There are four sides to every story: his, hers, the truth, and the reality. The reality today is complicated when it comes to the state of the compliance industry. The bigger picture is that companies are scaling back their efforts to hire anti-money laundering professionals. The item of contention is the rate of that slowdown and how extensive it really is.
Some view the slowdown as the effects of the political climate, but others are more convinced that it is a natural ebb and flow. Our very own Zachary Plotkin, a seasoned compliance recruiter, was quoted in an ACAMS article recently about this topic. He estimated that the vast majority of AML candidates would still jump positions for a 20 to 30 percent increase in base pay. In fact, there are some candidates who seek employment at banks targeted by an enforcement action due to higher than market rates for pay. There is no definite answer when it comes to the why the hiring market has subsided, but we can agree that is has arrived in its downturn stage, however big that is.
In other trends, candidates are willing to work in satellite offices in cheaper locals like Texas, as opposed to New York, especially when it comes to specialized roles. Companies want someone who knows the laws in great depth and can apply it to their industry.
Whether you're located in Texas or New York, Infinity Consulting Solutions has the talent to fill those specialized positions. We keep up with the latest in compliance and easily adapt to the changes thrown out there by the White House. We don't just give you talent, we also give you professionals who know how to handle the market, no matter the trends.
Contact us to see what we can do for your compliance needs or those in the future. Read up on our compliance blogs to see why you'll need to hire in the future, way before everyone is scrambling for talent.