring change management professionals and, mindful of cost controls, are unwilling to meet market salary expectations. While we are seeing some organisations negotiate their packages, there are other financial institutions who are under significant pressure to control costs, and unfamiliar with the change management market, are not offering competitive enough salaries. This is leading to a significant number of roles remaining unfilled. While change management professionals stay in such demand, organisations will need to re-assess their packages if they want to attract talent.
