Behind the Desk: Financial Services Transformation

Welcome to “Behind the Desk”, a JSS Series highlighting our consultants' specific expertise and their on-the-ground experience in guiding businesses and professionals through the intricacies of their market.

In this edition, we feature Mark Heagney , who leads the Financial Services function at JSS Transform. Explore how Mark provides valuable insights into this sector, offering strategic advice to clients and candidates. Discover his perspectives on the future of the sector, emerging trends, and how businesses can utilise the market to stay ahead.

Meet Mark: Leading Insurance Change at JSS Transform?

I’m an Associate Director at JSS Transform, where I established and continue to lead the financial services practice, with a key personal focus on building transformation and technology teams within the Insurance market. My career began in the legal sector before transitioning to recruitment and specialising in the insurance market. I spent 7 years initially at a FTSE 250 listed agency before moving to JSS, where I’ve been for the past 5 years.??

What type of businesses do you typically support?

I support businesses undergoing significant transformations – whether they’re implementing new systems, implementing new Target Operating Models, undergoing M&A / Divestments or adapting to new regulations. ?My role involves building out the transformation teams on an interim or permanent level to ensure they can manage and deliver their programme portfolios.?

The companies I partner with range from start-ups and ambitious mid-sized companies to global corporates. Many of my clients are private equity-backed and growing quickly through acquisitions.

Clients engage with my team for a variety of solutions, including senior placements for CIOs, COOs, and Heads of Change, as well as change delivery roles for Project Managers and Business Analysts. Many clients are transforming their technology functions, so we support them with building out the various pillars, including applications, infrastructure, and data.??

Navigating Transformation in Financial Services

How has the transformation industry evolved over the past year?

The market has remained steady but driven by a few key trends. We’ve seen a surge in private equity backed acquisitions, leading to a lot of integration work as companies merge and consolidate. Digitalisation has been another significant factor, with many businesses investing in new systems to keep up with market demands and improve automation. This push toward modernisation has kept the industry busy, as most strive to stay competitive.

Are there any emerging trends you think businesses and candidates should be aware of?

One trend I’ve noticed is the increasing need for specialisation from clients. This could be from a technical perspective, like having experience with a specific system, or from an industry standpoint. For example, having prior industry experience within the Insurance sector is highly beneficial.???

Interim and permanent remuneration has increased significantly since the lockdown though both have started to steady. I’d advise any hiring manager to engage with a trusted contact to review market salaries/day rates to make sure they’re paying enough to stay competitive but also to make sure they’re not paying too much.

Regarding interim roles, most clients now assess roles on a case-by-case basis and often employ third-party assessors. It’s mostly only the global corporate companies that have blanket inside IR35 approaches.?

Talent Strategies in Business Transformation

How do you tailor your approach to find the best match for everyone??

When I take a brief from a client, I make sure to get a concise understanding of what they need, both through what they tell me they want and through understanding what their challenges are, their unique working culture, and what needs to be delivered.???

When engaging with the candidate market, we make sure to stay closely aligned with the client's needs, ensuring that the candidates have the required experience and personality for our client.

We also stay in close contact with our clients because transformation needs can shift quickly. We can adjust our approach and update our shortlists as needed, keeping everyone aligned throughout the process. This is also helped by the network I’ve built over the last 13 years, which means I know many of those available on the market and quickly turn around on requirements.?

How do you stay updated on market trends?

I stay updated by reading industry press, which keeps me informed about private equity investment, upcoming acquisitions, and changing regulations. I also actively engage with professionals on the ground, speaking with key industry contacts to gain firsthand insights into the latest trends and developments. This enables me to provide my clients with up-to-date knowledge that reflects real-world conditions. My goal is to make sure we bring added value to every client interaction with real-time intelligence from the field.

Looking Ahead: The Future of Insurance Transformation

?What is the outlook for insurance transformation over the next 6-months?

The market appears steady and will likely remain that way. ?The Insurance sector in particular is undergoing a lot of change with companies modernising through using data, digitalisation and ?organisational redesign. ?

?Again, it’s becoming increasingly clear is that companies are placing a higher value on specialised knowledge – whether in specific industries or systems. As businesses continue to navigate market and economic changes, those with a deep expertise in their field are going to be well-positioned for success.?

What advice would you offer businesses and transformation professionals over the next year?

For businesses, I would advise prioritising company culture, even for contracted positions. Having strong onboarding processes and ensuring consistent support can make a big difference to retaining staff and contractors. Also, finding a balance between permanent and contract resources will always be important. This flexibility allows companies to adapt quickly to changing needs, while having a core permanent team.??

Additionally, it’s important that companies remain competitive with their compensation. With so many opportunities and changes happening, offering competitive packages will help businesses attract and retain the talent with the experience needed for successful delivery.?

For candidates, my advice is to keep developing. With new technologies and evolving markets, continuous professional development will open up new opportunities and give you a competitive edge over your peers.?When seeking a new role, make sure to keep networking through industry events or through contacts like myself.??

?For more insights into insurance transformation and to explore how we can support your professional or business growth, connect with Mark on LinkedIn or reach out via email at [email protected].