German Market Half Year Hiring Snapshot (2021)
Due to the Covid-19 pandemic a number of social distancing guidelines were applied in Germany, forcing many companies to shut down or downsize. As a result, many organisations implemented a hiring freeze.
As we adjust to the new “norm” we are starting to see the German hiring market flourish again. Many organisations are now lifting their hiring freeze and hiring levels for compliance, risk, and legal professionals are returning to the Brexit high pre Covid levels.
Brexit sparked a surge in hiring across Germany as many international firms such as Morgan Stanley, JP Morgan, Goldman Sachs, and UBS, chose Frankfurt as their European headquarters. In addition, more and more FinTech, Payments and Cryptocurrency firms such as Coinbase and Klarna setup and expanded in Berlin, making this city Europe’s hottest technology hub. This triggered an increase in demand for compliance, risk, and legal professionals.
So far this year we are experiencing a high demand for compliance, risk, and legal professionals in Germany. Frankfurt and Berlin have been key locations that have seen significant hiring activity. However, with the increasing opportunities professionals are often receiving multiple offers at once and many employers are having to compete on offers, resulting in salary increases across the market.
Candidates that are exploring new opportunities are looking at firms that offer:
- Flexible work life balance- this includes working from home/remotely.
- Clear career progression.
- Shorter recruitment process.
As packages become more and more attractive in Germany many professionals are happy with their role, and consequently they are not actively looking. However, something we have noticed is that many of these passive professionals may not directly apply to job adverts, but they are still open to new opportunities. They just feel more comfortable working directly with a recruiter, as this is a more discrete option allowing them to gain a better understanding of the market and opportunities.
Overall, with Brexit, the heightened pressure from the regulators, and the return to normality, we have seen a dramatic increase in recruitment levels with 50% more roles than this time last year. Germany will continue to see an increase in demand for top-calibre compliance, risk, and legal professionals across financial services.
If you are looking to hire within Germany and would like to discuss the current market, please reach out to Isabel Anchebe who is happy to discuss:
Isabel Anchebe | Senior Associate, Compliance
Tel:+44 (0) 203 889 5758 | Email:ianchebe@danosassociates.com
