Finally……..The first green shoots of recovery

The number of interviews arranged by our
consultants has increased by 600% in the past two months.

For those of you working in the Financial Services industry over the past couple of years, you cannot have failed to see the effect that the banking crisis had on our markets. Almost every company has been forced to restructure as consumer confidence collapsed and sales fell. 
Many lost their jobs and in most cases had to
compromise on salary if they were lucky enough to secure another position, while those lucky enough to have remained in jobs saw bonuses fall significantly.

As a white collar recession, the more senior people have found it hardest to secure a new role. Many highly
successful individuals have simply chosen to take a break until the market recovers. This has been a sensible move for some whose hard work & long hours has meant they have seen little of their families in recent years and they welcome the chance to re-acquaint themselves with their loved ones while living off a large redundancy payment.

Over the past two months we have started to see recruitment freezes lifted and companies have started to tentatively recruit once more. We still have a way to go but these are the first positive signs we have seen in over 12 months.

Like all recessions the rebuilding will start at the bottom.

Companies will first hire people who can generate cash most quickly and that means sales people at the coalface. In the case of Paul Harper Search & Selection, we have done this by hiring Simon (see article elsewhere in this newsletter).  This is a great opportunity for those with strong relationships to realise their value. However, many others need to be flexible and work out what they can bring to the party and how they can demonstrate this to a potential employer seeking quick payback on any new appointments.

This is not a market where many senior roles will be advertised. Instead, suitable candidates will be “sounded out” for positions. In many cases, roles will not be formally authorised until the right candidate has been identified. Many clients see the current market as a great opportunity to replace weaker members of staff with stronger ones.
However, specialist skills can still be hard to come by. As employers raise their expectations, many are finding that high numbers of available candidates does not necessarily mean there are high numbers of the right candidates available on demand. Many companies are now prepared to wait several months for the right candidates and this is where we come in.  With a specific brief and an agreed target market we can quickly and efficiently achieve the apparently impossible - identifying & securing the services of the perfect candidate.

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