As we move into Q3 and continue to see 2019 go by in a flash, I thought it would be good to review what we saw happen in Q2 and give some insight in to what we predict (and hope) will happen in Q3.
It was the end of the Financial Year not only for the country but also a number of our clients, we definitely saw this impact IT & Business Transformation as well as recruitment in general.
We have seen a number of organisations restructuring, which has caused opportunities within Transformation to be put on hold whilst they embed their new processes and structures.
In addition to restructures, there was also unsurprisingly a huge amount of work in remediation as well and mergers and acquisitions.
It was definitely an interesting second quarter of the year, it started strong but slowed as it came to close.
On a positive the world of IT & Business Transformation continues to be ever evolving and we are anticipating big things in the coming quarter with a number of our clients having large programs of work which will have funding allocated in the new Financial Year. This should result in the market heating up again!
The past quarter has continued to be a profitable one for the life of a Business Analyst as organisations continue to re-shape themselves. There is high demand in the risk space as well as Wealth Management meaning if you are a BA with this experience then there is a very strong possibility that there are some interesting roles out there for you.
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Refreshingly we are also seeing some focus back in the digital space as organisations continue to remain competitive in the market whilst attempting to increase their market share and profits.
I am sure it comes as no surprise that as the world of transformation continues high calibre BAs continue to be the most in demand skill set.
With the on-going demand for BA professionals we are seeing an increased appetite to add permanent head count however being the nature of projects and lets not lie, the attractiveness of day rates the majority of opportunities are still day rate contract ones.
Q2 started strong across most industries however interestingly it has been the rise of the Investment bank - it has been a fair few years since I have said that! Across the market Investment Banks have had huge demand for delivery professionals who have had experience with restructuring and imposing new regulatory changes. We see this as a sign of the times and something which is expected to continue prominently into Q3.
Risk and Regulatory professionals continue to be in high demand, and we are seeing lots of projects having not just a local change but internationally, so those with experience with global impacted regulatory projects are being snapped up fast.
In some of our C&I clients there has been a continued demand for hands-on project managers who are more business focused however with the programs lined up for Q3 we are expecting their to be great opportunities at a Program level.
There continues to be an even split of contract and permanent work, with day rates still on the lower end of the scale, especially outside of the financial services space. Candidates in this space need to remain open to shorter contracts and potentially lower rates in order to pick up the work. Saying that there are still some large programs of work either in flight or about to kick off, so we are expecting another busy quarter ahead.
In short, we are expecting Q3 to boom with a number of major projects being lined up. So a great time for Project / Program Managers to work on some great project / programs of work!
Quarter 2 has continued to be busy across the Change space, as organisations continue to identify that change is inevitable and not going away.
We have also seen that the programs of work have shifted from being regulatory in nature to requirements across M&A, culture and risk. This quarter we saw a spike in demand at the more Senior level with emphasis on a ‘strategic but hands on operator’.
Across most industries there has been an increased desire to offer Fixed Term (FTC) or Permanent headcount in Change teams, especially within Financial Services.
This has resulted in an increase in the average salary across all Change role types to ensure they attract and retain the correct talent.
All in all a steady quarter in the Change Management space however we do expect an upturn in Q3!