Recruitment in the financial markets has been a thorny subject over the last few months, as banks continue to shed thousands of employees amid tumbling profits.
According to eFinancialCareers’ annual hiring trend survey, financial institution employees are perhaps unsurprisingly reluctant to switch jobs and firms, and time to fill open positions has lengthened.
Fewer potential candidates are seeking out new jobs compared to last year. The survey reported that six out of 10 respondents (61%) said they hadn’t seen an increase in the number of candidates applying for positions as compared to six months ago. Last year, only 44% reported no increase.
Still, for the second year running, it’s a good time to be involved in risk and technology: talent in those sectors is still in prime demand, well ahead of any other category. eFinancialCareers, which surveyed 130 HR and recruitment professionals, noted that sales, compliance and accounting/auditing staff are also on the recruitment radar.
In fact, as I reported yesterday, technology salaries in the U.S. saw the biggest jump in 2012 in more than a decade, according to a survey from Dice.
Out of new hires, it is those with substantial work experience who are most in demand. Employers noted that recruitment is expected to be strongest in 2013 in the 2-5 and 6-10 year experience brackets, up considerably compared to last year, with opportunities for entry level positions reporting a slightly weaker outlook.
Meanwhile, recruiters reported that cost control remains a priority. In 2013, around 4 out of 10 (37%) respondents expect to work with lower recruitment budgets. Ultimately, across the financial sector the mood at the water cooler has improved: About 16% of respondents said layoffs at their firms or their clients’ firms were likely or very likely in 2013 – but this is an improvement from last year’s more negative outlook of 22%. Around 22% said they just don’t know.