A major reshaping of resourcing and recruitment activity is underway at ICAP, a leading interdealer broker and provider of post trade risk and information services.

At the helm of the reshaping in the EMEA market is Gary North (pictured left), ICAP’s head of resourcing, London & EMEA, who joined the firm five months ago. ICAP employs more than 5,000 people in 32 centres worldwide.

“We’re currently looking to understand the make-up of our workforce and the mechanics of how we’re employing people with consideration to re-negotiation of non-permanent employee terms to the benefit of the worker and ICAP,” North told Recruiter.

Putting in place a preferred supplier list (PSL), based on the preferences of ICAP hiring managers, is another facet of the effort, which North emphasises is still in its early stages. ICAP was using around 200 agencies to fill vacancies. The company is now working with about 50, and North said he expected the number to reduce further as the business moves closer to a direct sourcing recruitment model.

However, North said ICAP would continue to work with agencies, and that he was keen to foster a working environment of  “controlled access” in which hiring managers and agency representatives were in contact to discuss vacancies and market information. “The business wants and needs to be connected with the external market,” North said. 

“If you sever that tie, they’ll find a way to work around it. It’s far easier for everyone if you manage it, then you don’t have to police it. I will be the gatekeeper, and we will control sign-off.”

The entire reshaping of how ICAP resources and recruits will take four to five years, North added.