Banking sector plays tug of war for top talent
As leading investment institutions waver or even fall, others are revelling in their demise. But not always with great success.
Much of the cost cutting instigated earlier in 2008 continues, meaning that redundancies and headcount restrictions are still rife. Despite the latter, canny investment banks are taking the opportunity to recruit high calibre staff they wouldn’t necessarily have had access to in more competitive years.
Following the fall of Lehmans there has been an influx of job seekers onto the market, despite a significant proportion of their workforce transferring to Nomura. Continuing redundancies across operations will add to this already candidate-heavy market. Recruiters with a large social network are putting their interpersonal skills into full swing, as well as leaning on gossip from their recruitment partners, to attract top candidates on the cusp of availability.
Firms are struggling even now to bring on board the talent they need
At first glance the influx of candidates has given a much greater choice to line managers still able to recruit. But some firms are struggling even now, to bring on board the talent they need to support leaner, more pressurised teams.
Wise to the importance of retention in a downturn, employers are working hard to create retention strategies that will secure their top people long-term. Monetary incentives are less available and Badenoch & Clark’s recent workplace study, ‘A Longer Term View: Looking beyond the current crisis‘, highlights that financial brawn is finally failing to retain banking professionals. Instead employers are appealing to even more potent candidate drivers - work balance and career prospects, to hang on to their very best people. Organisations careful to recruit only the best performers for their vacancies, are faced with a laborious recruitment process at worst and a tug of war at best.
For those looking to recruit, be prepared to move quickly for top talent and remember that security and progression will hold more sway than remuneration in the current climate. Market conditions offer a distinct opportunity to recruit professionals with potential for the future as well as immediate crucial hires.
Despite heightened uncertainty there remain good job opportunities for skilled professionals. With investment banks generally recruiting for critical hires only, the opportunity to make a difference and climb the corporate ladder is more real than ever.
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