Job seekers for City jobs drops by a fifth since 2010

News Article - 13 July 2011
Category: Business

The number of banking and hedge fund workers actively seeking new positions in the City has decline by 20 per cent in the last year, according to financial services recruiter Astbury Marsden.

There is a belief that fewer applicants for City roles will lead to a growth in head hunting from rival companies.

Research undertaken by Astbury Marsden showed in Q2 2011 there was an average of 1.68 candidates for every new City job, down from 2.13 candidates per role during the same period in 2010.

Mark Cameron, COO at Astbury Marsden, said: "There are signs that some banks are beginning to resort to pre-credit crunch tactics of targeting competitors' key employees and teams.

"City firms had benefitted from a steady flow of high quality CVs over the last few years. Now this supply has slowed.

"As staff sit tight, the active poaching of staff from competitors could heat up further throughout the year. Ironically the war for talent could be turning more hostile just as the growth in new jobs seems to have plateaued."

The number of new City positions created in June 2011 was recorded at 5,400, up 360 from June 2010, which suggests firms may need to adopt a more aggressive approach to filling vacant roles in the coming months.

Cameron added that City workers are far less willing to move with Banks reducing their workforce, creating an uncertain future and curbing the ambition of many bankers.

"Some bankers feel that they are locked into their long term deferred bonus programmes and others will have decided that they are better off in the short-term with their existing employer," he said.

With economists placing even greater emphasis on HR, a growing number of businesses are leaning toward integrated HR software, with modules that can help plan, manage and execute recruitment campaigns to simplify the entire process.

Automated software can not only accelerate the filling of vacancies but also provide a smooth transition for successful new employees from pre-employment checks through to company literature.

Article keywords: Financial services recruitment, human resources, Astbury Marsden, Mark Cameron, integrated HR software, employee lifecycle

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