HR Hiring Trends in London & New York Markets

HR Hiring Trends in London & New York Markets

There have been some dynamic shifts in the HR hiring landscape over the past few years, with many of us feeling the hiring surges of 2021 and 2022 and then the hesitancy of last year.
At the end of each year, we gather data on HR hires across the Alternative Asset Management sector. For this newsletter we have considered data on HR appointments in London and New York from 2022, 2023, and 2024, comparing trends in seniority and discipline (from Compensation Analysts to CPO’s).

Here’s a breakdown of some key observations:

HR Hiring Volume in New York:
A significant drop of 40% in HR hiring in 2023 compared to the previous year could be attributed to factors such as budget constraints and increased headcounts and turnover in the preceding years (2021 and 2022).

HR Generalists in London:
In London, most hires in 2023 were for HR Generalist positions, reflecting the need for versatile HR professionals who can handle various people-focused aspects within smaller business populations.

Talent Acquisition Surge in New York:
Although talent Acquisition appointments comprised less than 20% of HR hires in 2023, there has been a notable increase this year (2024), with more than 40% of HR hires in this discipline, including several Head appointments.

Specialist roles:
While Total Rewards, Compensation & Benefits remains a small fraction of hires in London (reflecting the more Generalist makeup of HR teams in this city), across both locations, we’re seeing an increasing demand for roles such as Data Analysts, HRIS, and Compensation specialists.

Retention Challenges:
25% of hires made in 2022 are actively looking for a new role. Retaining talent, especially at the Associate level, has become increasingly complex, with priorities shifting toward career development and flexibility. Associates are offered substantial pay increases to move, and staying in a role for tenure is no longer as compelling as it once was.

Specialist Talent Acquisition:
There is a growing need for specialist Recruiters in Tech and Quant, with many of this year’s Talent appointments from Associate to Manager level focused solely on these areas.

Overall, our findings support our experiences in the HR market and what we hear. Though hiring volumes reduced last year, this can be a positive sign of stability in HR teams, as we know to be the case with many of our clients.

The focus on specialist roles indicates growing HR teams and the ever-increasing importance of tangible employee knowledge to support business strategy.

The significant increase in Talent Acquisition hiring this year counters the budget constraints of last year, indicating that growth is on the agenda. In support of this, many of our clients have signed off on increased headcounts this year, and there have already been some significant HR leadership appointments in the Alternative Asset Management sector. 

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