City firms looking to poach Scots financial services staff

London-based financial services firms are increasingly looking to attract Scottish staff with the lure of remote working and City salaries, according to a specialist recruiter.

Louise Powrie of Core-Asset Consulting said the pandemic was leading to profound changes to the jobs landscape in the financial services sector.

Edinburgh-based Core-Asset Consulting said changes to working patterns during the pandemic were now having a “profound impact” on the jobs market with employers from outside Scotland able to recruit staff who can work from home.

The specialist recruitment firm also said the number of women looking to return to work in the sector has bounced back in recent months as more flexible conditions prove increasingly attractive.

It reported that around half of candidates registering with them in the last quarter have been women, up from just 35 per cent in the previous quarter.

Core-Asset said the introduction of hybrid working by many employers has been a key factor in the rise of female applications, especially those with young families.

There had been fears the pandemic would set back diversity within the financial sector, as women faced being disproportionately affected by lockdown.

The Edinburgh-based firm’s sixth annual salary guide for the Scottish financial services sector predicted a lack of childcare and home schooling would hamper women with young children – particularly those in senior management positions. The report also warned that remote working ran the risk of reinforcing any pre-existing cultural and behaviour biases within companies and undermining inclusive work culture.

However, Core-Asset said the flexible working culture and fundamental industry changes set in motion during the pandemic now look set to push greater diversity in the workplace.

Louise Powrie, director of financial & professional services at Core-Asset, said: “More and more employers are recognising the need for flexibility, particularly for candidates with young children, and are embracing hybrid working patterns.

“Though there is still a shortage of women within senior management roles, specifically in wealth management, finance and tech firms, we are beginning to see a better gender balance across the board. In contrast to the last quarter, the market is now extremely candidate driven, meaning employers are more willing to adopt new, more appealing strategies to bring in the right talent.”

With Covid cases currently rising, Powrie said the financial services sector is recognising the importance of home and hybrid working.

“The majority of employers understand they will be adopting hybrid or remote working for the remainder of the year. While this is dependent on the business’ needs, the general consensus is these working models are here to stay for the foreseeable.

“This is now having a profound impact on the job market, with businesses in London now looking to attract Scottish talent with the lure of remote working and a London salary.”

Powrie said those firms that demand candidates work in the office five days a week will be at a disadvantage to those which are offering hybrid or remote working.

“We are still seeing a reluctance from employers to adopt a shorter working week, as is a hot topic at the moment, but greater flexibility for office workers is a huge benefit, particularly those who are working parents and are not having to commute to an office five days a week.”

Core-Asset, founded by Betsy Williamson in 2005, now has a turnover of £14 million and employs 22 people working for clients across the financial services sector.

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