Talent retention and attraction have been the key topics of conversation since the turn of the year.
With this and other factors in play, CML is pleased to share its informative quarterly market update. Our Legal, Financial Services & IT teams offer real-time priorities, challenges, and outlook on the recruitment industry.
Reading through our Q1 2022 market update, you will discover a valuable source of information. Our experienced teams relay their insights on the current market and predictions for Q2 and the coming year.
Candidate acquisition is the top priority across all offshore jurisdictions, resulting in candidate sourcing as the leading recruiting obstacle.
Q1 2022 Recruitment Market Update
Financial Services: New Entrants to the Market
Our Financial Services (FS) team report that they have not seen such a diverse recruitment market for opportunities, possibly since the back end of the Global Financial Crisis.
Exciting opportunities for new entrants to the market are also emerging in the FS space in family office, insurance, and reinsurance sectors. Market observers have speculated on this for years and are possibly now coming to fruition due to the emerging post-covid era.
Legal: Base Salaries in Legal Beginning to Move
CML’s legal team reports that the recruitment market has been consistently busy since Q3 2020, and there is no indication of this abating. Almost every major law firm in the Cayman Islands is projecting headcount growth in 2022.
For the first time in 5-10 years, CML’s legal recruiters have started to see the dial move on base salaries. This increase is a combined result of the increased cost of living, a talent retention endeavour, and a means of competing with some of the onshore jurisdictions that offshore jurisdictions attract lawyers from, namely London.
IT: Increased Hiring Activity in the Tech Recruitment Market
This past quarter has seen a marked increase in hiring activity in the tech space, with data indicating positive expectations for the economy in 2022. However, there are areas of concern currently identified within Software Engineering and Cyber Security spaces.
Security is a massive part of every IT professional’s day-to-day role, and we are noticing a steady increase in more information security-related jobs.
We hope you find our quarterly report informative and a source of valuable information as you make hiring or career decisions. To read our 1st Quarter Market update in full, please download it here.
Should you wish to discuss the market in more detail, feel free to reach out to a member of our team at firstname.lastname@example.org for a confidential conversation today.