Recruitment process for the Chief Economist role

Freedom of Information rules mean that, as a public authority, the Bank of England is obliged to disclose certain types of information, both proactively and on request.

Date: 12 October 2021

Disclosure:

The Bank of England (the ‘Bank’) engaged an executive search firm, Audeliss, to support the recruitment process for the role of Chief Economist. Audeliss’ primary focus when reviewing applications was to identify candidates who could demonstrate the key skills required for the role which included:

  • independence of judgment and accountability;
  • proven leadership ability, noting that management responsibilities would include:
    • building an inclusive and empowering culture and developing a diverse and talented team;
    • thought leadership of the areas;
    • setting the areas’ strategy and ensuring a clear vision for staff;
    • budgeting and prioritisation.
  • outward looking and agile;
  • analytical excellence and deep knowledge of macroeconomic issues and monetary policy;
  • excellent interpersonal and stakeholder management skills; and
  • excellent communication skills.

In addition to engaging Audeliss to support the recruitment process, the Bank advertised the role on its website and LinkedIn and also reached out to external networks to share the job advert, for example, the Royal Economic Society Women’s Committee network.

Of the 96 candidates that applied for the role, Audeliss put forward 9 candidates. The Bank only holds the diversity breakdown declared by the shortlisted candidates. Please see the below table for the diversity breakdown for the 9 shortlisted candidates. No shortlisted candidates disclosed that they identified as LGBT+.

Gender

Ethnic minorities

Shortlisted candidates

5 women, 4 men

1

The Bank paid Audeliss £43,000 (excluding VAT) to help coordinate the recruitment process. Further information on the recruitment process for the role of Chief Economist.

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