As 2020 comes to an end, we wanted to share with you a recruitment & market update specifically for the syndicated Loans Industry in terms of roles, salaries, Interview process and trends. It’s been a strange year, and candidates continue to ask me if now is or isn’t a good time to look towards new opportunities. Hopefully, the following article will give you an idea of how the market has been for the past 6 months and predictions for 2021 and allow you to make your own opinion.
The Pandemic hit and by March 2020 we were all sent home and, for most of us, we still remain there. Loans recruitment came to an immediate halt with all live vacancies either pulled or put on hold, the interview process for many was cancelled, and the short term future for recruitment looked bleak. The immediate priority was for people to be set up at home, for staff to have access to appropriate hardware and software and adapt to their new environments and ways of working. Personally, I had prepared for the worst and assumed recruitment would not commence until we returned to our offices and ‘normality’ was once again resumed. Throughout this period, it was clear that the syndicated Loans market still remained buoyant including the extra increase of workload due drawdowns, amendments, enquiries etc so it should not have come as much of a surprise that after 10 weeks of nothing did I receive my first 3 roles and within the following week, a number of roles had come to me from varying other clients.
The moment Managers realised we would not be returning to the offices any time soon and recruitment needed to continue, confidence was restored, and we haven’t looked back. I have placed around 30 Loans candidates in this time with 18 of them having started their roles & successfully onboarded so far, which, in comparison to 2017/18/19 in the same quarter is a similar number of placements. This shows us that the pandemic has had no effect on the volumes within our industry and we continue to have a very positive outlook.
What is the interview process like?
100% of our interviews since March 2020 have been via Zoom or other VC software. At first, I saw this as a way around the issue of not meeting face to face. While face to face will always remain my number one interview preference, I have been suitably impressed with how well you can get to know someone via VC and in fact it has proved to be a very efficient way to recruit. The process still remains the same whether the client holds a 2 or 3 round process, still meeting business managers and HR with expectations of the interviewee still remaining equally high, but it works and it works well.
A high level of preparation is still essential and I have continued to work closely with my candidates, working through mock interviews and providing bespoke feedback to enable them with the right skills for each of their interviews which has ensured far greater success.
What has the new onboarding process looked like during the pandemic?
For our candidates who have been placed and onboarded, we have seen a smooth and supportive transition by the companies that have hired them. From providing computer equipment to candidates that require it, to training & development hosted online to help them settle into their new roles quickly and effectively. The feedback in general has been brilliant from new starters who have all been pleasantly surprised how well things have gone.
Is now a good time to move roles?
In terms of our opinion – we have seen that the industry continue to move forward at a steady pace, and clients are recruiting for long term positions. Job security is one of the biggest issues candidates have currently before deciding to put themselves forward to interview, and if this is something at the back of your mind, I hope this insight has shown that companies are recruiting, and looking for long term employees to help them continue to grow and succeed.
Looking into the future, 2021 looks set to be another successful year for both the loans recruitment industry and Johnson Associates specifically, albeit with us having to change the way we do things in regards to preparation, candidate sourcing, and interviews.
Loans Salary Survey
| Role | Length of experience | Salary | Corporate Title |
| Loans Admin | 0-3 years | £33,000 – £45,000 | Analyst |
| Loans Admin | 3-5 years | £45,000 – £55,000 | AVP / Associate |
| Loans Admin | 5-7 years | £55,000 – £65,000 | AVP / VP |
| Loans Admin | 7-10 years | £65,000 – £75,000 | VP |
| Loans Admin | 10 years plus | £80,000 – £95,000 | Head of |
| Role | Length of experience | Salary | Corporate Title |
| Loans Agency | 0-3 years | £35,000 – £50,000 | Analyst |
| Loans Agency | 3-7 years | £50,000 – £55,000 | AVP |
| Loans Agency | 7-10 years | £65,000 – £75,000 | VP |
| Loans Agency | 10 years plus | £80,000 – £105,000 | Head of |
| Role | Length of experience | Salary | Corporate Title |
| Agency TM | 3-7 years | £50,000 – £65,000 | AVP / Associate |
| Agency TM | 7-10 years | £70,000 – £85,000 | VP |
| Agency TM | 10 years plus | £90,000 – £110,000 | Head of |
| Role | Length of experience | Salary | Corporate Title |
| Loan Closer | 3-7 years | £50,000 – £65,000 | AVP / Associate |
| Loan Closer | 7-10 years | £70,000 – £85,000 | VP |
| Loan Closer | 10 years plus | £90,000 – £110,000 | Head of |
We hope the end of 2020 and beginning of 2021 will be successful for you too, please reach out to us if you want to chat about anything.
