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Writer's picture: Christopher GrahamChristopher Graham


The British job market is experiencing its most challenging period since the height of the COVID19 pandemic, with recruitment agencies reporting a sharp decline in hiring and a weakening demand for staff. According to a monthly survey by KPMG and the Recruitment & Employment Confederation (REC), hiring conditions in the UK have deteriorated significantly, signaling a lack of confidence from employers in the wake of Chancellor Rachel Reeves’ tax raising Budget.

The survey’s vacancy index fell from 42.9 in December to 41.6 in January, marking the most widespread weakening in job demand since August 2020. Notably, agencies placed fewer candidates in both permanent and temporary positions, with the index for temp billings dropping from 46.3 to 41.5—the lowest level since June 2020.

Neil Carberry, REC’s chief executive, highlighted that the slowdown was more severe than the usual post-holiday dip. "An autumn of fiscal gloom, difficulty navigating significant upcoming tax rises and a costly new approach to employment rights are all acting as brakes on progress," Carberry noted. While the Bank of England’s (BoE) recent decision to cut interest rates by 0.25 percentage points to 4.5% could provide some relief, businesses remain cautious about investing in new hires until economic conditions improve.

Job Security Concerns and Economic Uncertainty

Despite strong wage growth, concerns over job security are dampening consumer spending and economic recovery. A Bank of America report found unemployment expectations at a two-year high in January, while REC data showed job postings falling at the fastest rate since 2020, with rising redundancies.

The Bank of England warns of slowing growth and increasing unemployment, with the jobless rate rising from 4.1% last summer to 4.4% and expected to reach 4.8% within two years. Businesses remain cautious as upcoming employer National Insurance hikes and economic uncertainty drive further job cuts. Additionally, more than 10,000 millionaires left Britain in 2024, according to analysts. The net loss of 10,800 millionaires last year, compared to 4,200 in 2023, has been attributed to rising taxes, the increasing dominance of the US and Asia in the global hi-tech sector, the dwindling importance of the London Stock Exchange, and concerns over the deteriorating state of the healthcare system. This exodus further exacerbates concerns over business confidence and long-term investment.

Sectors Hit Hardest by Hiring Slowdown

The KPMG/REC survey revealed that the most significant reductions in hiring were seen in banking, consulting, and technology. The banking sector continues to grapple with regulatory challenges and cost-cutting measures, leading to slower hiring for senior roles. Consulting firms face reduced demand as companies cut discretionary spending on advisory services, while technology firms remain cautious due to ongoing economic uncertainties and the impact of automation on workforce needs. The most significant reductions in hiring were seen in professional services and technology—a sector already grappling with a prolonged downturn.

With fewer job opportunities available, the number of candidates seeking employment has increased, which in turn has led to easing wage pressures. However, the survey indicated that while employers are no longer offering high salaries to attract new talent, they continue to face wage demands from existing employees looking to recoup losses incurred during the cost-of-living crisis.

Impact on Executive Search and C-Suite Hires in Financial Services, Technology, and Consulting

The challenging economic climate has notable implications for executive search and C-suite hiring within financial services, technology, and management consulting. The slowdown in hiring and increased cost pressures may lead organizations to be more selective in their executive recruitment, focusing on leadership roles that directly contribute to cost efficiency, digital transformation, and revenue generation.

In financial services, firms may prioritize hiring executives with expertise in risk management, compliance, and cost-cutting strategies to navigate the uncertain regulatory environment. In technology, the prolonged downturn in hiring suggests that companies will seek leaders who can drive innovation while optimizing operational costs. Meanwhile, management consulting firms could see a shift in demand, with clients increasingly seeking advisory services related to workforce restructuring and business resilience.

Furthermore, the rapid adoption of AI, automation, and cloud technology is reshaping job roles, reducing demand for certain positions while increasing the need for leaders with expertise in digital transformation. Many senior candidates currently engaged in executive search are either in the process of seeking new roles or facing unexpected exits from their existing positions as companies restructure to align with evolving technological and economic demands.

The demand for top tier talent in these industries is likely to remain, but organizations will be looking for candidates who can demonstrate agility, strategic foresight, and an ability to drive efficiency in uncertain times. C-suite roles, in particular, will become increasingly opportunistic, with companies prioritizing executives who can swiftly adapt to changing market conditions and lead transformational initiatives. Executive search firms will need to adapt by focusing on value driven hiring strategies and identifying leaders who can guide companies through economic volatility.

Economic Uncertainty and Consumer Spending Hesitation

Rising concerns over job security are also affecting consumer behavior. Despite improved real wages, UK households have been hesitant to increase their spending, instead choosing to set aside more savings. This trend is reflected in consumer confidence surveys, with GfK’s index falling to its lowest level since before the Labour Party took office. The Office for National Statistics (ONS) reported that almost half of British adults were concerned about job security in January—a 54% increase from the previous year.

Chancellor Reeves has defended the government’s policy moves, arguing that planned increases to the National Living Wage and employer NICs are necessary to support long-term economic stability.

Looking ahead

The UK job market remains in a precarious position, with businesses holding back on hiring and workers growing increasingly anxious about job security. CGC can help organizations navigate this uncertainty by providing expert executive search and advisory services, connecting businesses with transformational leaders who can drive efficiency, innovation, and resilience. With a deep understanding of financial services, consulting, and technology industries, CGC supports companies in identifying and attracting top tier talent who can thrive in challenging market conditions. While wage growth has provided some financial relief, uncertainty about future employment is restraining consumer spending an essential component of economic recovery. As companies brace for rising costs and a challenging fiscal environment, the government faces mounting pressure to deliver on its promise of economic growth without exacerbating unemployment concerns. Whether policy measures will be enough to reverse this trend remains to be seen.

 

 

 

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Discrimination during job interviews can feel like an insurmountable barrier. At CGC, we believe that with the right strategies, professionals can navigate these challenges with resilience and confidence. Regardless of your background, you have likely faced some form of prejudice or discrimination in your life. It’s an inescapable part of human nature, transcending geographic location, race, or profession.

While we can’t control every external bias, we can control how we respond to it. By shifting our focus inward and preparing proactively, challenges can transform into opportunities for personal and professional growth.

Strategies to Overcome Bias in Job Interviews

  1. Focus on What You Can Control


    Mastery over your skills, a clear articulation of your value proposition, and confidence in your expertise can speak volumes. For example, if a question feels dismissive of your experience, use it as an opportunity to reframe and highlight key accomplishments.


    E.g., “While my experience in [field] may differ, let me share how my work on [specific project] directly aligns with the challenges this role is addressing.”

  2. Stay Resilient Under Pressure


    Life may not always be fair, but your confidence, composure, and professionalism will set you apart. For instance, if an interviewer asks a question that feels biased, pause, maintain composure, and respond in a way that reflects both your capability and your adaptability.


    E.g., “Could you clarify your concern about [specific topic]? I’d be happy to discuss how my skills directly address that.”

  3. Prepare Relentlessly


    Anticipate difficult questions and rehearse responses. Consider role-playing scenarios with trusted colleagues or mentors to develop confidence in your delivery.


    E.g., Prepare responses to subtle questions like, “How do you think you’d fit into our team culture?” by emphasizing adaptability and shared values.

  4. Seek Allies and Build Your Network


    Surround yourself with mentors, advocates, and organizations that have shared values. Having a strong support system can provide critical advice and help you navigate challenging situations.


    E.g., Leverage professional associations or alumni networks to connect with individuals who share insights about company culture or hiring practices.

  5. View Questions Objectively


    Not every challenging question is an attack. Some may arise from genuine curiosity or a misunderstanding of your background. Treat each question as an opportunity to clarify or educate.


    E.g., If asked about gaps in your resume, instead of feeling defensive, you can share how that time was spent gaining new skills or pursuing personal growth.

  6. Challenge Questions Respectfully


    If a question feels inappropriate or biased, address it calmly and professionally.


    E.g., “I’d like to better understand your concern. My perspective has always been an asset in collaborative environments, and I’d love to share examples.”

  7. Clarify Role Expectations and Culture


    Asking thoughtful questions demonstrates initiative and helps you evaluate the company’s culture.


    E.g., “Can you tell me more about how the team collaborates across different departments? How does the company foster diversity and inclusion in leadership roles?”

  8. Practice Patience and Empathy


    Remember that interviewers are human, too. They may be juggling multiple priorities or navigating biases themselves. Showing empathy can turn a challenging interview into a constructive conversation.

Key Reminders

  • Bias often stems from assumptions or a lack of understanding. By staying composed, you can challenge these perceptions through your actions and words.

  • Your preparation is your foundation. It gives you the confidence to present your best self, regardless of external circumstances.

Every obstacle is a chance to grow stronger. Discrimination is a challenge, but it is not an endpoint. With resilience, preparation, and confidence, you can shift the narrative and take charge of what you can control.

Let’s rise above the noise and lead with excellence.

 

 

 

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The new year brings fresh opportunities to strengthen your leadership team and drive your business forward. In a competitive market, attracting and securing top-tier talent is more critical than ever. Whether you’re looking to fill a C-suite position or bring in a senior leader to guide your organization, now is the time to refine your recruitment strategy and set the tone for success in 2025. Let’s make this the year you build a powerhouse team that will lead your business into the future!


1. Define the Role and Vision Clearly

  • Understand the Business Needs: Identify the strategic priorities the new leader must address. Align the role with the company’s goals and challenges.

  • Create a Detailed Role Profile: Specify the responsibilities, key deliverables, and required qualifications. Be clear about the leadership style, technical skills, and industry experience needed.

  • Articulate the Vision: Communicate the organization’s mission, culture, and growth plans. Candidates need to see how they will contribute to the bigger picture.

2. Set Realistic Expectations

  • Budget: Ensure your compensation package is competitive within the financial services market for the role and region. Factor in bonuses, equity, and other benefits. Be transparent about salary early in the process to avoid misaligned expectations.

  • Skills and Experience: Avoid creating a “unicorn” candidate profile. Focus on critical skills and attributes that align with the role’s objectives.

  • Timescales: Recognize that many candidates will have a 1–3 month notice period. Aim to keep the recruitment process within three months to ensure the total time to start does not exceed six months. Prolonged timelines may result in losing top talent to other opportunities.

3. Engage Stakeholders Early

  • Internal Executive Search Teams: If your company has an internal executive search team, leverage their expertise. If not, seriously consider engaging an external search firm. Executive search professionals are experienced in dealing with seasoned candidates and can create a stronger first impression of the business than junior HR employees who may lack the skills to engage with or assess senior leaders effectively.

  • HR Collaboration: Work closely with HR to ensure job descriptions are precise, the recruitment process is efficient, and the candidate experience is smooth.

  • Internal Alignment: Gain input from relevant stakeholders like board members or direct reports to refine the profile and ensure organizational buy-in.

4. Always Consider Internal Talent First

  • Identify Internal Candidates: Review your internal talent pool to identify individuals who may be ready to step up into the role.

  • Offer Interviews to Internal Candidates: Even if they are not the final choice, allowing internal employees to interview for the role shows respect for their contributions and aspirations.

  • Avoid Future Conflict: Failing to consider internal talent can create resentment, particularly if a new external hire is brought in. This can lead to disengagement and even the loss of valuable employees who might have been ready for promotion in the future.

5. Your Involvement as the Hiring Manager is Critical

  • Be Available and Responsive: Delays or lack of availability on your part can derail the process and frustrate candidates. Set aside dedicated time for the recruitment process to maintain momentum.

  • Seek Market Intelligence: Stay informed about industry trends, candidate expectations, and compensation benchmarks before and during the search. This knowledge ensures you remain competitive and realistic in your approach.

  • Drive the Process: Your active involvement demonstrates to candidates that the role is a priority and helps establish a positive impression of the organization.

6. Streamline the Recruitment Process

  • Interview Planning: Create a structured process with clear evaluation criteria. Ensure panel members are briefed, and interviews are scheduled promptly.

  • Timely Feedback: Provide candidates with feedback within 48 hours of interviews to maintain their engagement and demonstrate professionalism.

  • Avoid Delays: Keep the process concise to ensure it does not extend beyond three months. Delays reflect poorly on the business, may deter candidates, and will impact overall timelines.

7. Focus on Long-Term Fit

  • Cultural Fit: Assess how well the candidate aligns with your company’s values and culture.

  • International and Multi-Disciplinary Experience: In financial services, leaders with global exposure and experience across disciplines (e.g., risk, operations, and strategy) often bring a broader perspective and adaptability.

8. Be Strategic About Testing

  • Consider the Value of Testing: Evaluate whether testing is genuinely necessary for the role. Evidence suggests that extensive testing can be a significant deterrent for senior hires. If testing is used, ensure it is meaningful and adds value to the process.

  • Case Study Approach: Instead of standard tests, present candidates with a real-world business challenge the organization is facing. Use it as a discussion point to understand their approach to problem-solving, strategic thinking, and leadership style.

9. Maintain Strong Candidate Relationships

  • Transparent Communication: Be upfront about the process, timelines, and compensation. Transparency builds trust and avoids misunderstandings.

  • Competitive Offers: Avoid low-balling offers at the end of the process. This not only risks losing the candidate but also tarnishes the company’s reputation in the market.

  • Don’t Burn Bridges: Candidates not selected for the role may be a fit for future opportunities or valuable as industry contacts.

10. Assess Onboarding and Succession Planning

  • Automated Contracts: Use digital and automated contract platforms to speed up the onboarding process. Sending contracts electronically instead of posting them ensures they are signed and returned promptly.

  • Background Checks: Identify reliable companies to conduct background checks and ensure they are engaged early in the process. Delays here can push back start dates and disrupt planning.

  • Onboarding Plan: Provide a structured onboarding process to integrate the new leader effectively into the organization. Ensure they have clarity on their role, objectives, and key relationships from day one.

  • Succession Considerations: Think long-term about how the candidate will develop internal talent and prepare the organization for future leadership transitions.

11. Reflect and Improve the Process

  • Post-Hire Review: After hiring, review what worked well and areas for improvement in the recruitment process.

  • Continuous Refinement: Stay updated on trends in hiring practices, compensation, and leadership assessment to enhance future searches.

Final Note

This process is time-consuming but, failing to dedicate time and attention will only increase the likelihood of unnecessary delays and wasted time. More importantly, disengaging from the process and handing it over entirely to HR can lead to missed opportunities or poor decision-making, as ultimately, you are the decision-maker. Your involvement is not only critical to identifying the best fit for the role but also to ensuring the entire process reflects positively on the organization.

 

Looking Ahead to 2025

By investing the time and effort to create a thoughtful and efficient hiring plan, you set your organization up for success in 2025 and beyond. Leveraging tools like automated contracts, efficient background checks, and prioritizing internal talent alongside external searches ensures a smooth and equitable process. A well-structured approach not only brings in the right leaders but also builds your reputation as an employer of choice, laying the foundation for long-term growth and innovation. Let 2025 be the year you elevate your hiring process and bring in the leaders who will drive your vision forward.


For more information or guidance, feel free to reach out to me at

 

 

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