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Banks are still hiring for selected roles, consultant and headhunter Matthias Schulthess told finews.asia, but the methods and means have changed dramatically.

Matthias Schulthess, I guess it’s safe to assume that asset and wealth managers have generally stopped hiring because of the coronavirus crisis?

Actually, hiring is not entirely at a standstill. While a global pandemic isn’t broadly helpful for consulting-type businesses like ours, we’re still seeing search mandates being launched. It may even be as a bid to demonstrate business continuity despite the crisis.

Who’s being headhunted right now?

It’s like Eisenhower’s urgent and important principle in crises: searches that have a strategic dimension and are of critical relevance are still going to occur.

What changes are you seeing in terms of hiring and recruiting due to the coronavirus?

We’re definitely seeing more clarity in decision-making in general. As with any crisis, the pandemic is bringing leaders to the surface that we perhaps wouldn’t have seen as clearly without it.

«Who is rising to the challenge in tough times?»

It’s interesting to observe, especially in terms of long-term succession planning, who is rising to the challenge in difficult circumstances.

Private banking is a decidedly «people» business. How are you recruiting if you can’t meet people in person?

I was recently part of a new hire conducted entirely on video-conferencing by three global hiring managers across Asia, the U.S., and Europe – from the first contact to signing the employment contract.

«More fact-based, less imagery and unconscious bias»

We’re all learning how to virtually simulate the chemistry and comfort level you develop with someone when you meet in person. The pandemic but also climate change raises the question of building rapport based on virtual encounters.

A paradox in headhunting?

There are also advantages: the imagery partly falls away, the process in some cases might be more fact-based, and less prone to unconscious bias, favorable sentiment, or shared backgrounds. We need to be able to deliver results equally in hiring processes.