Joslin Rowe reveals time taken to hire shifts dramatically post-Lehman
on: April 29, 2009, 3:16 am
Author: Joslin Rowe
Rowe, the financial services recruitment specialist, has revealed
in its latest salary review that the average time taken to find
a new job within the financial services sector has increased by
as much as 33 days since the demise of Lehman signalled the full
impact of the credit crunch. This comes despite falling notice
periods as a consequence of redundancies.
new survey by Joslin Rowe analysed financial services recruitment
times both pre-Lehman (Mar08-Sept08), and post-Lehman (Sept08-Mar09)
as well as notice periods in the financial services sector within
this time frame. The research, which formed part of Joslin Rowe's
survey for financial services jobs, shows that companies have
increased the length of recruitment processes including CV assessment,
the number of interview rounds and the final decision time required,
in a bid to cherry pick the very best candidates available on
the market. A recruitment process that used to take, on average,
3 weeks in 2008 is now taking at least twice as long.
Ricks, managing director of Joslin
Rowe, explained that in addition to a larger than usual number
of redundant candidates on the market who are immediately available,
"City employers are also being incredibly flexible when members
of staff choose to resign. It's rare that 3 month notice periods
are enforced now and even those on 4 weeks are often allowed to
depart a week or so earlier. Within some departments it's clearly
a relief to move employees on and ease the pressure of salaries
on the bottom line."
continued: "That said, in some disciplines there's an opposite
force at work. Compliance, risk and finance
jobs are vital to ensure post-credit crunch stability and
control - so it's no surprise that time to hire has been least
affected within these disciplines nor that financial services
employers are keen to hang on to these members of staff for as
much of their notice period as possible."
the picture changes dramatically when looking at support roles
such as HR, marketing and secretarial/administration. These positions
have seen hiring times slow significantly. Secretarial jobs are
suffering the most at up to 33 days more.
It's not just banking
jobs which have been impacted. Investment management firms
have also seen big changes to hiring times, now with one of the
longest time to hire processes within the market at 90 days. This
is a consequence of the re-approval process that many firms have
implemented - meaning that hires taking longer than 6-8 weeks
must re-apply for budget sign off, in case the rapidly changing
market no longer warrants the recruitment.
financial services recruitment has also shifted. Pre-Lehman, the
average time to hire was 6 days but recently this has risen to
9 days. In fact, since September 15th some temporary positions
are taking as long as 37 days to recruit for, especially within
HR and office support.
Ricks commented: "At the height of market conditions in 2007,
we would sometimes place financial services candidates in a role
on the same day it was released - a 24 hour recruitment turnaround.
Now a week is more common. Certainly, tracking the time to hire
of temporary staff is an excellent temperature gauge. If temporary
recruiting speeds up it's a strong indication the market is on
Established in 1982, Joslin Rowe is one of the leading UK financial
services recruitment firms in the UK. Joslin Rowe consultants,
candidates and clients work together to achieve the best employment
opportunities and long term relationships. Joslin Rowe recruits
Jobs along with other financial services roles across London,
Edinburgh and Glasgow including long-term contracts, temporary
and permanent positions. Joslin Rowe is a Randstad company - the
second largest HR services group globally.
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