Tough times for financial services recruiters
Financial services recruiters may be among those hardest hit by the continuing caution of financial services employers who will increasingly look to their internal hiring teams, according to the latest analysis from eFinancialCareers.
The analysis, looking at prospects through the current calendar year, has pointed to a cautious approach on the part of companies, with replacement hiring dominating and new growth being limited to a few job functions, particularly those linked to regulatory reform.
It also noted that in the continuing tight market, financial institutions' internal hiring teams would have increased responsibility as the firms did what they could to reduce hiring costs and prioritise internal mobility.
"Vacancies will only be advertised externally if there is an overwhelming business justification and managers will be encouraged to use their personal networks to source people as companies emphasise employee referrals," it said.
"With the big banks decreasing their recruitment agency use during 2012, only a big market upturn will reverse this trend in any significant way," the eFinancialCareers analysis said. "Given the state of the global economy, this seems unlikely, at least in the first half of the new calendar year."
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