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Getting the right solutions to address pension fund recruitment has, in our view, never been more nuanced and challenging than it is today. With the outsourced market under increasing strain, many pension funds are facing talent shortages, skills gaps, and retention struggles.
As a specialist pensions recruiter, we’ve seen first-hand the unique dynamics of in-house pensions recruitment and the key trends shaping the industry.
Understanding the latest workforce trends is crucial for effective talent acquisition. Here are some insights into the UK pensions recruitment landscape:
9% of pension managers moved roles last year and are deemed by LinkedIn to fall into the most competitive category to attract.
14% of pension administrators were recruited to join a different employer last year and again fall into the most competitive category to recruit.
12% of pensions actuaries were also on the move in 2024 and you've got it, fall into the most competitive category to attract.
So what does this tell us?
From a high level, it shows pensions recruitment is a competitive as ever. We are also able to break down these statistics by firm (just in case you are interested to know which consultancies are growing and which are shrinking - yes, there are two clear differences).
When we match the data to our experience as a specialist pensions recruiter who offers a wide range of solution from exec search, team builds, permanent hiring and interim or contractor solutions, we know this type of market offers pension funds the opportunity to stand out from the crowd when it comes to talent acquisition.
Our approach is simple but effective:
This is a world away from the transactional, “bums on seats” model often associated with pensions recruitment agencies (which is a tale we hear all to often at the PLSA or PASA conferences).
Instead, we bring industry expertise, insight, and a human touch to ensure pension fund recruitment is an enjoyable and successful endeavour for all involved.
6. Conclusion
We are not suggesting there is a one-size-fits-all solution. Pensions consultancies have delivered numerous successful projects over the years, and there is merit and logic in the consultancy providing an ‘all-in-one’ solution.
The challenge around demand for this talent pool, the costs associated with engaging them, and ensuring your scheme gets the attention it needs when it needs it, still remains.
Hiring contractors for project work such as data cleansing offers a cost-effective, flexible, and highly specialised alternative to the well documented challenges in pension fund recruitment.
Here is how we approach it at Zatori and for a case study on how we helped the Royal Mail with a recent project, take a look
here.
In the evolving landscape of UK pension schemes, embracing this approach can lead to significant operational and financial benefits.
Martin has been advising businesses in talent acquisition and retention for over a decade. Discuss how you he can help you elevate your strategy, book a call or contact him at martin.wigfield@zatori-consulting.co.uk
Phone: 0113 467 5599
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