Bonus ‘merry go round’ reaps havoc for City institutions but contractors capitalise with significant rate rises Monday 9 March 2015 PDF Print Bonus ‘merry go round’ reaps havoc for City institutions but contractors capitalise with significant rate rises While many financial institutions have already lost permanent talent in the annual bonus ‘merry-go-round’, and others expecting to in the coming weeks and months, contractors with sought after compliance and regulatory experience are, as a result, reaping the rewards. Venn Group, the specialist contract and interim recruiter, reveals that contractors in the niche areas of AML/KYC and Liquidity Risk are commanding exceptionally lucrative rates as financial firms grapple for talent to not only replace headcount loss, but to also ensure future resignations don’t damage their ability to comply with today’s stringent regulatory landscape. Jodie Finn, Associate Director of Venn Group, commented: “While the demand for niche compliance contractors has been gaining momentum for some time, as firms seek out professionals to help deal with the most pressing of issues such as financial crime and legal & regulatory pressures, we are currently witnessing the annual bonus merry-go-round effect. This has already left some City institutions with a shortage of permanent professionals and as a result they are pulling in contractors to help plug the gap. Elsewhere, we are seeing firms who have yet to reveal their bonus pay-outs planning ahead and hiring contractors to ensure ‘business critical’ functions are maintained should they lose talent in the coming weeks and months. “Both these trends have been very positive for financial services contractors. Not only are they receiving above market rates for their services, but they also have their choice of assignments. While we are seeing demand across the entire compliance spectrum, particularly sought after are Compliance Analysts, KYC/AML Remediation Analyst and Market & Liquidity Risk Analysts. We have seen the former command rates in excess of £600 a day and the latter two between £300 and £550 respectively. “ Elsewhere in the City, Venn Group’s analysis reveals a steady demand for accounting contractors – a theme which has been prevalent since the end of last year. Finn continued: “As we reported last month, City firms are contending with huge shortfalls of ACCA or ACA qualified professionals. Consequently new qualified auditors are being drafted and can receive healthy rates. One cloud on the horizon could be a long term talent shortage – even on the contract side – if more isn’t done soon to encourage and train the emerging generation into the arena. While contractors can always be utilised to plug skills shortages, there will come a time when demand outstrips supply.” ENDS This press release was distributed by ResponseSource Press Release Wire on behalf of BlueSky Public Relations Ltd in the following categories: Business & Finance, for more information visit http://pressreleasewire.responsesource.com/about.