The big banks are worried. Worried that the people they’re trying to frog-march back into the office might take their talents elsewhere.
The private equity firms? Less so.
“We’re not seeing people leaving the industry,” said Mr. Goldstein, who specializes in recruiting investment and operations professionals. “The ‘Great Resignation’ is not applicable to private equity.”
That’s not just because private equity has proven a bit more flexible than Wall Street when it comes to flexible working arrangements. It’s also because, whatever adorable little raises the big banks are offering, p.e. is blowing out of the water.
[Executive search company founder Sasha] Jensen estimates that compensation, including cash bonuses, rose about 40% industrywide last year for the private-fund marketing and fundraising professionals she specializes in recruiting…. Ms. Jensen said that starting around the middle of last year, she was “stunned” by the “extraordinary shift” in pay practices that emerged in the industry. To lure top candidates, firms have started offering perks that include buying out a candidate’s accrued carried interest from their current job, or even doubling it, and offering multiyear guaranteed cash payments—a practice unheard of previously, she said.