2018 was always going to be an interesting year. Kicking off with MiFID II, moving to GDPR in the late Spring and of course this Summer brought a surprise World Cup Semi Final and a blistering heat wave (but a still-stagnant Brexit) suffice to say, it’s been a busy time all round.
At AlgoMe we think it’s really important to understand what our wider community is thinking and to get under the skin of the burning issues for 2018. As result we’ve created The AlgoMe Industry Pulse report which we’ve published today. It has looked into these key issues and themes, from regulation through to Brexit, unearthing some interesting and useful insight. We found optimism and change, along with a level of insecurity too.
What drove these varied responses? Well optimism came in the shape of the 59% who believe Gender Pay Gap Reporting will improve the career progression of women whereas change with learning MiFID II and GDPR is affecting around two thirds of people. Conversely Brexit is creating uncertainty on a number of levels – people want to stay in London, but they’re concerned about their jobs and whether their companies will move away. 30% of those surveyed felt Brexit is a risk to their job security. While 68% believe their companies will stay in the UK, only 54% of individuals said they will definitely stay put versus 27% who are actually considering relocating. When it comes to relocation people chose Dublin, Paris and Amsterdam as the top three choices of European cities to move to. Additionally, regulation will take add to felt insecurity this year with MiFID II impacting 64% of people’s roles and GDPR 60%. Diversity in the workplace is considered important by 64% with 20% remaining neutral and 16% in disagreement, demonstrating there is still a lot of work to be done in both these areas.
We’ve developed 5 key insights which summarise the in depth research:
1. Job conﬁdence pre-Brexit: A workforce in need of reassurance
Industry and government need to act fast to gain the conﬁdence of the sector as 30% are feeling insecure about Brexit and believe their jobs may be in jeopardy.
2. Will London remain the ﬁnancial centre of Europe? Best to leave the lights on post-Brexit
The City is definitely open for business; our industry sector is loyal to London and a majority of workers want to stay here post Brexit.While 27% of respondents expressed they would move as a result of Brexit and 14% of felt strong about this, most people (54%) would not consider moving as a result of Brexit, whereas 68% believe their companies will remain in the UK. There’s no clear leader in Europe to replace London when it comes to the most desirable places to relocate to and work from; Dublin was the top location (25%), followed by Paris (21%) and Amsterdam (19%).
3. Regulation is a necessary inconvenience:
Undoubtedly 2018 is a big year for the regulatory calendar and this is having an impact in the short and long term, so we expect temporary upheaval while MiFID II and GDPR are bedded into to working practices
4. Gender Pay Gap – Unwelcome truths for some, seen as much needed by the majority:
The implication for Gender Pay Gap Reporting is, it will continue to highlight industry inadequacies for some time; transparency and action should expedite change
5. Diversity – More change afoot needed to accommodate a changing workforce:
Diversity will need to be top of the agenda across the board to effect meaningful progression across the industry
We hope you enjoy this latest report and find the insights valuable to yourselves as professionals, you can download your free copy here.