The market has definitely been in a phase of transition since most economies have begun to reopen again.
Indeed, the market for tech professionals is on fire at this time. Everyone is hiring. When positions are being offered by one company; another competitor trumps the other with a last minute offer. It’s very active.
The same applies for investment bank hiring, with the trend continuing upward. The number of jobs in the investment banking field is nearly double that of the first quarter of the year, and more than four times more than at the same time last year. This is the highest level for these roles for all of 2021 so far. There really is no sign of the market slowing down anytime soon.
Salaries and contract rates are rising across the board. The financial industry is feeling intense competition from Big Tech and DeFi, and companies are responding quickly. Base salaries and compensation packages are up significantly from just a couple of years ago.
Hybrid work arrangements
This is an area that continues to evolve. With employees beginning to return to the office, companies are beginning to establish new rules of engagement. CEO’s of top companies have all made statement of intent, regarding when and where a return to the office will be. Permanent remote work is not going to apply to all companies, but the rules will likely be slightly different for IT departments. Arrangements will be more relaxed for tech workers, and managers will make their own decisions regarding their teams.
We hear everyday that remote work is a significant priority. Hybrid work will continue to evolve, arrangements will be fluid, but firms will do what is necessary to attract and retain top talent.
Tech poaching from financial industry
Top payers in the financial industry are able to still recruit from tech firms, but we see a rising trend for tech companies stealing top talent from the financial sector.
There are continuing upward trends for roles in the cloud space. With top cloud companies all reporting double digit growth for FY 2021, we expect this trend to continue for the year ahead.
DeFi and cryptocurrency is evolving quickly. Even top banks and hedge funds are beginning to set up DeFi funds. We see cryptocurrency exchanges sponsor sport stadiums, Grayscale Investments sponsoring the New York Giants. People are beginning to ask the question, “what is this company?”
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Guest piece by Michael Baldwin