We have seen the expansion of supplier relationship management (SRM) functions across a high number of financial services organisations. In a climate of strict regulation, supplier risk prevention and rising costs, developing existing SRM teams and communicating the importance of SRM across each business area is proving to be a priority.
The technology procurement space remains very busy and those with experience in certain technical areas such as cloud, software licensing and P2P will be highly sought after in the coming months. We also noticed, towards the second half of 2015, a significant increase in the recruitment of more junior procurement professionals. Recruitment activity for both permanent and temporary roles has increased, suggesting a real push to save costs is on the agenda for 2016.
Salaries offered across permanent vacancies have remained relatively stable, with growth in some areas. As demand for good candidates is high, we have seen salaries increase in non-financial services organisations in order to be able to compete for the best talent. In an increasing number of cases, we are seeing organisations offer incentive packages, including car allowances and flexible cash benefits, which are proving to be a considerable draw for candidates.
With a large proportion of candidates already saying that they are looking for a new challenge, we can expect to see a market influenced heavily by their demands and desires. With the growing importance of cost saving and an increasing emphasis on supplier relationships at a business-wide level, technically skilled procurement professionals are going to be highly in demand. Many functions of procurement are expanding and several financial institutions have already planned for a significant increase in headcount by the latter half of 2016.