Forget compensation and benefits professionals: the buzzword in investment banking HR is now, “talent,” as in, “talent management,” as in: “how to retain staff when you can’t afford to pay them cash bonuses any more.”
“Talent management is a real buzzword right now,” says April Vale, of the human resources team, at recruitment firm Morgan McKinley. “We’re also seeing quite a lot of hiring in compensation and benefits generally,” she adds.
Banks are typically being very choosy about who they hire into HR. They only want people with previous, relevant, financial services experience, says Vale. “The market is very saturated with candidates. There are some candidates we can help more than others unfortunately,” she adds circumspectly.
As a follow-up to Robert Walters’ guide to the big pay in banking HR, here’s Morgan McKinley’s verdict on the state of pay.