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Take a closer look at the latest executive moves and gain deep insights into the trends and key themes that are shaping global markets.
Breaking Barriers: Consumer Sectors Leap in Gender Diversity in Q3 2023
Globally, the gender diversity of senior hires continues to increaseExplore the evolving gender landscape in the consumer sector with our Q3 2023 report, highlighting key shifts in subsectors like Lending, Payment, and Retail Banking. Our analysis, powered by TALNTs data, reveals a significant year-on-year increase in gender diversity among senior hires, particularly in Payment and Retail Banking, contrasting with a decline in Lending. This comprehensive report offers insights into these divergent trends and their implications for leadership roles across the consumer industry
Gender diversity in senior hires increased by three percentage points year-on-year – and by 12 appointments
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In Q2 of this year we noted that the proportion of senior female hires in Consumer had increased by 2.5% year-on-year, but that happened while overall hiring had declined. This is a common pattern: that as overall demand for senior talent declines, the proportion of female hires increases.
In Q3, meanwhile, the number of senior female hires increased by 12 according to the data available to TALNT, which was also a three percentage point increase at the same time. This, on the surface, is quite impressive, although there are some potential issues when we dig into the details that we will address shortly.
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Looking at the trends quarter by quarter through 2023, we that the trend of increasing gender representation within senior appointments has increased steadily throughout the year.
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The charts above show the gender hiring gap over time. While the Q3 2023 chart shows a lot o variability, we can also see that the gap between female and male senior hires becomes close to disappearing at four points throughout the quarter, compared with twice in Q3 of 2022.
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The above gender hiring gap charts show that the gap between male and female hires was at its widest in Q1, before beginning to narrow significantly in Q2 and Q3.
Looking at the year to date, the gap peaks in March before tracking quite closely on a monthly basis for most of Q2 and Q3.
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Speaking regionally, we can see that the greatest regional variability has been in the Americas.
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Which subsectors performed best in terms of gender diversity in Q3 2023?
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Looking at the numbers and percentages, we can see that, although the proportion of female hires in Lending declined sharply y-o-y, the proportions in Payment and Retail Banking increased significantly. Of course this is most significant in Retail Banking because the numbers there are so dominant that any increase in the proportion in that subsector has a significant overall impact of improving the gender balance across the entire sector.
Looking at this same data on a quarterly basis:
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We see a lot more variation in the trends. Again though, it’s the consistency in the improvement in gender balance in Retail Banking that has the most significant impact overall – again down to sheer force of numbers. This does make sense because Retail Banking is after all retail, and retail jobs tend to have much higher female participation that most other sectors of the economy globally, meaning that in this subsector there is more female talent to draw upon for developing leaders.
Which positions saw the best gender diversity in Q3 2023?
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Looking at the top senior positions for Q3 2023 tells us a sobering story. Take out the high proportion of female Board hires and female participation in the top 10 collapses. Put another way, female appointments in strategic executive roles are non-existent in 4 of the top 10, and very low even in CEO, COO, and Chairman roles. This shows that the majority of the increase in female senior hires y-o-y has been on the non-executive Board and that in fact female participation in senior strategic executive roles higher in Q3 last year.
This suggests at best that the impressive headline percentages are misleading, and at worst that the industry is – whether deliberately or not – engaging in a form of “gender washing” which implies as a consequence that senior leaders aren’t really taking gender diversity as seriously as they might.
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Looking at the same data on a quarterly basis show again that the industry has struggled all year to appoint women into senior executive positions of consequence. This suggests that any progress made could easily be lost in future quarters, as the foundations for female participation at the senior level are in reality weaker than they first appear.
Unlocking Consumer Sector Dynamics: Navigating Q3 2023s Executive Landscape
Senior hiring remains weak but has begun to increase globally y-o-y Embark on a journey through the ever-evolving consumer sector with our insightful report, unveiling the strategic executive movements of Q3 2023. Leveraging TALNTs powerful AI-driven platform, we delve into the key trends and hidden opportunities in senior hiring, providing a unique window into the industrys leadership transformations. Our data-driven insights, sourced from a diverse range of over 150,000 global sources, offer an unparalleled perspective on the consumer sectors talent mobility, equipping you with the knowledge to stay ahead in this dynamic landscape
Senior level hiring increases by around 8% in Q3 2023 compared with the same period last year – also up 52% on Q2 this year
After a second quarter this year that saw senior hiring down by almost 20% year-on-year, Q3 has seen hiring increase slightly, by 8%. This is due largely to increases in senior appointments in the Retail Banking and Lending subsectors, though the rest of the sector seems to still be struggling.
Anecdotally, the industry experts within Sheffield Haworth are saying that many firms are still deferring many of their senior hiring decisions until they see signs of interest rates lowering and the threat of global recession declining.
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Looking at the global senior level hiring data in aggregate, hiring in Q3 of this year seems more buoyant than the same period last year.
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Comparing Q3 numbers this year with Q2 and Q1, we see Q2 demand for senior appointments represented a sharp decline on demand in Q1. The chart below shows that trend throughout the year, where we can see that demand has declined and then recovered throughout the year. Now that the official economic story in North America is about a so-called “soft landing”, with inflation coming under control without a recession, we might expect to see an increase in senior hiring in Q4 y-o-y.
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Breaking this down by region:
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We can see that demand in the Americas has seen the biggest y-oy increase, followed by APAC, while EMEA has seen a decline.
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We can see from the charts above that senior hiring fell in the Americas and EMEA in Q2, while it stayed fairly consistent in APAC, with Q3 seeing significant increases in all regions.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Retail Banking remains the consistent standout – though the numbers have increased significantly on the same period last year. By contrast we can see that demand in Lending increased markedly y-o-y to become the subsector with the second highest demand.
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Indeed, looking back at Q2 and Q1 2023, see that Retail Banking drove the majority of demand throughout the year, being even more dominant in Q1. While the numbers for Lending have been consistently second highest throughout the year, it didn’t really break out from the rest of the pack until Q3.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends a little more clearly. From these, we see the significant increases in demand in Retail Banking (+58.8%) and Lending (+152%), contrasting with sharp y-o-y decreases in Payments (-53.8%) and Digital Banking (-80%).
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Comparing the quarters shows us again just how dominant Retail Banking is within this sector, although demand for senior talent in other sectors was more balanced in Q1. It will be interesting to see how these trends develop in Q4.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Retail Banking even more dominant. The pie chart for Q3 2023 also shows the extent to which Payments and Digital Banking have been squeezed by the dominance of the other subsectors.
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Comparing proportional demand for senior talent between the three quarters of 2023, these percentages are closer, though Q3 does show the least diversity of demand of any quarter this year.
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Breaking down the senior hires regionally, we see that this sector is less dominated by the Americas than many others. The charts above suggest that that diversity has remained year-on-year, despite the increased concentration of demand within Retail Banking and Lending.
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Non-exec board appointments dominate the top 10 positions year-on-year, with no significant movement on strategic hires
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has declined – with the exception of Board appointments. Strategic executive hires are down overall, reinforcing the narrative that many companies are holding off making strategic hires until the economic situation changes.
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Certainly when viewed from a regional basis, we see how demand for the key strategic hires is down in the Americas year-on-year, with the exception of Board appointments.
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On a quarterly basis, we can see that demand for these senior roles was at its highest in Q1, suggesting that for much of the year companies have remained cautious about making senior appointments.
Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see that the companies have changed significantly y-o-y – only Hampshire Trust Bank remained in the top 10 of those who appeared in the top 10 in Q3 last year.
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The big story here is the marked lack diversity of subsector in either quarter. This is in line with the previous data we’ve discussed in this report which has already indicated that most senior appointments are concentrated within Retail Banking and Lending.
Making the same comparison on a quarterly basis:
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We can see that there was greater diversity of subsectors in the top 10 in Q1 and Q2 this year. We appear to be seeing an industry that remains cautious overall, with growth in talent demand limited and concentrated in just two subsectors for the moment.
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Bankings New Elite: Q3 2023 Unearths Fresh Faces in Senior Ranks
Senior hiring goes on a roller-coaster ride in first three quarters of 2023 Explore the latest seismic shifts in the banking industrys senior hiring landscape with our insightful report. Leveraging TALNTs comprehensive database, we delve into the pivotal executive moves that have shaped the banking sector in Q3 2023. Our analysis, rooted in AI-driven data and expert human research, offers a unique perspective on the evolving trends and strategic implications of these top-level changes. Stay ahead in the dynamic world of banking with our detailed exploration of the quarters most impactful senior appointments and their broader industry ramifications
Senior level hiring increased by around 36% in Q3 2023 compared with the same period last year, but is down a whopping 38% on Q2 this year
After a second quarter this year that saw senior hiring double year-on-year, we’re now looking at a third quarter which continued to see impressive y-o-y growth (35.7%) while also being significantly down on Q2 this year. While Summer seasonality may go some way towards explaining the quarter-on-quarter dip, we seem to be seeing the potential beginning of a resurgence in senior hires in 2024 – although this will of course depend on whether positive economic news from the US continues into the New Year.
The overall story is that 2022 was a poor year, with unofficial hiring freezes due to the huge economic uncertainty caused by rising interest rates, inflation, and constant threats of global recession. Q1 of this year then witnessed the collapse of Silicon Valley Bank, First Republic Bank, and Signature Bank in the US, as well as Credit Suisse, which sent the banking community into a mild panic. The resultant freeze in Q1 hiring then led to an uptick in Q2 – particularly in April – as the worst of the threats to the banking industry seemed to recede.
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As we go through the statistics available to TALNT, we should see them reflect this broad narrative. Demand for senior talent in the most recent quarter remains significantly higher than the same period last year, despite the dip – which we see as having in part been caused by Q2 demand being inflated by the suppressed demand in Q1. Now that the economic news from North America seems to be broadly positive, we would expect senior level hiring to continue to pick up in anticipation of lower interest rates by some time in 2024.
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Comparing Q3 numbers this year with Q2 and Q1, here we see Q2 demand for senior appointments shooting up compared with Q1 both in the first couple of weeks and the last three weeks of the period in particular. Again, this seems partly a response to suppressed demand in Q1, as suggested by the pattern in the monthly chart below:
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Breaking this down by region:
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We can see that demand in the Americas has seen the greatest y-o-y increase, while demand in EMEA is more or less the same, and APAC is up slightly y-o-y.
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We can see from the charts above that senior hiring shot up in all regions in Q2 – not just the Americas, although of course that region represented the biggest numbers. Demand in the Americas seems to have remained more robust in Q3 of this year compared with other regions, which would fit our narrative on the basis that the economic good news is coming out of the US at the moment.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Corporate Banking far outstrips demand from other subsectors, although Industry Coverage comes in second place. We can see this same pattern in 2023 and 2022, although the numbers for Q3 this year do seem significantly higher when broken down in the above chart.
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Looking back Q1 2023, we see that Corporate Banking was really the only subsector showing any signs of life when it came to senior level appointments. Q2 of this year, however, witnessed an explosion of demand across the board, with Corporate Banking, Industry Coverage, and even Equity Capital Markets looking particularly lively.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends even more starkly. For one thing, the y-o-y increase in demand for senior talent in Corporate Banking (+155%) is undeniable, as is the growth in demand for talent in Equity Capital Markets (+325%), Debt Capital Markets (+167%), and M&A (+1,000%). In fact, it’s a little surprising to see that demand for senior talent in Industry Coverage has remained the same in Q3 compared with the same period last year. But let’s take a look at the quarterly charts:
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Comparing the quarters shows that Corporate Banking has led demand for senior talent. That’s no surprise, but when we dig deeper we see that Industry Coverage has been strong all year, peaking in Q2. This is down to the fact that Industry Coverage tends to consistently shift focus to cover those industries that are doing well; hence its ability to keep up a relatively high demand.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Corporate Banking becoming even more dominant as a proportion of total demand, due to the relative decline of Industry Coverage percentage-wise (even though the number of senior appointments in that subsector actually stayed the same).
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Comparing proportional demand for senior talent between the three quarters of 2023, these percentages are closer, with Corporate Banking being extremely dominant throughout the year.
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Breaking down the senior hires regionally, we see that the Americas has increased demand for talent in several areas – but then so have EMEA in APAC in those subsectors such as M&A and Debt Capital Markets that were so US-dominated in Q3 last year.
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Again, looking at the quarterly charts shows a little more consistency throughout the year, although the exact split remains volatile.
MD appointments dominate the top 10 positions in Q3 – is this a sign of renewed confidence in future growth?
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has increased significantly. This is particularly marked in MD hires, which are up 260% y-o-y. The fact that this and other key strategic hires have increased so significantly does suggest a much more confident talent market, so let’s take a look at what the quarterly trends show us:
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On a quarterly basis, we can see again that demand for these senior roles was at its highest in Q2, with consistently high hiring of MDs throughout this year. It does feel as if the industry is looking forward to the possibility of growth next year, and fingers crossed that this turns out to be correct.
Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see that the companies have changed significantly y-o-y – not a single name remains in the top 10 for Q3 this year that was there last year. This does suggest relatively low numbers and a lack of dominance at the top.
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The big story here is the marked increase in the diversity of subsectors in the top 10, again suggesting a more vibrant market compared with last year.
Making the same comparison on a quarterly basis:
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We can see that there was greater diversity of subsectors in the top 10 in Q2 this year, while Q1 was also notably diverse sector-wise. We appear to be seeing an industry that remains cautious overall, with growth in talent demand starting to show signs of a potential resurgence.
Shaping the Future of Insurance: A Deep Dive into Gender Diversity in Senior Roles – Q3 2023 Analysis
Globally, the gender diversity of senior hires continues to increaseThe insurance industry stands at a pivotal point in its journey towards gender diversity in senior roles, as illuminated in our comprehensive report, "Gender Diversity Within Senior Moves in Insurance, Q3 2023." Utilising the extensive capabilities of TALNT, an innovative AI-driven platform, we explore the evolving gender diversity landscape in senior insurance hires. Drawing insights from over 150,000 global sources, TALNT provides an unparalleled analysis of publicly-announced senior moves, offering a detailed view of the industrys progress and challenges.
Our Q3 2023 report reveals an encouraging trend: a steady increase in gender diversity among senior hires, with a notable 48% year-on-year rise in senior female appointments, outpacing the overall 40% increase in senior hires. This trend, indicative of a broader commitment to gender parity, raises several critical questions. How is the insurance sector maintaining its focus on hiring senior female talent amidst overall growth? And what does this mean for the future of the industry?
We delve into the nuanced quarter-by-quarter trends of 2023, examining the consistency of these developments and their implications. Our analysis extends beyond mere numbers, highlighting the real stories and strategies behind the closing gender hiring gaps. We also take a regional lens, examining the variations in EMEA and the Americas, and dissect the performance of various subsectors like Life and Non-Life in fostering gender diversity.
Moreover, our report addresses a crucial aspect often overlooked: the representation of women in the top 10 senior roles. While theres a marked increase in the proportion of women in these positions, our findings suggest that theres still room for improvement, particularly in the appointment of female CFOs and CUOs. This insight offers a potential pathway for the industry to make even more significant strides in gender diversity.
Embark on this insightful journey with us as we explore the current state and future possibilities of gender diversity in senior insurance roles. This report not only provides a snapshot of where we stand today but also serves as a guide for where the industry could head, emphasising the importance of inclusivity in shaping the future of insurance leadership.
Gender diversity in senior hires increased by one percentage point year-on-year – while the number of senior female appointments also increased to 83 from 56 a year ago
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In Q2 of this year we noted that the proportion of senior female hires in Insurance had increased slightly year-on-year, and that remains the case for Q3. More significantly, while the proportion of senior female appointments continues to creep upwards, the numbers hired were up by 48% y-o-y, which is higher than the overall y-o-y increase in senior appointments, at 40%.
Put another way, this means that the Insurance sector has done a good job relative to its peers of keeping a focus on hiring senior female talent while its needs have grown.
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Looking at the trends quarter by quarter through 2023, we that the trend has been consistent throughout the year. The percentage of senior female appointments peaked in Q1, but that was because the overall numbers were lower.
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The charts above show the gender hiring gap over time. While the Q3 2023 chart shows the number of female hires rising broadly in line with overall talent demand – albeit with the lag.
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The above gender hiring gap charts show that the gap between male and female hires closed several times during Q1, while it widened towards the end of Q2 as female hiring failed to keep pace with overall demand for several weeks.
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Looking at the year to date, the gap peaks in June before starting to come down again in July.
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Speaking regionally, we can see that the greatest regional variability has been in EMEA and Americas.
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Which subsectors performed best in terms of gender diversity in Q3 2023?
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Looking at the numbers and percentages, we can see that Life and Non-Life actually show the best percentage of senior female appointments.
Looking at this same data on a quarterly basis:
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We see that Life an Non-Life have consistently been the best performers in terms of gender diversity all year. Also, while the Intermediary subsector has not hit the same percentages for female appointments, it has proved remarkable consistently in every quarter, with just under 23% of senior appointments being female in Q1, followed by just over 23% in Q2, and just over 22% in Q3.
Which positions saw the best gender diversity in Q3 2023?
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Looking at the top senior positions for Q3 2023 tells us that women were actually hired into fewer of the top 10 roles in Q3 this year than in the same period last year – even though, as can be seen, the proportion of women hired into those roles in Q3 this year was way higher.
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Looking at the same data on a quarterly basis suggests that the industry in principle doesn’t have a problem hiring women into senior roles, but that the best thing it could do to increase gender diversity would be to step up the focus on appointing more women into the top roles. The sector would likely benefit from more female CFOs and CUOs. The sector has made great strides in increasing diversity of all types in the last few years, but this remains the last bastion where progress could be pushed further and where it would likely have the biggest impact going forward.
Revolutionizing Senior Talent Landscape in Insurance: Q3 2023 In-Depth Analysis
Senior hiring continues to increase globally y-o-y The landscape of senior hiring in the insurance industry is undergoing a dynamic transformation, as revealed in our incisive report, "Senior Moves in Insurance, Q3 2023." Utilising the advanced analytics of TALNT, Sheffield Haworths proprietary AI-driven platform, we delve into the latest trends in senior hiring across the globe. With a vast database sourced from over 150,000 reputable public sources, TALNT offers an unrivalled perspective on executive movements within the insurance sector.
Our Q3 2023 report unveils a remarkable 40% increase in senior-level hiring compared to the same period last year, signalling a significant warming up of the insurance talent market. This growth follows a strong Q2, where senior hires surged by nearly 50% year-on-year. But whats driving this upward trajectory? From M&A activities in the Intermediary subsector to the hard market dynamics in P&C, our report unravels the multifaceted factors fuelling these trends.
Beyond the headline figures, we break down the hiring patterns regionally and across various subsectors. The Americas and EMEA regions, for instance, have witnessed a substantial y-o-y increase in the demand for senior talent. And within the subsectors, Non-Life and Intermediary stand out for their vibrant hiring activities, with the latter seeing a staggering 700% y-o-y increase in senior appointments.
But theres more to the story than just numbers. Our analysis also looks into the types of roles seeing this surge, with CEO, CFO, and VP appointments experiencing a notable year-on-year growth. This trend is not only a reflection of the current state of the insurance industry but also an indicator of what to expect as we move into 2024.
Senior level hiring increased by around 40% in Q3 2023 compared with the same period last year, as the Insurance talent market continues to warm up
After a second quarter this year that saw senior hiring rise by almost 50% year-on-year, Q3 has seen this trend broadly continue, with hiring up 40% compared with the same period last year.
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From Q4 last year through to Q2 of this year, much of the increase was due to M&A activity in the Intermediary subsector, with a certain amount of hesitance in other subsectors. Now, our Insurance talent consultants are telling us that Q3 has seen a significant thawing in the talent market for them. The P&C sector is currently experiencing a hard market, resulting in higher margins for underwriting the same risks as before, meaning they can grow revenue without the need to build out teams when fears of global recession remain a factor.
Although this year has seen growth in senior hiring – especially in the US and the London market – it has been limited by an awareness in most firms of the need to control costs. As the market softens into next year and as private equity-backed broker acquisitions work their way through, we would expect a return to more strategic hiring across the sector from early to mid next year onwards.
Certainly, the numbers have been positive all year, with each quarter seeing year-on-year growth in talent demand globally:
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Comparing Q3 numbers this year with Q2 and Q1, we see that demand for senior appointments peaked in Q2, with a slight comparative decline in Q3. That said, demand has been consistently strong throughout the year when compared with 2022:
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Breaking this down by region:
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We can see that each region has seen significant increase in demand for senior talent y-o-y, and the Americas and EMEA most of all.
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We can see from the charts above that this trend holds true for each quarter this year, and that Q3 remains strong.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Non Life retained its traditional lead, though we can see also just how vibrant the Intermediary subsector was in Q3 this year also – especially when compared with the same period last year.
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Indeed, looking back at Q2 and Q1 2023, we can see that demand for talent has been strongest all year in Non-Life and Intermediary, though also there was higher demand for senior talent in Reinsurance in Q1 and Q2 which has tailed off somewhat in Q3.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends. Note in particular the sharp and significant y-o-y rise in Intermediary appointments – a huge eight-fold increase (700%) year-on-year. This makes the 5.6% y-o-y increase in Non-Life senior appointments look extremely modest by comparison.
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Comparing the quarters shows us again the extent to which Non-Life and Intermediary have increasingly come to dominate the sector as the year has progressed.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Intermediary appointments in pink leaping from the smallest piece of the pie in Q3 last year to the second largest (by some way) last quarter.
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Comparing proportional demand for senior talent between the three quarters of 2023, we see more consistency, with Reinsurance and Intermediary fighting it out to take the second spot as the year has progressed.
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Breaking down the senior hires regionally, we see just how significant is the EMEA market for talent in this sector. The balance across the subsectors remains pretty consistent on a regional basis y-o-y.
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CEO, CFO, and VP appointments have exploded year-on-year
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has increased significantly. Taking out non-executive board appointments, it’s clear that there has been much greater demand for key strategic talent in Q3 of this year compared with last year – a trend we expect to continue into 2024.
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Certainly when viewed from a regional basis, we see how demand is split across all major regions, with the lion’s share of senior appointments split fairly evenly between EMEA and Americas.
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On a quarterly basis, we can see that demand for these senior roles was far higher in Q2, so we’re witnessing a peak in annual demand in that quarter. That said, Q3 represents a significant overall 40% increase over the same period last year, so we see this year as a story of strong and significant growth in talent demand that we expect to continue in 2024.
Diving into the regional demand trends, it looks as though much of the demand for the top 10 appointments was driven by the Americas region in particular:
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Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see again the extent to which the Intermediaries have been driving demand for senior talent, with seven of the top 10 companies actively recruiting in this subsector.
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Making the same comparison on a quarterly basis:
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Reiterates this same overarching trend.
Breaking Barriers: Consumer Sectors Leap in Gender Diversity in Q3 2023
Globally, the gender diversity of senior hires continues to increaseExplore the evolving gender landscape in the consumer sector with our Q3 2023 report, highlighting key shifts in subsectors like Lending, Payment, and Retail Banking. Our analysis, powered by TALNTs data, reveals a significant year-on-year increase in gender diversity among senior hires, particularly in Payment and Retail Banking, contrasting with a decline in Lending. This comprehensive report offers insights into these divergent trends and their implications for leadership roles across the consumer industry
Gender diversity in senior hires increased by three percentage points year-on-year – and by 12 appointments
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In Q2 of this year we noted that the proportion of senior female hires in Consumer had increased by 2.5% year-on-year, but that happened while overall hiring had declined. This is a common pattern: that as overall demand for senior talent declines, the proportion of female hires increases.
In Q3, meanwhile, the number of senior female hires increased by 12 according to the data available to TALNT, which was also a three percentage point increase at the same time. This, on the surface, is quite impressive, although there are some potential issues when we dig into the details that we will address shortly.
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Looking at the trends quarter by quarter through 2023, we that the trend of increasing gender representation within senior appointments has increased steadily throughout the year.
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The charts above show the gender hiring gap over time. While the Q3 2023 chart shows a lot o variability, we can also see that the gap between female and male senior hires becomes close to disappearing at four points throughout the quarter, compared with twice in Q3 of 2022.
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The above gender hiring gap charts show that the gap between male and female hires was at its widest in Q1, before beginning to narrow significantly in Q2 and Q3.
Looking at the year to date, the gap peaks in March before tracking quite closely on a monthly basis for most of Q2 and Q3.
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Speaking regionally, we can see that the greatest regional variability has been in the Americas.
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Which subsectors performed best in terms of gender diversity in Q3 2023?
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Looking at the numbers and percentages, we can see that, although the proportion of female hires in Lending declined sharply y-o-y, the proportions in Payment and Retail Banking increased significantly. Of course this is most significant in Retail Banking because the numbers there are so dominant that any increase in the proportion in that subsector has a significant overall impact of improving the gender balance across the entire sector.
Looking at this same data on a quarterly basis:
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We see a lot more variation in the trends. Again though, it’s the consistency in the improvement in gender balance in Retail Banking that has the most significant impact overall – again down to sheer force of numbers. This does make sense because Retail Banking is after all retail, and retail jobs tend to have much higher female participation that most other sectors of the economy globally, meaning that in this subsector there is more female talent to draw upon for developing leaders.
Which positions saw the best gender diversity in Q3 2023?
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Looking at the top senior positions for Q3 2023 tells us a sobering story. Take out the high proportion of female Board hires and female participation in the top 10 collapses. Put another way, female appointments in strategic executive roles are non-existent in 4 of the top 10, and very low even in CEO, COO, and Chairman roles. This shows that the majority of the increase in female senior hires y-o-y has been on the non-executive Board and that in fact female participation in senior strategic executive roles higher in Q3 last year.
This suggests at best that the impressive headline percentages are misleading, and at worst that the industry is – whether deliberately or not – engaging in a form of “gender washing” which implies as a consequence that senior leaders aren’t really taking gender diversity as seriously as they might.
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Looking at the same data on a quarterly basis show again that the industry has struggled all year to appoint women into senior executive positions of consequence. This suggests that any progress made could easily be lost in future quarters, as the foundations for female participation at the senior level are in reality weaker than they first appear.
Unlocking Consumer Sector Dynamics: Navigating Q3 2023s Executive Landscape
Senior hiring remains weak but has begun to increase globally y-o-y Embark on a journey through the ever-evolving consumer sector with our insightful report, unveiling the strategic executive movements of Q3 2023. Leveraging TALNTs powerful AI-driven platform, we delve into the key trends and hidden opportunities in senior hiring, providing a unique window into the industrys leadership transformations. Our data-driven insights, sourced from a diverse range of over 150,000 global sources, offer an unparalleled perspective on the consumer sectors talent mobility, equipping you with the knowledge to stay ahead in this dynamic landscape
Senior level hiring increases by around 8% in Q3 2023 compared with the same period last year – also up 52% on Q2 this year
After a second quarter this year that saw senior hiring down by almost 20% year-on-year, Q3 has seen hiring increase slightly, by 8%. This is due largely to increases in senior appointments in the Retail Banking and Lending subsectors, though the rest of the sector seems to still be struggling.
Anecdotally, the industry experts within Sheffield Haworth are saying that many firms are still deferring many of their senior hiring decisions until they see signs of interest rates lowering and the threat of global recession declining.
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Looking at the global senior level hiring data in aggregate, hiring in Q3 of this year seems more buoyant than the same period last year.
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Comparing Q3 numbers this year with Q2 and Q1, we see Q2 demand for senior appointments represented a sharp decline on demand in Q1. The chart below shows that trend throughout the year, where we can see that demand has declined and then recovered throughout the year. Now that the official economic story in North America is about a so-called “soft landing”, with inflation coming under control without a recession, we might expect to see an increase in senior hiring in Q4 y-o-y.
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Breaking this down by region:
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We can see that demand in the Americas has seen the biggest y-oy increase, followed by APAC, while EMEA has seen a decline.
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We can see from the charts above that senior hiring fell in the Americas and EMEA in Q2, while it stayed fairly consistent in APAC, with Q3 seeing significant increases in all regions.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Retail Banking remains the consistent standout – though the numbers have increased significantly on the same period last year. By contrast we can see that demand in Lending increased markedly y-o-y to become the subsector with the second highest demand.
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Indeed, looking back at Q2 and Q1 2023, see that Retail Banking drove the majority of demand throughout the year, being even more dominant in Q1. While the numbers for Lending have been consistently second highest throughout the year, it didn’t really break out from the rest of the pack until Q3.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends a little more clearly. From these, we see the significant increases in demand in Retail Banking (+58.8%) and Lending (+152%), contrasting with sharp y-o-y decreases in Payments (-53.8%) and Digital Banking (-80%).
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Comparing the quarters shows us again just how dominant Retail Banking is within this sector, although demand for senior talent in other sectors was more balanced in Q1. It will be interesting to see how these trends develop in Q4.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Retail Banking even more dominant. The pie chart for Q3 2023 also shows the extent to which Payments and Digital Banking have been squeezed by the dominance of the other subsectors.
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Comparing proportional demand for senior talent between the three quarters of 2023, these percentages are closer, though Q3 does show the least diversity of demand of any quarter this year.
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Breaking down the senior hires regionally, we see that this sector is less dominated by the Americas than many others. The charts above suggest that that diversity has remained year-on-year, despite the increased concentration of demand within Retail Banking and Lending.
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Non-exec board appointments dominate the top 10 positions year-on-year, with no significant movement on strategic hires
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has declined – with the exception of Board appointments. Strategic executive hires are down overall, reinforcing the narrative that many companies are holding off making strategic hires until the economic situation changes.
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Certainly when viewed from a regional basis, we see how demand for the key strategic hires is down in the Americas year-on-year, with the exception of Board appointments.
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On a quarterly basis, we can see that demand for these senior roles was at its highest in Q1, suggesting that for much of the year companies have remained cautious about making senior appointments.
Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see that the companies have changed significantly y-o-y – only Hampshire Trust Bank remained in the top 10 of those who appeared in the top 10 in Q3 last year.
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The big story here is the marked lack diversity of subsector in either quarter. This is in line with the previous data we’ve discussed in this report which has already indicated that most senior appointments are concentrated within Retail Banking and Lending.
Making the same comparison on a quarterly basis:
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We can see that there was greater diversity of subsectors in the top 10 in Q1 and Q2 this year. We appear to be seeing an industry that remains cautious overall, with growth in talent demand limited and concentrated in just two subsectors for the moment.
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Bankings New Elite: Q3 2023 Unearths Fresh Faces in Senior Ranks
Senior hiring goes on a roller-coaster ride in first three quarters of 2023 Explore the latest seismic shifts in the banking industrys senior hiring landscape with our insightful report. Leveraging TALNTs comprehensive database, we delve into the pivotal executive moves that have shaped the banking sector in Q3 2023. Our analysis, rooted in AI-driven data and expert human research, offers a unique perspective on the evolving trends and strategic implications of these top-level changes. Stay ahead in the dynamic world of banking with our detailed exploration of the quarters most impactful senior appointments and their broader industry ramifications
Senior level hiring increased by around 36% in Q3 2023 compared with the same period last year, but is down a whopping 38% on Q2 this year
After a second quarter this year that saw senior hiring double year-on-year, we’re now looking at a third quarter which continued to see impressive y-o-y growth (35.7%) while also being significantly down on Q2 this year. While Summer seasonality may go some way towards explaining the quarter-on-quarter dip, we seem to be seeing the potential beginning of a resurgence in senior hires in 2024 – although this will of course depend on whether positive economic news from the US continues into the New Year.
The overall story is that 2022 was a poor year, with unofficial hiring freezes due to the huge economic uncertainty caused by rising interest rates, inflation, and constant threats of global recession. Q1 of this year then witnessed the collapse of Silicon Valley Bank, First Republic Bank, and Signature Bank in the US, as well as Credit Suisse, which sent the banking community into a mild panic. The resultant freeze in Q1 hiring then led to an uptick in Q2 – particularly in April – as the worst of the threats to the banking industry seemed to recede.
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As we go through the statistics available to TALNT, we should see them reflect this broad narrative. Demand for senior talent in the most recent quarter remains significantly higher than the same period last year, despite the dip – which we see as having in part been caused by Q2 demand being inflated by the suppressed demand in Q1. Now that the economic news from North America seems to be broadly positive, we would expect senior level hiring to continue to pick up in anticipation of lower interest rates by some time in 2024.
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Comparing Q3 numbers this year with Q2 and Q1, here we see Q2 demand for senior appointments shooting up compared with Q1 both in the first couple of weeks and the last three weeks of the period in particular. Again, this seems partly a response to suppressed demand in Q1, as suggested by the pattern in the monthly chart below:
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Breaking this down by region:
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We can see that demand in the Americas has seen the greatest y-o-y increase, while demand in EMEA is more or less the same, and APAC is up slightly y-o-y.
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We can see from the charts above that senior hiring shot up in all regions in Q2 – not just the Americas, although of course that region represented the biggest numbers. Demand in the Americas seems to have remained more robust in Q3 of this year compared with other regions, which would fit our narrative on the basis that the economic good news is coming out of the US at the moment.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Corporate Banking far outstrips demand from other subsectors, although Industry Coverage comes in second place. We can see this same pattern in 2023 and 2022, although the numbers for Q3 this year do seem significantly higher when broken down in the above chart.
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Looking back Q1 2023, we see that Corporate Banking was really the only subsector showing any signs of life when it came to senior level appointments. Q2 of this year, however, witnessed an explosion of demand across the board, with Corporate Banking, Industry Coverage, and even Equity Capital Markets looking particularly lively.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends even more starkly. For one thing, the y-o-y increase in demand for senior talent in Corporate Banking (+155%) is undeniable, as is the growth in demand for talent in Equity Capital Markets (+325%), Debt Capital Markets (+167%), and M&A (+1,000%). In fact, it’s a little surprising to see that demand for senior talent in Industry Coverage has remained the same in Q3 compared with the same period last year. But let’s take a look at the quarterly charts:
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Comparing the quarters shows that Corporate Banking has led demand for senior talent. That’s no surprise, but when we dig deeper we see that Industry Coverage has been strong all year, peaking in Q2. This is down to the fact that Industry Coverage tends to consistently shift focus to cover those industries that are doing well; hence its ability to keep up a relatively high demand.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Corporate Banking becoming even more dominant as a proportion of total demand, due to the relative decline of Industry Coverage percentage-wise (even though the number of senior appointments in that subsector actually stayed the same).
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Comparing proportional demand for senior talent between the three quarters of 2023, these percentages are closer, with Corporate Banking being extremely dominant throughout the year.
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Breaking down the senior hires regionally, we see that the Americas has increased demand for talent in several areas – but then so have EMEA in APAC in those subsectors such as M&A and Debt Capital Markets that were so US-dominated in Q3 last year.
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Again, looking at the quarterly charts shows a little more consistency throughout the year, although the exact split remains volatile.
MD appointments dominate the top 10 positions in Q3 – is this a sign of renewed confidence in future growth?
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has increased significantly. This is particularly marked in MD hires, which are up 260% y-o-y. The fact that this and other key strategic hires have increased so significantly does suggest a much more confident talent market, so let’s take a look at what the quarterly trends show us:
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On a quarterly basis, we can see again that demand for these senior roles was at its highest in Q2, with consistently high hiring of MDs throughout this year. It does feel as if the industry is looking forward to the possibility of growth next year, and fingers crossed that this turns out to be correct.
Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see that the companies have changed significantly y-o-y – not a single name remains in the top 10 for Q3 this year that was there last year. This does suggest relatively low numbers and a lack of dominance at the top.
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The big story here is the marked increase in the diversity of subsectors in the top 10, again suggesting a more vibrant market compared with last year.
Making the same comparison on a quarterly basis:
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We can see that there was greater diversity of subsectors in the top 10 in Q2 this year, while Q1 was also notably diverse sector-wise. We appear to be seeing an industry that remains cautious overall, with growth in talent demand starting to show signs of a potential resurgence.
Shaping the Future of Insurance: A Deep Dive into Gender Diversity in Senior Roles – Q3 2023 Analysis
Globally, the gender diversity of senior hires continues to increaseThe insurance industry stands at a pivotal point in its journey towards gender diversity in senior roles, as illuminated in our comprehensive report, "Gender Diversity Within Senior Moves in Insurance, Q3 2023." Utilising the extensive capabilities of TALNT, an innovative AI-driven platform, we explore the evolving gender diversity landscape in senior insurance hires. Drawing insights from over 150,000 global sources, TALNT provides an unparalleled analysis of publicly-announced senior moves, offering a detailed view of the industrys progress and challenges.
Our Q3 2023 report reveals an encouraging trend: a steady increase in gender diversity among senior hires, with a notable 48% year-on-year rise in senior female appointments, outpacing the overall 40% increase in senior hires. This trend, indicative of a broader commitment to gender parity, raises several critical questions. How is the insurance sector maintaining its focus on hiring senior female talent amidst overall growth? And what does this mean for the future of the industry?
We delve into the nuanced quarter-by-quarter trends of 2023, examining the consistency of these developments and their implications. Our analysis extends beyond mere numbers, highlighting the real stories and strategies behind the closing gender hiring gaps. We also take a regional lens, examining the variations in EMEA and the Americas, and dissect the performance of various subsectors like Life and Non-Life in fostering gender diversity.
Moreover, our report addresses a crucial aspect often overlooked: the representation of women in the top 10 senior roles. While theres a marked increase in the proportion of women in these positions, our findings suggest that theres still room for improvement, particularly in the appointment of female CFOs and CUOs. This insight offers a potential pathway for the industry to make even more significant strides in gender diversity.
Embark on this insightful journey with us as we explore the current state and future possibilities of gender diversity in senior insurance roles. This report not only provides a snapshot of where we stand today but also serves as a guide for where the industry could head, emphasising the importance of inclusivity in shaping the future of insurance leadership.
Gender diversity in senior hires increased by one percentage point year-on-year – while the number of senior female appointments also increased to 83 from 56 a year ago
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In Q2 of this year we noted that the proportion of senior female hires in Insurance had increased slightly year-on-year, and that remains the case for Q3. More significantly, while the proportion of senior female appointments continues to creep upwards, the numbers hired were up by 48% y-o-y, which is higher than the overall y-o-y increase in senior appointments, at 40%.
Put another way, this means that the Insurance sector has done a good job relative to its peers of keeping a focus on hiring senior female talent while its needs have grown.
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Looking at the trends quarter by quarter through 2023, we that the trend has been consistent throughout the year. The percentage of senior female appointments peaked in Q1, but that was because the overall numbers were lower.
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The charts above show the gender hiring gap over time. While the Q3 2023 chart shows the number of female hires rising broadly in line with overall talent demand – albeit with the lag.
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The above gender hiring gap charts show that the gap between male and female hires closed several times during Q1, while it widened towards the end of Q2 as female hiring failed to keep pace with overall demand for several weeks.
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Looking at the year to date, the gap peaks in June before starting to come down again in July.
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Speaking regionally, we can see that the greatest regional variability has been in EMEA and Americas.
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Which subsectors performed best in terms of gender diversity in Q3 2023?
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Looking at the numbers and percentages, we can see that Life and Non-Life actually show the best percentage of senior female appointments.
Looking at this same data on a quarterly basis:
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We see that Life an Non-Life have consistently been the best performers in terms of gender diversity all year. Also, while the Intermediary subsector has not hit the same percentages for female appointments, it has proved remarkable consistently in every quarter, with just under 23% of senior appointments being female in Q1, followed by just over 23% in Q2, and just over 22% in Q3.
Which positions saw the best gender diversity in Q3 2023?
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Looking at the top senior positions for Q3 2023 tells us that women were actually hired into fewer of the top 10 roles in Q3 this year than in the same period last year – even though, as can be seen, the proportion of women hired into those roles in Q3 this year was way higher.
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Looking at the same data on a quarterly basis suggests that the industry in principle doesn’t have a problem hiring women into senior roles, but that the best thing it could do to increase gender diversity would be to step up the focus on appointing more women into the top roles. The sector would likely benefit from more female CFOs and CUOs. The sector has made great strides in increasing diversity of all types in the last few years, but this remains the last bastion where progress could be pushed further and where it would likely have the biggest impact going forward.
Revolutionizing Senior Talent Landscape in Insurance: Q3 2023 In-Depth Analysis
Senior hiring continues to increase globally y-o-y The landscape of senior hiring in the insurance industry is undergoing a dynamic transformation, as revealed in our incisive report, "Senior Moves in Insurance, Q3 2023." Utilising the advanced analytics of TALNT, Sheffield Haworths proprietary AI-driven platform, we delve into the latest trends in senior hiring across the globe. With a vast database sourced from over 150,000 reputable public sources, TALNT offers an unrivalled perspective on executive movements within the insurance sector.
Our Q3 2023 report unveils a remarkable 40% increase in senior-level hiring compared to the same period last year, signalling a significant warming up of the insurance talent market. This growth follows a strong Q2, where senior hires surged by nearly 50% year-on-year. But whats driving this upward trajectory? From M&A activities in the Intermediary subsector to the hard market dynamics in P&C, our report unravels the multifaceted factors fuelling these trends.
Beyond the headline figures, we break down the hiring patterns regionally and across various subsectors. The Americas and EMEA regions, for instance, have witnessed a substantial y-o-y increase in the demand for senior talent. And within the subsectors, Non-Life and Intermediary stand out for their vibrant hiring activities, with the latter seeing a staggering 700% y-o-y increase in senior appointments.
But theres more to the story than just numbers. Our analysis also looks into the types of roles seeing this surge, with CEO, CFO, and VP appointments experiencing a notable year-on-year growth. This trend is not only a reflection of the current state of the insurance industry but also an indicator of what to expect as we move into 2024.
Senior level hiring increased by around 40% in Q3 2023 compared with the same period last year, as the Insurance talent market continues to warm up
After a second quarter this year that saw senior hiring rise by almost 50% year-on-year, Q3 has seen this trend broadly continue, with hiring up 40% compared with the same period last year.
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From Q4 last year through to Q2 of this year, much of the increase was due to M&A activity in the Intermediary subsector, with a certain amount of hesitance in other subsectors. Now, our Insurance talent consultants are telling us that Q3 has seen a significant thawing in the talent market for them. The P&C sector is currently experiencing a hard market, resulting in higher margins for underwriting the same risks as before, meaning they can grow revenue without the need to build out teams when fears of global recession remain a factor.
Although this year has seen growth in senior hiring – especially in the US and the London market – it has been limited by an awareness in most firms of the need to control costs. As the market softens into next year and as private equity-backed broker acquisitions work their way through, we would expect a return to more strategic hiring across the sector from early to mid next year onwards.
Certainly, the numbers have been positive all year, with each quarter seeing year-on-year growth in talent demand globally:
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Comparing Q3 numbers this year with Q2 and Q1, we see that demand for senior appointments peaked in Q2, with a slight comparative decline in Q3. That said, demand has been consistently strong throughout the year when compared with 2022:
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Breaking this down by region:
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We can see that each region has seen significant increase in demand for senior talent y-o-y, and the Americas and EMEA most of all.
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We can see from the charts above that this trend holds true for each quarter this year, and that Q3 remains strong.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Non Life retained its traditional lead, though we can see also just how vibrant the Intermediary subsector was in Q3 this year also – especially when compared with the same period last year.
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Indeed, looking back at Q2 and Q1 2023, we can see that demand for talent has been strongest all year in Non-Life and Intermediary, though also there was higher demand for senior talent in Reinsurance in Q1 and Q2 which has tailed off somewhat in Q3.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends. Note in particular the sharp and significant y-o-y rise in Intermediary appointments – a huge eight-fold increase (700%) year-on-year. This makes the 5.6% y-o-y increase in Non-Life senior appointments look extremely modest by comparison.
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Comparing the quarters shows us again the extent to which Non-Life and Intermediary have increasingly come to dominate the sector as the year has progressed.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Intermediary appointments in pink leaping from the smallest piece of the pie in Q3 last year to the second largest (by some way) last quarter.
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Comparing proportional demand for senior talent between the three quarters of 2023, we see more consistency, with Reinsurance and Intermediary fighting it out to take the second spot as the year has progressed.
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Breaking down the senior hires regionally, we see just how significant is the EMEA market for talent in this sector. The balance across the subsectors remains pretty consistent on a regional basis y-o-y.
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CEO, CFO, and VP appointments have exploded year-on-year
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has increased significantly. Taking out non-executive board appointments, it’s clear that there has been much greater demand for key strategic talent in Q3 of this year compared with last year – a trend we expect to continue into 2024.
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Certainly when viewed from a regional basis, we see how demand is split across all major regions, with the lion’s share of senior appointments split fairly evenly between EMEA and Americas.
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On a quarterly basis, we can see that demand for these senior roles was far higher in Q2, so we’re witnessing a peak in annual demand in that quarter. That said, Q3 represents a significant overall 40% increase over the same period last year, so we see this year as a story of strong and significant growth in talent demand that we expect to continue in 2024.
Diving into the regional demand trends, it looks as though much of the demand for the top 10 appointments was driven by the Americas region in particular:
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Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see again the extent to which the Intermediaries have been driving demand for senior talent, with seven of the top 10 companies actively recruiting in this subsector.
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Making the same comparison on a quarterly basis:
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Reiterates this same overarching trend.
Breaking Barriers: Consumer Sectors Leap in Gender Diversity in Q3 2023
Globally, the gender diversity of senior hires continues to increaseExplore the evolving gender landscape in the consumer sector with our Q3 2023 report, highlighting key shifts in subsectors like Lending, Payment, and Retail Banking. Our analysis, powered by TALNTs data, reveals a significant year-on-year increase in gender diversity among senior hires, particularly in Payment and Retail Banking, contrasting with a decline in Lending. This comprehensive report offers insights into these divergent trends and their implications for leadership roles across the consumer industry
Gender diversity in senior hires increased by three percentage points year-on-year – and by 12 appointments
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In Q2 of this year we noted that the proportion of senior female hires in Consumer had increased by 2.5% year-on-year, but that happened while overall hiring had declined. This is a common pattern: that as overall demand for senior talent declines, the proportion of female hires increases.
In Q3, meanwhile, the number of senior female hires increased by 12 according to the data available to TALNT, which was also a three percentage point increase at the same time. This, on the surface, is quite impressive, although there are some potential issues when we dig into the details that we will address shortly.
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Looking at the trends quarter by quarter through 2023, we that the trend of increasing gender representation within senior appointments has increased steadily throughout the year.
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The charts above show the gender hiring gap over time. While the Q3 2023 chart shows a lot o variability, we can also see that the gap between female and male senior hires becomes close to disappearing at four points throughout the quarter, compared with twice in Q3 of 2022.
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The above gender hiring gap charts show that the gap between male and female hires was at its widest in Q1, before beginning to narrow significantly in Q2 and Q3.
Looking at the year to date, the gap peaks in March before tracking quite closely on a monthly basis for most of Q2 and Q3.
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Speaking regionally, we can see that the greatest regional variability has been in the Americas.
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Which subsectors performed best in terms of gender diversity in Q3 2023?
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Looking at the numbers and percentages, we can see that, although the proportion of female hires in Lending declined sharply y-o-y, the proportions in Payment and Retail Banking increased significantly. Of course this is most significant in Retail Banking because the numbers there are so dominant that any increase in the proportion in that subsector has a significant overall impact of improving the gender balance across the entire sector.
Looking at this same data on a quarterly basis:
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We see a lot more variation in the trends. Again though, it’s the consistency in the improvement in gender balance in Retail Banking that has the most significant impact overall – again down to sheer force of numbers. This does make sense because Retail Banking is after all retail, and retail jobs tend to have much higher female participation that most other sectors of the economy globally, meaning that in this subsector there is more female talent to draw upon for developing leaders.
Which positions saw the best gender diversity in Q3 2023?
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Looking at the top senior positions for Q3 2023 tells us a sobering story. Take out the high proportion of female Board hires and female participation in the top 10 collapses. Put another way, female appointments in strategic executive roles are non-existent in 4 of the top 10, and very low even in CEO, COO, and Chairman roles. This shows that the majority of the increase in female senior hires y-o-y has been on the non-executive Board and that in fact female participation in senior strategic executive roles higher in Q3 last year.
This suggests at best that the impressive headline percentages are misleading, and at worst that the industry is – whether deliberately or not – engaging in a form of “gender washing” which implies as a consequence that senior leaders aren’t really taking gender diversity as seriously as they might.
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Looking at the same data on a quarterly basis show again that the industry has struggled all year to appoint women into senior executive positions of consequence. This suggests that any progress made could easily be lost in future quarters, as the foundations for female participation at the senior level are in reality weaker than they first appear.
Unlocking Consumer Sector Dynamics: Navigating Q3 2023s Executive Landscape
Senior hiring remains weak but has begun to increase globally y-o-y Embark on a journey through the ever-evolving consumer sector with our insightful report, unveiling the strategic executive movements of Q3 2023. Leveraging TALNTs powerful AI-driven platform, we delve into the key trends and hidden opportunities in senior hiring, providing a unique window into the industrys leadership transformations. Our data-driven insights, sourced from a diverse range of over 150,000 global sources, offer an unparalleled perspective on the consumer sectors talent mobility, equipping you with the knowledge to stay ahead in this dynamic landscape
Senior level hiring increases by around 8% in Q3 2023 compared with the same period last year – also up 52% on Q2 this year
After a second quarter this year that saw senior hiring down by almost 20% year-on-year, Q3 has seen hiring increase slightly, by 8%. This is due largely to increases in senior appointments in the Retail Banking and Lending subsectors, though the rest of the sector seems to still be struggling.
Anecdotally, the industry experts within Sheffield Haworth are saying that many firms are still deferring many of their senior hiring decisions until they see signs of interest rates lowering and the threat of global recession declining.
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Looking at the global senior level hiring data in aggregate, hiring in Q3 of this year seems more buoyant than the same period last year.
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Comparing Q3 numbers this year with Q2 and Q1, we see Q2 demand for senior appointments represented a sharp decline on demand in Q1. The chart below shows that trend throughout the year, where we can see that demand has declined and then recovered throughout the year. Now that the official economic story in North America is about a so-called “soft landing”, with inflation coming under control without a recession, we might expect to see an increase in senior hiring in Q4 y-o-y.
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Breaking this down by region:
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We can see that demand in the Americas has seen the biggest y-oy increase, followed by APAC, while EMEA has seen a decline.
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We can see from the charts above that senior hiring fell in the Americas and EMEA in Q2, while it stayed fairly consistent in APAC, with Q3 seeing significant increases in all regions.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Retail Banking remains the consistent standout – though the numbers have increased significantly on the same period last year. By contrast we can see that demand in Lending increased markedly y-o-y to become the subsector with the second highest demand.
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Indeed, looking back at Q2 and Q1 2023, see that Retail Banking drove the majority of demand throughout the year, being even more dominant in Q1. While the numbers for Lending have been consistently second highest throughout the year, it didn’t really break out from the rest of the pack until Q3.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends a little more clearly. From these, we see the significant increases in demand in Retail Banking (+58.8%) and Lending (+152%), contrasting with sharp y-o-y decreases in Payments (-53.8%) and Digital Banking (-80%).
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Comparing the quarters shows us again just how dominant Retail Banking is within this sector, although demand for senior talent in other sectors was more balanced in Q1. It will be interesting to see how these trends develop in Q4.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Retail Banking even more dominant. The pie chart for Q3 2023 also shows the extent to which Payments and Digital Banking have been squeezed by the dominance of the other subsectors.
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Comparing proportional demand for senior talent between the three quarters of 2023, these percentages are closer, though Q3 does show the least diversity of demand of any quarter this year.
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Breaking down the senior hires regionally, we see that this sector is less dominated by the Americas than many others. The charts above suggest that that diversity has remained year-on-year, despite the increased concentration of demand within Retail Banking and Lending.
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Non-exec board appointments dominate the top 10 positions year-on-year, with no significant movement on strategic hires
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has declined – with the exception of Board appointments. Strategic executive hires are down overall, reinforcing the narrative that many companies are holding off making strategic hires until the economic situation changes.
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Certainly when viewed from a regional basis, we see how demand for the key strategic hires is down in the Americas year-on-year, with the exception of Board appointments.
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On a quarterly basis, we can see that demand for these senior roles was at its highest in Q1, suggesting that for much of the year companies have remained cautious about making senior appointments.
Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see that the companies have changed significantly y-o-y – only Hampshire Trust Bank remained in the top 10 of those who appeared in the top 10 in Q3 last year.
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The big story here is the marked lack diversity of subsector in either quarter. This is in line with the previous data we’ve discussed in this report which has already indicated that most senior appointments are concentrated within Retail Banking and Lending.
Making the same comparison on a quarterly basis:
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We can see that there was greater diversity of subsectors in the top 10 in Q1 and Q2 this year. We appear to be seeing an industry that remains cautious overall, with growth in talent demand limited and concentrated in just two subsectors for the moment.
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Bankings New Elite: Q3 2023 Unearths Fresh Faces in Senior Ranks
Senior hiring goes on a roller-coaster ride in first three quarters of 2023 Explore the latest seismic shifts in the banking industrys senior hiring landscape with our insightful report. Leveraging TALNTs comprehensive database, we delve into the pivotal executive moves that have shaped the banking sector in Q3 2023. Our analysis, rooted in AI-driven data and expert human research, offers a unique perspective on the evolving trends and strategic implications of these top-level changes. Stay ahead in the dynamic world of banking with our detailed exploration of the quarters most impactful senior appointments and their broader industry ramifications
Senior level hiring increased by around 36% in Q3 2023 compared with the same period last year, but is down a whopping 38% on Q2 this year
After a second quarter this year that saw senior hiring double year-on-year, we’re now looking at a third quarter which continued to see impressive y-o-y growth (35.7%) while also being significantly down on Q2 this year. While Summer seasonality may go some way towards explaining the quarter-on-quarter dip, we seem to be seeing the potential beginning of a resurgence in senior hires in 2024 – although this will of course depend on whether positive economic news from the US continues into the New Year.
The overall story is that 2022 was a poor year, with unofficial hiring freezes due to the huge economic uncertainty caused by rising interest rates, inflation, and constant threats of global recession. Q1 of this year then witnessed the collapse of Silicon Valley Bank, First Republic Bank, and Signature Bank in the US, as well as Credit Suisse, which sent the banking community into a mild panic. The resultant freeze in Q1 hiring then led to an uptick in Q2 – particularly in April – as the worst of the threats to the banking industry seemed to recede.
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As we go through the statistics available to TALNT, we should see them reflect this broad narrative. Demand for senior talent in the most recent quarter remains significantly higher than the same period last year, despite the dip – which we see as having in part been caused by Q2 demand being inflated by the suppressed demand in Q1. Now that the economic news from North America seems to be broadly positive, we would expect senior level hiring to continue to pick up in anticipation of lower interest rates by some time in 2024.
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Comparing Q3 numbers this year with Q2 and Q1, here we see Q2 demand for senior appointments shooting up compared with Q1 both in the first couple of weeks and the last three weeks of the period in particular. Again, this seems partly a response to suppressed demand in Q1, as suggested by the pattern in the monthly chart below:
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Breaking this down by region:
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We can see that demand in the Americas has seen the greatest y-o-y increase, while demand in EMEA is more or less the same, and APAC is up slightly y-o-y.
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We can see from the charts above that senior hiring shot up in all regions in Q2 – not just the Americas, although of course that region represented the biggest numbers. Demand in the Americas seems to have remained more robust in Q3 of this year compared with other regions, which would fit our narrative on the basis that the economic good news is coming out of the US at the moment.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Corporate Banking far outstrips demand from other subsectors, although Industry Coverage comes in second place. We can see this same pattern in 2023 and 2022, although the numbers for Q3 this year do seem significantly higher when broken down in the above chart.
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Looking back Q1 2023, we see that Corporate Banking was really the only subsector showing any signs of life when it came to senior level appointments. Q2 of this year, however, witnessed an explosion of demand across the board, with Corporate Banking, Industry Coverage, and even Equity Capital Markets looking particularly lively.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends even more starkly. For one thing, the y-o-y increase in demand for senior talent in Corporate Banking (+155%) is undeniable, as is the growth in demand for talent in Equity Capital Markets (+325%), Debt Capital Markets (+167%), and M&A (+1,000%). In fact, it’s a little surprising to see that demand for senior talent in Industry Coverage has remained the same in Q3 compared with the same period last year. But let’s take a look at the quarterly charts:
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Comparing the quarters shows that Corporate Banking has led demand for senior talent. That’s no surprise, but when we dig deeper we see that Industry Coverage has been strong all year, peaking in Q2. This is down to the fact that Industry Coverage tends to consistently shift focus to cover those industries that are doing well; hence its ability to keep up a relatively high demand.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Corporate Banking becoming even more dominant as a proportion of total demand, due to the relative decline of Industry Coverage percentage-wise (even though the number of senior appointments in that subsector actually stayed the same).
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Comparing proportional demand for senior talent between the three quarters of 2023, these percentages are closer, with Corporate Banking being extremely dominant throughout the year.
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Breaking down the senior hires regionally, we see that the Americas has increased demand for talent in several areas – but then so have EMEA in APAC in those subsectors such as M&A and Debt Capital Markets that were so US-dominated in Q3 last year.
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Again, looking at the quarterly charts shows a little more consistency throughout the year, although the exact split remains volatile.
MD appointments dominate the top 10 positions in Q3 – is this a sign of renewed confidence in future growth?
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has increased significantly. This is particularly marked in MD hires, which are up 260% y-o-y. The fact that this and other key strategic hires have increased so significantly does suggest a much more confident talent market, so let’s take a look at what the quarterly trends show us:
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On a quarterly basis, we can see again that demand for these senior roles was at its highest in Q2, with consistently high hiring of MDs throughout this year. It does feel as if the industry is looking forward to the possibility of growth next year, and fingers crossed that this turns out to be correct.
Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see that the companies have changed significantly y-o-y – not a single name remains in the top 10 for Q3 this year that was there last year. This does suggest relatively low numbers and a lack of dominance at the top.
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The big story here is the marked increase in the diversity of subsectors in the top 10, again suggesting a more vibrant market compared with last year.
Making the same comparison on a quarterly basis:
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We can see that there was greater diversity of subsectors in the top 10 in Q2 this year, while Q1 was also notably diverse sector-wise. We appear to be seeing an industry that remains cautious overall, with growth in talent demand starting to show signs of a potential resurgence.
Shaping the Future of Insurance: A Deep Dive into Gender Diversity in Senior Roles – Q3 2023 Analysis
Globally, the gender diversity of senior hires continues to increaseThe insurance industry stands at a pivotal point in its journey towards gender diversity in senior roles, as illuminated in our comprehensive report, "Gender Diversity Within Senior Moves in Insurance, Q3 2023." Utilising the extensive capabilities of TALNT, an innovative AI-driven platform, we explore the evolving gender diversity landscape in senior insurance hires. Drawing insights from over 150,000 global sources, TALNT provides an unparalleled analysis of publicly-announced senior moves, offering a detailed view of the industrys progress and challenges.
Our Q3 2023 report reveals an encouraging trend: a steady increase in gender diversity among senior hires, with a notable 48% year-on-year rise in senior female appointments, outpacing the overall 40% increase in senior hires. This trend, indicative of a broader commitment to gender parity, raises several critical questions. How is the insurance sector maintaining its focus on hiring senior female talent amidst overall growth? And what does this mean for the future of the industry?
We delve into the nuanced quarter-by-quarter trends of 2023, examining the consistency of these developments and their implications. Our analysis extends beyond mere numbers, highlighting the real stories and strategies behind the closing gender hiring gaps. We also take a regional lens, examining the variations in EMEA and the Americas, and dissect the performance of various subsectors like Life and Non-Life in fostering gender diversity.
Moreover, our report addresses a crucial aspect often overlooked: the representation of women in the top 10 senior roles. While theres a marked increase in the proportion of women in these positions, our findings suggest that theres still room for improvement, particularly in the appointment of female CFOs and CUOs. This insight offers a potential pathway for the industry to make even more significant strides in gender diversity.
Embark on this insightful journey with us as we explore the current state and future possibilities of gender diversity in senior insurance roles. This report not only provides a snapshot of where we stand today but also serves as a guide for where the industry could head, emphasising the importance of inclusivity in shaping the future of insurance leadership.
Gender diversity in senior hires increased by one percentage point year-on-year – while the number of senior female appointments also increased to 83 from 56 a year ago
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In Q2 of this year we noted that the proportion of senior female hires in Insurance had increased slightly year-on-year, and that remains the case for Q3. More significantly, while the proportion of senior female appointments continues to creep upwards, the numbers hired were up by 48% y-o-y, which is higher than the overall y-o-y increase in senior appointments, at 40%.
Put another way, this means that the Insurance sector has done a good job relative to its peers of keeping a focus on hiring senior female talent while its needs have grown.
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Looking at the trends quarter by quarter through 2023, we that the trend has been consistent throughout the year. The percentage of senior female appointments peaked in Q1, but that was because the overall numbers were lower.
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The charts above show the gender hiring gap over time. While the Q3 2023 chart shows the number of female hires rising broadly in line with overall talent demand – albeit with the lag.
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The above gender hiring gap charts show that the gap between male and female hires closed several times during Q1, while it widened towards the end of Q2 as female hiring failed to keep pace with overall demand for several weeks.
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Looking at the year to date, the gap peaks in June before starting to come down again in July.
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Speaking regionally, we can see that the greatest regional variability has been in EMEA and Americas.
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Which subsectors performed best in terms of gender diversity in Q3 2023?
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Looking at the numbers and percentages, we can see that Life and Non-Life actually show the best percentage of senior female appointments.
Looking at this same data on a quarterly basis:
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We see that Life an Non-Life have consistently been the best performers in terms of gender diversity all year. Also, while the Intermediary subsector has not hit the same percentages for female appointments, it has proved remarkable consistently in every quarter, with just under 23% of senior appointments being female in Q1, followed by just over 23% in Q2, and just over 22% in Q3.
Which positions saw the best gender diversity in Q3 2023?
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Looking at the top senior positions for Q3 2023 tells us that women were actually hired into fewer of the top 10 roles in Q3 this year than in the same period last year – even though, as can be seen, the proportion of women hired into those roles in Q3 this year was way higher.
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Looking at the same data on a quarterly basis suggests that the industry in principle doesn’t have a problem hiring women into senior roles, but that the best thing it could do to increase gender diversity would be to step up the focus on appointing more women into the top roles. The sector would likely benefit from more female CFOs and CUOs. The sector has made great strides in increasing diversity of all types in the last few years, but this remains the last bastion where progress could be pushed further and where it would likely have the biggest impact going forward.
Revolutionizing Senior Talent Landscape in Insurance: Q3 2023 In-Depth Analysis
Senior hiring continues to increase globally y-o-y The landscape of senior hiring in the insurance industry is undergoing a dynamic transformation, as revealed in our incisive report, "Senior Moves in Insurance, Q3 2023." Utilising the advanced analytics of TALNT, Sheffield Haworths proprietary AI-driven platform, we delve into the latest trends in senior hiring across the globe. With a vast database sourced from over 150,000 reputable public sources, TALNT offers an unrivalled perspective on executive movements within the insurance sector.
Our Q3 2023 report unveils a remarkable 40% increase in senior-level hiring compared to the same period last year, signalling a significant warming up of the insurance talent market. This growth follows a strong Q2, where senior hires surged by nearly 50% year-on-year. But whats driving this upward trajectory? From M&A activities in the Intermediary subsector to the hard market dynamics in P&C, our report unravels the multifaceted factors fuelling these trends.
Beyond the headline figures, we break down the hiring patterns regionally and across various subsectors. The Americas and EMEA regions, for instance, have witnessed a substantial y-o-y increase in the demand for senior talent. And within the subsectors, Non-Life and Intermediary stand out for their vibrant hiring activities, with the latter seeing a staggering 700% y-o-y increase in senior appointments.
But theres more to the story than just numbers. Our analysis also looks into the types of roles seeing this surge, with CEO, CFO, and VP appointments experiencing a notable year-on-year growth. This trend is not only a reflection of the current state of the insurance industry but also an indicator of what to expect as we move into 2024.
Senior level hiring increased by around 40% in Q3 2023 compared with the same period last year, as the Insurance talent market continues to warm up
After a second quarter this year that saw senior hiring rise by almost 50% year-on-year, Q3 has seen this trend broadly continue, with hiring up 40% compared with the same period last year.
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From Q4 last year through to Q2 of this year, much of the increase was due to M&A activity in the Intermediary subsector, with a certain amount of hesitance in other subsectors. Now, our Insurance talent consultants are telling us that Q3 has seen a significant thawing in the talent market for them. The P&C sector is currently experiencing a hard market, resulting in higher margins for underwriting the same risks as before, meaning they can grow revenue without the need to build out teams when fears of global recession remain a factor.
Although this year has seen growth in senior hiring – especially in the US and the London market – it has been limited by an awareness in most firms of the need to control costs. As the market softens into next year and as private equity-backed broker acquisitions work their way through, we would expect a return to more strategic hiring across the sector from early to mid next year onwards.
Certainly, the numbers have been positive all year, with each quarter seeing year-on-year growth in talent demand globally:
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Comparing Q3 numbers this year with Q2 and Q1, we see that demand for senior appointments peaked in Q2, with a slight comparative decline in Q3. That said, demand has been consistently strong throughout the year when compared with 2022:
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Breaking this down by region:
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We can see that each region has seen significant increase in demand for senior talent y-o-y, and the Americas and EMEA most of all.
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We can see from the charts above that this trend holds true for each quarter this year, and that Q3 remains strong.
Which sub-sectors saw the most senior hiring in Q3 2023?
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Taking a deeper dive into which sectors have seen the most senior hires in Q3 this year, we can see that Non Life retained its traditional lead, though we can see also just how vibrant the Intermediary subsector was in Q3 this year also – especially when compared with the same period last year.
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Indeed, looking back at Q2 and Q1 2023, we can see that demand for talent has been strongest all year in Non-Life and Intermediary, though also there was higher demand for senior talent in Reinsurance in Q1 and Q2 which has tailed off somewhat in Q3.
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Comparing subsector demand for senior talent in bar chart form, we can see these same trends. Note in particular the sharp and significant y-o-y rise in Intermediary appointments – a huge eight-fold increase (700%) year-on-year. This makes the 5.6% y-o-y increase in Non-Life senior appointments look extremely modest by comparison.
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Comparing the quarters shows us again the extent to which Non-Life and Intermediary have increasingly come to dominate the sector as the year has progressed.
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We can see from these two pie charts how this percentage split has changed year-on-year, with Intermediary appointments in pink leaping from the smallest piece of the pie in Q3 last year to the second largest (by some way) last quarter.
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Comparing proportional demand for senior talent between the three quarters of 2023, we see more consistency, with Reinsurance and Intermediary fighting it out to take the second spot as the year has progressed.
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Breaking down the senior hires regionally, we see just how significant is the EMEA market for talent in this sector. The balance across the subsectors remains pretty consistent on a regional basis y-o-y.
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CEO, CFO, and VP appointments have exploded year-on-year
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From the above chart, we can see that, year-on-year, the numbers hired in the top 10 positions has increased significantly. Taking out non-executive board appointments, it’s clear that there has been much greater demand for key strategic talent in Q3 of this year compared with last year – a trend we expect to continue into 2024.
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Certainly when viewed from a regional basis, we see how demand is split across all major regions, with the lion’s share of senior appointments split fairly evenly between EMEA and Americas.
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On a quarterly basis, we can see that demand for these senior roles was far higher in Q2, so we’re witnessing a peak in annual demand in that quarter. That said, Q3 represents a significant overall 40% increase over the same period last year, so we see this year as a story of strong and significant growth in talent demand that we expect to continue in 2024.
Diving into the regional demand trends, it looks as though much of the demand for the top 10 appointments was driven by the Americas region in particular:
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Senior hiring trends within companies in Q3 2023
Taking a deeper dive into which companies have been hiring the most senior talent may give us some more insight:
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These charts show the top 10 companies globally, and we can see again the extent to which the Intermediaries have been driving demand for senior talent, with seven of the top 10 companies actively recruiting in this subsector.
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Making the same comparison on a quarterly basis:
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Reiterates this same overarching trend.
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