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, values and our framework for success in the attached Information for Candidates Pack

Job description

The Directorate

The Chief Economists Team (CET) is part of the Office of the Chief Executive, which is a group of cross cutting teams, also including our legal, communications, corporate governance, secretariat, investor relations and information governance teams that work with teams across the whole of Ofwat, with a diverse approach as to how they are integrated across the Directorate. The CET's goal is to ensure that the quality of Ofwat's economic analysis is the best it can be.

The Role

We are looking for two Principal Economists to join the Chief Economists Team. The CET reports directly to the Chief Executive of Ofwat and plays an important role across all areas of Ofwat's work. It leads on the economic input into a number of strategic work programmes, such as developing our future regulatory strategy, mergers and competition work, one-off research/analytical pieces as well as leading on our approach to impact assessments and evaluation. It also supports other teams across Ofwat, for example by scrutinising the decisions on price reviews, supporting teams focused on developing markets and supporting regulatory policy development across several areas such as the environment, customers and innovation.

The Principal Economist will have responsibility for leading on key areas of CET's work by providing rigorous economic thinking and advice to inform our policies and help Ofwat deliver its strategic objectives. We are looking for candidates with excellent analytical skills, significant experience in regulatory economics, and experience managing the design, development and delivery of economic projects.

Key deliverables

In this role you will be expected to:

• Lead on the delivery of economic and/or quantitative analysis projects.
• Provide economic advice on economic and/or quantitative issues across areas at Ofwat.
• Develop economic frameworks to assess policy options.
• Make recommendations to improve our regulatory approach.
• Assess the impact of our policies and interventions.
• Present economic analysis to colleagues internally and stakeholders externally.
• Draft reports and publications to a high standard.
• Manage and develop senior associate economists and graduate economists.

Person specification

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

Experience, skills and knowledge 

• Significant knowledge of microeconomics and regulatory economics [Lead Criterion]
• An undergraduate degree in economics or a discipline with significant economic content
• Excellent analytical skills including experience of identifying, analysing and accurately interpreting a range of data and insights to inform evidence-based decisions and solutions on complex problems.
• Excellent written and oral communication skills, including the ability to understand and concisely explain complex issues in non-technical language.
• Significant experience in applying economic analysis in economic regulation and/or competition policy and an understanding of the benefits they can deliver for customers.
• Experience of managing the design, development, and delivery of economic projects, including through leadership of multi-disciplinary teams
• Experience of building constructive working relationships and engaging with internal and external stakeholders.

Attributes 

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

Attributes as per Ofwat's Framework for Success for Principal Band. You can read more about Attributes here.

Benefits

Why You Should Join Us: 

We are forward-thinking, creative, innovative and ambitious. We actively encourage autonomy, collaboration and innovation and we have a unique culture fostered by trust, flexibility and respect.

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 £15,350 to 
  £25,400. 
• 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 4 Feb 2024
• Sifting: WC 5 Feb 2024
• Interview date(s): WC 12 Feb 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:

•    Significant knowledge of microeconomics and regulatory economics 

In your personal statement, please tell us how your skills and experience meet the following criteria, with examples if appropriate:

• Significant knowledge of microeconomics and regulatory economics. [Lead]
• Excellent analytical skills including experience of identifying, analysing and accurately interpreting a range of data and insights to inform evidence-based decisions and solutions on complex problems.

• Significant experience in applying economic analysis in economic regulation and/or competition policy and an understanding of the benefits they can deliver for customers.

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

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.

***Note that “near-miss” candidates (candidates who have performed well at interview stage but haven’t scored high enough for the advertised Principal band) may be considered (in merit order) for a Senior Associate Economist Post – a band lower than Principal. Further details will be provided to candidates as needed.

Please read the attached "Candidate Information 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.