Recruiting now
Last week's surprising news that the UK had not yet emerged from recession was put into sharper focus yesterday when official figures in the USA showed that the American economy had grown by an annual rate of 3.5% between July and September. This figure was given a cautiously optimistic welcome by many commentators, who pointed to the fact that the US economy had benefited from unprecedented government stimuli which will not continue in the long term. Unemployment in the US remains a serious concern, with latest statistics showing an unemployment rate of 9.8%.
Unemployment in Europe is at similar levels to the US: the sixteen countries that comprise the eurozone have a collective unemployment rate of 9.7% (15.3 million), while the rate for all 27 members of the EU has risen to 9.2% (22.12 million.) Despite numerous economies emerging from recession, unemployment consistently lags behind.
Back in the UK, Tesco Bank has announced plans to create 1,000 new jobs in Newcastle at a new centre that will focus on customer sales and service for home and motor insurance customers. There was also good news on the high street, where a CBI survey revealed that sales in the high street in October increased at their fastest annual rate for nearly two years. Many retailers will be depending on a seasonal boost as we move towards Christmas.
The UK job market seems as tough as ever: a report from management consultancy Hay Group this week revealed that employees are working harder to try and defeat the recession, although this level of work may be unsustainable. Despite 36% of workers being unhappy in their current role, 65% are working unpaid overtime, possibly in an attempt to stave off redundancy fears.
Graduate recruitment schemes were highlighted this week in a report by Backing Young Britain, which unveiled research from Lancaster University which demonstrated that that graduates pay for themselves 20 months from their start date. By their third year, mid-sized graduate recruitment and training programmes generate a £5.30 return for every £1 invested. Dr. Anthony Hesketh pointed out that whilst businesses may be questioning their investments in graduate recruitment and training, "they remain a vital source of future capability for organisations." This is underlined by the news that PricewaterhouseCoopers has held firm with its student recruitment programme in 2009, having recruited 1,000 people, with the intention to repeat these numbers in 2010. Ian Powell, chairman and senior partner, PwC, commented: "...failing to maintain our investment and confidence in their (graduates) skills now will pay business a poor dividend in the long term."
Recruiting quality candidates in this recession still poses problems for employers, according to research from talent assessment specialists SHL. It would appear that 23% of respondents to the survey are finding it more difficult to recruit suitable candidates in the recession, with 36% taking longer to recruit. Perhaps the high number of applicants is causing problems for recruiters who may also be faced with the new problem of working out what new skills are required for employees to help companies come through the downturn?
Financial recruiters may not have appreciated research from Universum this week that showed that working professionals are shying away from financial services in deference to more traditional areas such as manufacturing and food. This contrasts with an earlier student survey from Universum which confirmed that students remain attracted to banks, management consultancies and auditors.
731 new financial vacancies were uploaded to TopFinancialJobs during the last week. The most frequently advertised job is Accountant, followed by Finance Manager, Financial Analyst and Financial Accounting. In the banking sector, Asset Management leads the way, with Investment Banking and Product Control coming a close second and third. Over 30 financial recruitment agencies have active adverts.