Are Things Getting Better?

As recruiter it is difficult to view the experience we see on CV’s presented and know that the markets do not have many open positions for them at this moment. We would like to think that an increasing number will see more opportunities in the year ahead.

Summer time is traditionally a quiet period in recruitment for permanent positions within Financial Services. The months of September to the mid December have in the past tended to be significant hiring months but it is far too early to say if this will see any improvement on the last two years.

One thing we can say is that the Financial Services markets are in a more confident state then they were in late 2008. This time last year we had a run of news that would have suggested that the world was coming to an end. On the International side we say the demise of Lehman Brothers and the rescue of many firms and nationally there were endless rumours surrounding the banks and their future.

In 12 months we have seen the numbers of those out of work grow. Many people have seen their salaries reduced and others have had to accept fewer working hours in the week. We have also seen the return of emigration. We are not just talking those who returned home but the many foreign nationals who saw Ireland as a land of opportunity. Within our own business we have seen a marked increase in candidates asking about links we may have with firms based outside Ireland.

The reason there is an increase in confidence is that the rate of redundancies appears to be reducing and the firms most at risk and vulnerable seem to have had to take the medicine to survive. This to be honest appears to be related to the private sector as the cod liver oil is on the way for the public sector.

When people have confidence in both their job and the markets it has a knock on effect. The one we see in recruitment is that people start thinking that with the markets better the risk in moving jobs is not as great as it was and they therefore start enquiring about new opportunities. People sit in jobs longer in a negative market thus slowing down their own personal development. Career minded people will only allow themselves so much time in certain roles before they get frustrated and start looking for a new challenge.

Companies who have in the past cut back on staff now say that the loss of people within their teams has a big impact. Therefore they are more incline to hire now in order to maintain standards within their own business.

Is it all over and firms are going to start hiring tomorrow again in big numbers, I do not think so. We hear some economists talking about a double-dip and what that would cause to a fragile economy like Irelands. One thing I can say is that 12 months on, things are a bit better and I have seen from experience within recruitment that markets do come back over time and even pass the levels they peaked before the dip. It will take a lot longer this time but it will happen.

People need to remain positive and active in their search for a new job. Keep talking to your recruiters, watch the jobs boards each day, maintain contact with old colleagues and keep an eye on the press.