About the job

Job summary

We’re Ofwat, the Water Services Regulation Authority —a non-ministerial government department responsible for regulating the water sector in England and Wales. 

As the economic regulator of water and wastewater companies in England and Wales, our role is to enable, incentivise and hold companies to account for providing the very best for customers, communities and the environment now and in the future. We also oversee the markets in the water sector to ensure they’re working for customers. 

We are at the source of everyday life. Our work is high-profile and fast-moving, within a dynamic and agile environment. The work that you’ll be involved in every day will help us to deliver our strategy, to make us the regulator we want to be and help the sector to deliver for customers and society. 

You can find out more about why you should join Ofwat, our strategy, our values and our Framework for Success in the attached Candidate Pack.

Job description

We are looking for Principal Economist to join our Business Retail Market team. The team has a multi-faceted programme of work aimed at improving the Business Retail Market so that it delivers better outcomes for customers, society and the environment.

Now is a particularly exciting time to join the team as we are at an important juncture in the development of the market – we have recently established revised industry governance arrangements through the creation of a Strategic Panel and Code Change Committee. Work is underway to reform the market's incentive framework and revised retail price caps for the Business Retail Market recently came into force.

As a Principal Economist, you will lead and support a number of strategically important workstreams. These are likely to include leading Ofwat's role in designing new incentive mechanisms for water companies and retailers, analysing and understanding market evolution and the development of competitive dynamics, and preparing the analytical and informational basis for the next review of retail price caps.  

Key deliverables

In this role you will be expected to:

• Lead analytical and policy development work to deliver, among other things, ongoing understanding of retail market developments and competitive dynamics, revised incentive mechanisms in the business retail market, and work underpinning revision of retail price caps.
• Lead or contribute to the development of policy and process to support delivery by the Business Retail team and working across Ofwat as appropriate. This may include, for example, economic and analytical support concerning our work on financial resilience, non-price protections, and supplier of last resort arrangements.
• Contribute to the delivery of the portfolio of code modification decisions and/or policy projects. This may include managing processes and team members with a view to ensuring Ofwat decisions on Code modifications are made and presented in a robust manner
• Provide visible leadership and guidance to members of the Business Retail team. You will be expected to support, empower and be a role model for junior members of the team, to help them develop skills and experience and to continue to support all members’ professional development. As a leader in Ofwat, you will also role model our values and ways of working and be an active contributor to the corporate activities that make Ofwat a great place to work.
• Act as a People Leader and/or Project Manager, taking on budget management responsibilities and, where appropriate, people management responsibilities in line with Ofwat’s Governance Framework.
• Create and champion an inclusive working environment that supports growth, well-being and continuous improvement in our delivery.
• Strongly contribute to Ofwat’s wider leadership, by engaging, contributing and supporting our work to make Ofwat a great place to work.

Person specification

To be successful in this role you will need the below essential attributes, experience, skills and knowledge. 

Experience, skills and knowledge 

• Degree level qualification in economics and/or a discipline with significant economic content.
• Lead Criterion: Knowledge and experience of microeconomic analysis and/or markets, competition and regulation, and the benefits they can deliver for customers. This includes the identification and application of relevant economic, legal and policy frameworks and requirements.
• Outstanding analytical and problem-solving skills, including experience of identifying, analysing and accurately interpreting a range of data and insights to inform evidence-based decisions and solutions for complex problems.
• Experience of formulating, presenting, and writing clear and concise evidence-based advice to inform policy making, decision building and recommendations, for a range of audiences and to encourage and respond to constructive challenge to build confidence in decision-making.
• Ability to effectively plan, prioritise and deliver large projects and programmes of work both directly and by managing multi-disciplinary teams, and where necessary external advisors/consultants.
• Experience of building and maintaining constructive working relationships with a diverse set of internal and external stakeholders to understand their needs, expectations, and priorities, and to influence and collaborate effectively to deliver desired outcomes.

Attributes 

• Delivers outcomes
• Creates clarity
• Makes relationships count
• Adaptable Thinker

Attributes as per Ofwat’s Framework for Success for Principal Grade. You can read more about attributes here.

Benefits

Why You Should Join Us: 

We are forward-thinking, creative, innovative and ambitious. We constantly push the boundaries and embrace new ways of working. We know our people do their best work when given freedom over where, when, and how they work. Which is why we trust them to do exactly that. 

With us, your work matters, your voice is heard, and your impact is felt. Ours is a culture of trust, flexibility, autonomy, collaboration, and innovation.  We all want positive change for water customers, the environment, and the future of water. 

You will also benefit from:

• Excellent employer pension contributions, for this role ranging from £15,353 to £18,135. 
• 27.5 days leave (25 days annual leave + 2.5 days privilege leave) increasing to max 32.5 days with each year of service), plus bank holidays
• Access to exclusive discounts on a variety of goods and services, including retail 
  outlets, theatre tickets, holidays, insurance, and a gym membership.
• Flexible working arrangements that suit your lifestyle.
• Fees paid for membership of relevant professional bodies.
• Up to 3 volunteering days per year.
• Generous shared parental leave and pay.
• Enhanced sick pay.
• Regular development opportunities.
• Health and wellbeing initiatives.
• Season ticket loan for home-to-office travel.
• Cycle-to-work scheme.

Things you need to know

Selection process details

How to apply

Apply through the Civil Service Jobs website where you’ll be asked to create an account and complete an application form (CV and personal statement). If you’re unable to make an electronic application, please contact recruitment@ofwat.gov.uk and we will support you in completing your application.

Please ensure you have submitted your application in full ahead of the deadline listed below. Unfortunately, we won't be able to consider late applications.

Selection timetable

• Closing date: 23.55 on 11 February 2024
• Sifting: week commencing 12 February 2024
• Interview date(s): week commencing 19 February 2024

Assessment process

Sift Stage

At sift stage we assess your application against key essential skills, experience, and knowledge, listed in the professional requirements section above. 

In your application, please state clearly how your skills, experience, and knowledge meet the essential criteria.

In the event of receiving a large number of applications, a pre-sift may take place on just the following lead criterion:

• Knowledge and experience of microeconomic analysis and/or markets, competition and regulation, and the benefits they can deliver for customers. This includes the identification and application of relevant economic, legal and policy frameworks and requirements.

In your personal statement, please tell us how your skills and experience meet the lead criterion, with examples if appropriate. 

You may find the STAR method useful in structuring your personal statement. 

**Please note, candidates interested in this role might also be interested in our Principal Economist role in our Chief Economists Team. If interested, please review the role here. **

Interview Stage

We will assess your Experience, Skills and Knowledge as well as Attributes (set out in the professional requirements section) at Interview Stage.

You can read more about Attributes in Ofwat’s Framework for Success.

As part of the interview process, we may require a short presentation. Further details will be provided to shortlisted candidates upon invitation to interview.

Please note that the interviews will be conducted via video conferencing software such as Microsoft Teams.

If you have any queries about any aspect of this role, selection process, or you require any reasonable adjustments please email recruitment@ofwat.gov.uk.

Please read the attached Candidate Pack for details on terms and conditions.

Feedback will only be provided if you attend an interview or assessment.

Security

Successful candidates must undergo a criminal record check. People working with government assets must complete baseline personnel security standard (opens in new window) checks.

Nationality requirements

This job is broadly open to the following groups:

• UK nationals
• nationals of the Republic of Ireland
• nationals of Commonwealth countries who have the right to work in the UK
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities with settled or pre-settled status under the European Union Settlement Scheme (EUSS) (opens in a new window)
• nationals of the EU, Switzerland, Norway, Iceland or Liechtenstein and family members of those nationalities who have made a valid application for settled or pre-settled status under the European Union Settlement Scheme (EUSS)
• individuals with limited leave to remain or indefinite leave to remain who were eligible to apply for EUSS on or before 31 December 2020
• Turkish nationals, and certain family members of Turkish nationals, who have accrued the right to work in the Civil Service

Further information on nationality requirements (opens in a new window)

Working for the Civil Service

The Civil Service Code (opens in a new window) sets out the standards of behaviour expected of civil servants.

We recruit by merit on the basis of fair and open competition, as outlined in the Civil Service Commission's recruitment principles (opens in a new window). The Civil Service embraces diversity and promotes equal opportunities. As such, we run a Disability Confident Scheme (DCS) for candidates with disabilities who meet the minimum selection criteria. The Civil Service also offers a Redeployment Interview Scheme to civil servants who are at risk of redundancy, and who meet the minimum requirements for the advertised vacancy.