24th June 2025

Talent isn't Moving - Here's Why...

Why Is It So Hard to Hire Financial Services Talent Right Now?

Paul Harper says a question he hears a lot is: “With the economy looking shaky and vacancies dropping, why are we struggling to hire?”

On paper, it should be straightforward. The REC’s Report on Jobs shows that UK vacancies have been falling month on month since the October budget. Surely, in this kind of environment, people would be queuing up for new roles… right?

Here’s the reality: Economic uncertainty is exactly why people aren’t moving. When things feel unstable, most candidates choose to stay put. After the pandemic, we saw a flurry of movement in the job market. People were happy to move because there were plenty of opportunities, and if a new role didn’t work out? No problem… another would come along. We saw some wild salary jumps during this time, with 30% pay rises not unusual.

But that’s not what’s happening today.

The New Reality – Caution and Commitment

Right now, it’s very much a case of “better the devil you know.” Candidates aren’t going to move for the sake of it. They need to see a role that’s genuinely compelling — and that means more than just a small salary bump. Job security is front and centre. People want to know they’re joining a stable business, with a team they’ll enjoy working with, real flexibility, and a role that genuinely excites them.

So What Can You Do About It?

It comes down to supply and demand, it always has, and it always will.

There are fewer active candidates in the market. If you want to stand out, you need to pull the right levers. That might mean rethinking how you structure the role, improving flexibility, being open to remote or hybrid working, or reviewing your benefits and pay.

For example, we spoke with a client recently who insisted on a five-day office-based role for a paraplanner. That sort of requirement probably rules out 90% of the market. Since the pandemic, people have adapted to flexible working, and most won’t revert to traditional working arrangements unless absolutely necessary.

You can also consider engaging people who are currently out of work, as they are usually more open to conversations. But if you go down this route, be quick. If you can present a stronger offer than anything else they are considering and move fast, you will stand a good chance.

What About Salaries?

You might be thinking, “Surely in this market, we can pay less?”

Not necessarily. Even candidates out of work are still managing to secure salaries on par with, or higher than, their previous earnings. So, holding out for a ‘bargain hire’ may leave you waiting a long time.

The Good News?

Here’s the silver lining: while many people aren’t actively looking for a new role, a significant number are not particularly happy where they are, either. It’s often due to internal changes, such as new management, shifting priorities, or a culture that no longer aligns with their own values and expectations.

These candidates might not be refreshing their CVs or applying to roles every day, but they’re open to hearing about new opportunities if the offer feels right. It’s about finding the people who are ready for something new and making sure your role is the one they are willing to take a chance on.

Final Thoughts

If you’re serious about hiring in today’s market, it’s time to review what you’re offering, embrace flexibility, and move decisively when you find the right person. We’ve spent over 25 years helping financial services firms navigate these challenges and create compelling propositions that resonate, even in the toughest markets.

If you’d like support standing out from the crowd, we’re here to help.

Business Development