Market update – Dec 21

Simon RoderickMarket updates

Notes from the park - monthly updates
Notes from the park - monthly updates

Market update – Dec 21

On Omicron, business planning in the current climate, and optimistic predicitons for 2022.
December 15, 2021
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“You put your left leg in, your left leg out”, but unfortunately there won’t be much dancing this year.

Sadly, the UK’s “irreversible” move to normality has proved to be totally reversible. It was perhaps a naïve statement to make by the PM, given variants will be with us a long time. The result of these statements is that business leaders take on extra cost and are then lumbered with stock that perishes or can’t be sold when the government backtracks. I can’t imagine the worry of those in the hospitality and travel industries and my thoughts are with everyone in those sectors.

Nobody ever doubted that COVID is serious, nobody can doubt that the vaccine roll out has been incredible, but guidance needs to be more realistic. Omicron has changed the situation; many always felt there would be a variant that would. It is likely that a future variant will do so again, and it shouldn’t be a great surprise to anyone if we stay in this cycle for quite some time now. I wonder if it’s time to revisit the national insurance increase whilst the pandemic looks far from over? I’d welcome any economists’ thoughts, but I think it would help with growth and to ensure the employment market remains strong.

I remain incredibly optimistic for the prospects of the City. Through 2020, the financial services sector has just gone from strength to strength. One of the common reasons I’m given for why people wanted a City career is that they wanted to work with intelligent, innovative, and driven people. All of these qualities have been demonstrated by financial service firms this year and, in many cases, they’ve found a way to do business and to have a record year. I think it will continue, as firms further innovate and develop their business models. The demand for talented people is as strong as I’ve ever seen it (and I’ve been recruiting since 2000). I think it’s always hard to predict themes for a year, but if I had to guess, I think firms will continue with their D&I programmes focusing on finding talent from more disadvantaged backgrounds, and digital transformation will continue from a sales & marketing perspective.

We were lucky at Fram not to have made any redundancies during the pandemic. This has paid dividends, and whilst we’ve lost some good people due to the great resignation, we’ve managed to hire some excellent people too. This has given us the bandwidth to service a much larger number of clients effectively and we’ve made real strides in the private equity and investment banking spaces. Our original wealth & asset management practice continues to thrive and we’re very keen to hire experienced Consultants, who can benefit from our outstanding platform.

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If you are interviewing, then please look at our website for lots of useful articles. My top tips would be research the firm, have some great examples ready, have some questions prepared, and be you! It’s a cliché, but you need to find the right home for you. If you’re pretending to be someone you’re not it will never work.

I’d like to thank everyone for working with us. It’s been a great year and we hope that you feel we’ve worked hard on your behalf. I wish everyone reading this a Merry Christmas and a happy and healthy 2022.

Want an informal chat? Contact us on 01525 864 372 / [email protected].

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