Luke Almond, Specialist Energy & Commodities consultant,shares his thoughts on the market including, current trends, factors affecting hiring and retention, in-demand roles and skills, and what businesses and professionals need to look out for in 2024.
What specific trends have you seen in your market?
Over the past 12 months the markets have been volatile as ever, with unsettled supply chains and a volatile geo-political climate. Oil and gas supply has been increasingly challenging which has led to increased pressure on businesses to diversify and hit their NetZero targets.
Added to this, price inflation has led to increased issues with storage and has required organisations to have more diverse approaches to combat the issues.
What factors have affected talent attraction and retention in the past 12 months?
Due to the scarcity of talent and strong trading performance for the most part across the industry, organisations have had to remain highly competitive especially regarding salary and career progression.
There has been an increased interest in professionals relocating so businesses who can support internal moves or support with relocation packages have fared well.
An increase in passive professionals considering their options has seen organisations have to adopt less formal initial interviews throughout their processes.
Unless hiring in tech/IT there is positivity around flexible back to office schemes. More of an emphasis is on work life balance. Clients who have adopted a rigid five days per week in the office structure have struggled to hire, due to the variety of opportunities in the market.
As always, the organisations with a slick hiring process and those quick to make decisions are the ones who are able to hire top talent quickly.
Which roles are most likely to be in demand in 2024 and why?
Data savvy trading professionals will continue to be in demand, due to focus on data driven decision making and technical ability.
As the industry evolves, expertise in renewable energy and sustainability is increasingly sought after.
As regulation around the industry increases, risk professionals continue to be at the forefront, as do professionals from highly regulated industries across Financial Services.
What skills are in-demand for professionals wanting to work in this market?
The ability to develop global relationships will continue to be key, as organisations increasingly diversify and expand their coverage into new territories.
An awareness of cyber security and how this is affecting the industry will be essential, especially since this sector proves to be one of the most targeted for cyber-attacks.
Highly skilled technical professionals will continue to be a focus but in the same vein it is about continuing to develop opportunities that compete with the wider Financial Services, technology and insurance markets, as it is increasingly competitive for early-stage career entrants.
Looking to 2024, what do clients and professionals need to be aware of?
There will be an increase in Artificial Intelligence and analytics, specifically around market analysis to produce more in-depth forecasts and improved accuracy in modelling and optimisation strategies.
The demand for oil will realistically grow in the short term, although we expect to see a dip in years to come due to the growth of renewable energy. We will see clients with diverse offerings and those focused on renewable energy gain access to wider talent pools.
About Luke
Luke has spent the last nine years recruiting for Risk and Finance professionals across the Financial Services and Energy specialisms in Europe and the US. Luke leads the Energy and Commodities division at IDEX, assisting clients on hires across Middle and Front Office in Europe and the US. He typically supports clients with quantitative focused roles whether that be in a Front Office trading environment or Middle Office. He has a track record in placing professionals who will help clients make better, analytically driven decisions, whilst providing an exceptional consultative service.
For advice on the Energy & Commodities market, support with your hiring strategy or guidance on finding a new role, contact Luke.
