Jump to content
  • Eva Keogan
    Eva Keogan

    Sign in to follow this  

    The AlgoMe Industry Pulse report is published today

    2018 was always going to be an interesting year. Kicking off with MiFID II, moving to GDPR in the late Spring and of course this Summer brought a surprise World Cup Semi Final and a blistering heat wave (but a still-stagnant Brexit) suffice to say, it’s been a busy time all round.

     

    At AlgoMe we think it’s really important to understand what our wider community is thinking and to get under the skin of the burning issues for 2018.  As result we’ve created The AlgoMe Industry Pulse report which we’ve published today. It has looked into these key issues and themes, from regulation through to Brexit, unearthing some interesting and useful insight. We found optimism and change, along with a level of insecurity too.

     

    What drove these varied responses? Well optimism came in the shape of the 59% who believe Gender Pay Gap Reporting will improve the career progression of women whereas change with learning MiFID II and GDPR is affecting around two thirds of people. Conversely Brexit is creating uncertainty on a number of levels – people want to stay in London, but they’re concerned about their jobs and whether their companies will move away. 30% of those surveyed felt Brexit is a risk to their job security. While 68% believe their companies will stay in the UK, only 54% of individuals said they will definitely stay put versus 27% who are actually considering relocating. When it comes to relocation people chose Dublin, Paris and Amsterdam as the top three choices of European cities to move to. Additionally, regulation will take add to felt insecurity this year with MiFID II impacting 64% of people’s roles and GDPR 60%. Diversity in the workplace is considered important by 64% with 20% remaining neutral and 16% in disagreement, demonstrating there is still a lot of work to be done in both these areas.

     

    We’ve developed 5 key insights which summarise the in depth research:

     

     1. Job confidence pre-Brexit: A workforce in need of reassurance

    Industry and government need to act fast to gain the confidence of the sector as 30% are feeling insecure about Brexit and believe their jobs may be in jeopardy.

     

    2. Will London remain the financial centre of Europe? Best to leave the lights on post-Brexit

    The City is definitely open for business; our industry sector is loyal to London and a majority of workers want to stay here post Brexit.While 27% of respondents expressed they would move as a result of Brexit and 14% of felt strong about this, most people (54%) would not consider moving as a result of Brexit, whereas 68% believe their companies will remain in the UK.  There’s no clear leader in Europe to replace London when it comes to the most desirable places to relocate to and work from; Dublin was the top location (25%), followed by Paris (21%) and Amsterdam (19%).

     

    3. Regulation is a necessary inconvenience:

    Undoubtedly 2018 is a big year for the regulatory calendar and this is having an impact in the short and long term, so we expect temporary upheaval while MiFID II and GDPR are bedded into to working practices

     

    4. Gender Pay Gap – Unwelcome truths for some, seen as much needed by the majority:

    The implication for Gender Pay Gap Reporting is, it will continue to highlight industry inadequacies for some time; transparency and action should expedite change

     

    5. Diversity – More change afoot needed to accommodate a changing workforce:

    Diversity will need to be top of the agenda across the board to effect meaningful progression across the industry

     

    We hope you enjoy this latest report and find the insights valuable to yourselves as professionals, you can download your free copy here.



    Sign in to follow this  

    Share this  

    Member Feedback



    Recommended Comments

    There are no comments to display.

    Become a member to read more and join the discussion

    Members can read and contribute to discussions

    Apply

    Register now for free access.

    Create your account

    Sign in

    Already a member? Sign in here.

    Sign In Now

  • Our picks

    • With the decorations up, the last order date for Amazon nigh and most of us looking forward to at least a few days break, it’s always a good time to take stock of what’s been achieved over the last 12 months.
       
      For AlgoMe this has been another exciting year.
       
      January started in style with the launch of the AlgoMe Careers mobile app – giving professionals the opportunity to find their next career opportunity on the move.
       
      Then in July we released our Industry Pulse Report – a check on what the industry was thinking about key topics such as Brexit, Pay Gap Reporting, MiFiD II and GDPR. Unfortunately it seems that the uncertainty that the industry was feeling due to Brexit is unlikely to have receded in the intervening period, but it’s good to see progress starting to be made in other areas such as gender and diversity.
       
      In September we launched AlgoMe Community – a place for the Investment / Asset Management industry to come together, providing professionals with ways to grow their knowledge, profile and network. We’d like to say a big thank you to all of the members that have joined and contributed and look forward to continuing growth in 2019.
       
      In November AlgoMe joined the Investment Association, becoming a Fintech member and working closely with Velocity, the Association’s new Fintech accelerator. This is a really exciting initiative and we’re looking forward to doing more with Velocity in the near future.
       
      We also launched our Mentoring matching service in November – designed to help AlgoMe Community members connect with the best individuals within the community to help them to reach their career goals using a simple but intelligent process. If you haven’t already signed up to be a mentor or a mentee, please do spend 5 minutes now and tick off a New Year’s Resolution early.
       
      As we go into the end of the year, we have also launched our survey on Investment Management, Fintech and the future of careers. The impact of Fintech on the industry is going to accelerate rapidly in 2019, but what has been less well documented is the impact on individuals, their careers and the skills they’ll need to succeed in a more digitised environment. We really value the input of our community members, so please spend a couple of minutes filling out the survey and we’ll make sure you’re the first to hear the results early next year.
       
      From me and the AlgoMe team, I wish you all a very happy holiday season and look forward to another year of exciting announcements and change in 2019.
       
      Rob
       
        • Like
      • 0 replies
    • I have always struggled to see a fair reason why employers should be allowed to ask about a potential hire’s current remuneration, other than to give them an advantage in pay negotiations.
      It’s something which can only exacerbate existing pay inequalities and  it’s abolishment can surely only be a positive thing.
      Here the Guardian argues specifically about its impact with regards to the gender pay gap:
      https://www.theguardian.com/commentisfree/2018/aug/23/gender-pay-gap-current-salary-question
      I believe this has already been outlawed in some US states?
      @Jonathan Max - would be interesting to hear the view from HR. 
      • 10 replies
    • The Investment Association recently gave the industry a boost when it announced the launch of Velocity, its FinTech accelerator.  Designed to identify, develop and accelerate best in class firms with innovative solutions, Velocity will champion and facilitate the wider adoption of technology across the industry.
       
      And AlgoMe will be involved in this too, which is why I’m excited to announce we are now a member organisation of the Investment Association as an official FinTech member and have been named a "company to watch" by Velocity.
       
      Challenging Times
      The Investment Management industry faces major challenges and opportunities from forces such as digital technology, pressure on fees and increased regulation, while at the same time there are widespread changes in the workforce and their expectations.
       
      To date, Investment Management has both been fairly insulated from the challenges posed by agile FinTech competitors, but also distant from the opportunities offered by the new technologies and ways of thinking that such companies bring.
       
      Bringing FinTech closer
      Velocity is a fantastic step towards accelerating the adoption of FinTech. It has received support and endorsements from both inside and outside the industry, including from the Chancellor of the Exchequer, Phillip Hammond, who was enthusiastic about the initiative at a recent City event.
       
      To drive change and innovation, the industry needs to connect across different disciplines and areas of expertise, driving new ways of thinking and fostering cultural change.
       
      Without the benefit of emerging FinTechs and their external expertise, it will be hard for incumbents to harness the benefits of emerging technologies such as Straight Through deal Processing (STP), Distributed Ledger Technology (DLT), and Artificial Intelligence (AI) in areas such as risk and compliance, securities trading and investment decision making.
       
      Our Mission
      AlgoMe's mission is to connect the Investment Management industry and empower professionals to manage their careers. Our new product, AlgoMe Community, is placed to become the hub for the discussion between FinTechs and the companies and professionals in the wider Investment Management ecosystem.
       
      Join AlgoMe Community today
       
      AlgoMe Community - community.algome.com
        • Like
      • 0 replies
  • Related Content

    • Eva Keogan
      By Eva Keogan
      We all want to love our jobs but what if the environment you are working in doesn't love you back? That's something many women are facing daily. Sexism is such an old fashioned concept and it’s really time for it to go, but it still exists.  How can firms stamp it out when it seems to be ubiquitous?
       
      You may have spotted the headlines recently about the Lean In survey which found 60% of male managers are ‘uncomfortable participating in a common work activity with a woman, such as mentoring, working alone, or socialising together’. 
       
      The choice of wording used is a bad start as it immediately puts the man in the role of the victim, with him being the one made to feel ‘uncomfortable’. And the study finds even worse thinking. 
       
      Apparently, senior male professionals are less likely to fraternise with junior females than they are with junior males. This is underpinned by these startling statistics: 
       
      Men are 12x more likely to hesitate to have 1-on-1 meetings with women Men are 9x more likely to hesitate to travel together for work with women Men are 6x more likely to hesitate to have work dinners with women  
      And to top it off, 36% of men say they’ve avoided mentoring or socialising with a woman because they were nervous about how it would look.
       
      If we look at these figures from the other side it becomes even more alarming – women are 12x less likely to get a meeting with a senior manager. Women are 9x less likely to get go on business trips. Women are 6x less like to be invited to work dinners.
       
      Yet this doesn't seem to be a case of fixing one problem and causing another, as 57% of women still report that they’ve experienced some form of sexual harassment in the workplace. 
       
      So what exactly is going on here? It's surely enough to put many women off working in a corporate environment altogether. 

      Data and Facts

      While it’s always difficult to apply generic survey data to a particular industry – especially when it’s a sample size of 2000 and generated in the US – there’s no denying that these issues are global, and that sexism and sexual harassment are still rife in the City of London.
       
      In 2017, the FTfm Women in Asset Management Survey found 70% of women have been the subject of sexism. That’s pretty depressing.
       
      It’s really important for everyone to enjoy work – we work longer hours in the UK than our European counterparts and the City is no exception. But while on the one hand we have diversity drives, returnships and Gender Pay Gap reporting designed to give women and other groups support and reassurance through legislation and behaviour change campaigns, recent stories coming out of the City at large show types of misconduct such as sexism, exploitation and at the very least crass jokes, are by no means going away any time soon. 
       
      The Toxic City?

      News stories around sexism in the City aren't positive at the moment - here are just some which have made the news:
       
      James Conmy and his ‘glazed ring’ comment ended up with him being fired. The Bloomberg exposé The Old Daytime-Drinking, Sexual-Harassing Ways Are Thriving at Lloyd’s  which contributed to the banning of alcohol. Coutts is facing a significant pay out to a female employee of its ‘unspoken culture of sexism’.  In February 2019, the FCA met Nathalie Abildgaard, a former employee of IFM Investors, an Australian investment manager with an office on Gresham Street, to discuss her claim that a senior manager sexually harassed her on a work trip – she has settled out of court this April for a six figure sum.  
      With all of this on the table it’s quite easy to lose faith in change at all but we just can’t give up and go home if we want to see change. 

      Who is responsible?
       
      Organisations themselves are responsible for their own culture but they need more than a gentle nudge. Campaigns such as Women in Finance are pushing for the numbers of women in the industry to increase. 
       
      The Investment Association also has a role to play. It currently campaigns around Diversity & Inclusion as well and while it has written to FTSE 350 companies about diversity it has not been so vocal about sexism in the industry itself – but is this something it should champion or should it tackle broader issues?  The Diversity Project, the campaign set up to promote Diversity & Inclusion in the industry has a broad remit across the diversity spectrum and is a force for good overall but holds no power to enforce rules or regulation.
       
      All the above are working towards change but it is only when there is jeopardy, or high stakes, we will see any kind of radical reform or progress.
       
      Calling out to the FCA
       
      When it comes to any kind of enforcement, the FCA is the only organisation with real teeth and it has stated over the last few months sexual harassment falls within its remit, so perhaps we will start to see some tangible movement on the issue.
       
      Speaking at City and Financial's Women in Finance Summit 2019 this month, Nausicaa Delfas, executive director of international at the FCA, pointed to an increase in non-financial misconduct as a threat to the sector's diversity.
       
      "This type of serious misbehaviour is toxic to a working environment and can lead to bad outcomes for customers, staff, stakeholders and the firm. In our view, tolerance of this sort of misconduct would be a clear example of a driver of unhealthy culture. This area clearly requires management attention and a broader change in the firms’ mindset."
       
      Will this effect change?
       
      First and foremost, we’ve seen little change in the Gender Pay Gap reporting figures so should women expect much else to change? Yes of course women should. 
       
      According to Wealth Manager ‘The FCA has said firms need to demonstrate good practice in purpose, leadership, rewarding and managing people, and governance arrangements.'
       
      With SMCR coming into play in December 2019, company culture is being given increasing importance in the Investment Management sector, and the risk of high profile fines for senior management and directors from the regulator may encourage organisations to stamp out any form of misconduct – sexual or otherwise – more quickly than before.

      Let’s hope 2020 sees a step change in stamping out sexism and misconduct for once and for all and we can all enjoy our jobs, regardless of gender or identity.
    • Luuk Jacobs
      By Luuk Jacobs
      I remember growing up in a small city in the south of the Netherlands. Despite the international reputation of the Netherlands being open, diverse and a melting pot of cultures, my growing up was very much defined by white, Caucasian and countryside culture. Any other cultural aspects of life would come via the TV set with either Dutch programmes or majority soaps from the US or UK. All in all, you can hardly call this cultural diversity.
       
      It started to change when at 18 I went to university, although even that remained very much in the same setting but clearly diversity of thought started to be formed and the background of fellow students was very different from when I grew up. I was in the end the 1st in my family to go to university.
       
      The real significant step towards more cultural diversity came when one day a friend asked me to join for an introduction to AIESEC, a student organisation that was brokering traineeships abroad. By the end of the afternoon I had signed up and a week later filled out all the forms. Suddenly the realisation that I would go for 6 months to live in a country that would be English or German speaking; these were the language I had been exposed to in my study, I would definitely not say that I mastered them. What would this bring me, how would I adjust myself, my life that concentrated around family, sports and study would be turned upside down.
       
      Then the letter came (yes sorry no emails yet in those times) that I was matched to a traineeship in Freiburg in Germany. So, I better upgrade my language skills to survive.
       
      Many years later I know that this change in my life opened a door to me to be exposed to a multi-cultural diversity that I cherish today. I spent the 6 months traineeship in Germany, learned to speak the language fluently (drop me in the sea and I will swim), I got to know many new people that remain friends till today. I however also discovered the love of travelling and meeting new people, speak to them, getting to know new countries and their cultures and most importantly understanding cultural diversity and the beauty of it.
       
      I am very fortunate having built up friendships with literally people from all over the world. We might not see each other every year but luckily social media enables us to stay “in touch” and see what we are all up to. It all culminated in my big wedding day with friends from over 20 countries being present.
       
      Equally important it has given me great skills in my professional environment, listen to others, understanding their cultural diversity, tapping into it and making it an extra value in the solution we create for our client.
       
      Without having stepped out of my comfort zone in my early 20’s and embracing the opportunity to meet people from all walks of life, has, I like to believe, made me the person I am and has enriched my life with the cultural diversity I enjoy every day.
       
      Almost needless to say, the moral of this story is to go out there and discover the beauty of cultural diversity than can be as well just around you (especially in London) or in the many corners of this world.
    • AlgoMe
      By AlgoMe
      AlgoMe connects the Asset Managers, FinTechs, consultants and vendors that make up the Investment Management ecosystem and empowers professionals to develop their careers.
       
      AlgoMe Community brings professionals and companies together, letting members discuss topics facing the industry, expand their networks, and read thought provoking insights. These conversations help drive the collaboration and innovation which are reshaping the industry, and provide a platform for existing investment communities to connect with each other.
       
      AlgoMe aims to be the ‘go-to’ place for companies and professionals in Investment Management to find each other and the answers to the challenges the industry faces. Through the use of technology and algorithms, we are driving change in the way the sector communicates and are providing our community with cutting-edge tools to manage and develop their careers.
       
      AlgoMe is a proud FinTech member of the Investment Association.
    • Eva Keogan
      By Eva Keogan
      Direct quote from Investment Week: The number of firms in the UK reporting their Gender Pay Gap (GPG) figures by the deadline has fallen by more than a thousand, amid claims firms have restructured businesses or transferred staff to avoid being obliged to report, or have ditched reporting altogether under the perception they will not face repercussions.
       
      Is anyone working for a company which has done this? Is it time to name and shame as has been threatened before? Your thoughts are welcome.
       
      This is quite worrying to read and it's not just Investment Week which has reported on this but to down size companies so they are below the 250-person threshold for reporting is incredibly cynical. Has anyone found evidence of this? Also, using Brexit as a smokescreen is not going to wash next year.
       
       
      Gender pay gap reporting falls as asset managers unveil mixed results
      WWW.INVESTMENTWEEK.CO.UK More than 1,000 fewer firms reveal figures  
    • Colin Ng
      By Colin Ng
      Google for Startups will host a Pride celebration featuring a panel of entrepreneurs who have founded LGBTQ businesses. (Event organised by Google for Startups)
       
      http://seriesq.com/
Debug info for admin:
appcms
modulepages
controllerpage
topics/forum ID45
page ID
PHP user agentCCBot/2.0 (https://commoncrawl.org/faq/)
×

We use cookies to give you the best possible experience. If you continue, we’ll assume you are happy with this. For further information, see our Privacy Policy.