HC Talent Intelligence: Commodities Trading Talent in 2026

Each month, HC Group's Talent Intelligence team brings you an expert view of the human capital landscape in commodity trading. Drawing on HC Group's unique position as global search specialists in the energy and commodities markets, we will decode the trends shaping talent strategies across the industry.

As 2026 gets underway, the direction of travel across commodities talent markets is already visible. Not through sudden shocks or dramatic inflexion points, but through a steady build-up of consistent signals across hiring behaviour, compensation structures, skills demand and organisational design.

After several years of rapid adjustment, firms are now operating with greater intent. Hiring decisions are more selective. Compensation is being applied more deliberately. Capability builds are increasingly tied to long-term operating models rather than short-term opportunities.

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Signal 1: How and Why Talent Moves

As the flow diagram above shows, senior talent movement entering 2026 is motivated by compensation, yet crucially it's no longer the dominant driver, as moves are increasingly anchored in platform quality, asset-backed exposure, scope expansion, and succession opportunity.

Trading houses, asset-backed trading platforms, producers and integrated majors all continue to attract talent, but for different reasons. Asset depth and balance sheet exposure are pulling talent toward asset-backed traders and producers. Integrated majors and trading houses benefit from clarity of mandate, scale and long-term organisational stability. Hedge funds remain part of the ecosystem, but compensation alone is rarely sufficient to drive sustained movement.

Signal 2: How Firms are Deploying Compensation

Compensation flexibility is being targeted, not removed. Rather than broad-based pay inflation, 2026 compensation strategies show clear prioritisation. Flexibility is being reserved for roles that are scarce, difficult to replace, or tightly linked to performance and risk outcomes.

As the bar chart above illustrates, firms are most willing to flex compensation structures for:

• Scarce and revenue-critical roles
• Risk, structuring and analytics capability

Core trading delivery roles continue to be well benchmarked and competitive, but with less bespoke structuring. Operational and scalable support functions sit within more standardised frameworks, reflecting deeper talent pools and stronger cost discipline.

Importantly, this signals precision. Compensation is being used as a strategic tool. Across the market, firms are increasingly aligned on one point: the wrong hire is more expensive than no hire. Firms are stretching where scarcity and replacement risk are highest, and holding discipline elsewhere.

Signal 3: The Shifting Capabilities Firms Are Building

This third signal is the most structural. Our research shows that many commodities organisations are being rebuilt around an evolving capability mix.

The radar chart above shows a clear shift from the 2024 profile toward a more well rounded 2026 capability focus. Core trading remains central, but it is increasingly reinforced by stronger risk, portfolio management, and analytics capability. Quantitative, data and systems skills have moved from specialist to structural, reflecting their growing role in decision-making and execution.

At the same time, asset-backed and physical exposure remains critical, particularly in energy, gas, power, metals and transition-linked markets, while regulatory and sustainability expertise continues to rise in importance.

By contrast, logistics, shipping and execution operations, which expanded rapidly in response to earlier dislocation, are now playing a more stabilised and optimised role.

For firms, success in 2026 will depend on understanding where talent is moving, where compensation flexibility is truly required, and which capabilities are central to long-term performance. For individuals, it will increasingly reward alignment with platforms that offer scale, clarity and durability.