Picking out Opportunities in the New Normal – Life beyond Pandemic

The magnitude and speed at which the coronavirus crisis has rippled through financial systems globally has been truly unprecedented.

In the early days, financial firms in Asia operating across key trading hubs starting applying contingency plans, with a number of professionals starting to work from home. At this point, there was some optimism that the epidemic could be contained in the region. However, as the epicentre evolved to Europe, the US, Africa and then Latin America, remote working practices starting being implemented more widely. Its clear that some firms were quicker to react than others, but the mandatory application of lockdowns catalysed the remainder. In an industry which demands great intensity from its employees, safeguarding their health is of paramount importance. With a growing positive sentiment around remote working across the financial community and beyond, it would not be surprising that firms adopt a conservative approach when asking staff to return to work, but beyond this, a more permanent change to their work setups going forward.

Beyond the operational challenges, the crisis, particularly in the early part, brought with it high amounts of uncertainty. This led to large swings in public markets as well as firms switching from a mode of underwriting new investments to protecting their existing portfolios. There were delays to product launches, slowdown in fundraising activity, as well as the inefficiencies of some strategies being exposed. Some firms approached this environment opportunistically while others were beneficiaries. Despite high degrees of intervention from policy makers, albeit at different scales around the world, there could well be some further weakness, and in some cases permanent decline, across certain industries in the months and years ahead which could have terminal effects on some capital providers.

It is without surprise that recruitment has had to adapt to this environment operationally as well as managing expectations, both in-house and externally. Initially, the uncertainty led to meetings being delayed, and in some cases, projects being cancelled altogether. There is no hiding away that on the whole, relative to prior years, it has felt quieter but this seems to be more timing related than structural. There has also been some evidence of firms implementing job retention schemes, though it appears this is more applicable to smaller groups. Nevertheless, processes have continued in pockets of the industry which have been beneficiaries of this crisis, albeit at unfortunate costs, as well as those that are defensive and long-term resilient, which includes some of the larger groups that benefit from a flight to quality. There has also been a flurry of hiring activity among the opportunistic community. The skills demanded in this environment can vary from the very technical to those that are more creatively orientated. Those bringing some form of tangible, early career experience, are likely to be strong contenders in this market. Beyond that, those that have a genuine enthusiasm to roll up their sleeves and get stuck into some really interesting situations intellectually, as that is, by design, what the market is currently offering, are advantageously positioned.

This new normal will demand a more diligent assessment of connecting skills and interests with opportunities, not least because of the already heightened competition chasing seats pre-Corona. Securing a conversation alone can be challenging. Preparedness is key so when a suitable opportunity arises, there are improved odds for conversion. With interviews arranged over videoconference and internships being converted to home working, dynamics around impressing prospective employers have changed.

As with all crises, normalisation requires time. Whether its landing a first work experience, steering into a first role or even transitioning through seniority or industries, cutting out the ‘noise’ and combining focus with bravery, will be rewarded. Being innovative in one’s search could bring disproportionate benefits in this current environment as non-traditional paths are pursued.