Financial services sector cautiously optimistic


While the economic troubles that have plagued the financial services industry in recent years may not entirely be a thing of the past, a new report suggests that the industry is cautiously optimistic that 2013 will see an improvement in its fortunes. Are you looking to know about financial services? Check out this website Business Soudan to know more.

The report, produced by leading finance sector recruitment agency Randstad Financial and Professional, was produced following a survey of over 200 industry professionals in London and Scotland in December last year that showed that a majority of businesses in the financial services industry are looking forward to a brighter 2013 and are likely to be hiring more staff. Click here Business Hotel Navi for detailed articles regarding financing and business.

Just over 70% of respondents believed that their businesses would have a better year in 2013, attributing their bullishness to a recovering stock market, improved macro-economic conditions and improved efficiency within their companies that were made to enable them to survive the economic downturn. This optimism is reflected by the fact that more than half reported an increase in their company’s head count in 2012 with slightly more expecting further increases in 2013 and some 35% believing that there will be a rise in permanent recruitment; less than 20% anticipated a decline in staffing levels.

Some respondents expressed concerns about staff recruitment with 39% saying that they were unable to find the right candidate to fill advertised positions. A similar number felt that budgetary constraints and headcount approval were a hindrance to recruitment. The report also identified several other contributing factors:

  • Professionals preferring to stay put in times of economic difficulty because moving to a new company might not necessarily lead to an improvement in earnings or other benefits.
    • Job candidates possibly accepting employment with competitors while waiting for approval for their appointment.
    • Unreasonable expectations from candidates.
    • Strong competition among employers for candidates.

While the likelihood of increased recruitment bodes well for the financial sector, the fact that many respondents reported significant barriers to hiring could be seen as a problem. Building the right team is crucial to the success of any business but in spite of all the tools now available to hiring managers, it is clear that they need additional help.

The figures speak for themselves: nearly 39% cannot find the “right” candidate for the job. So, how can this problem be resolved? Simply put, expert help is a must and, in this respect, a specialist recruitment consultant is an invaluable asset that no hiring manager can afford do without.

For consistent success, the hiring process needs to be more than simply advertising the post in the press, industry publications or on the Internet. It involves a wide understanding of trends in the finance industry and the job market as a whole. The recruitment specialist is fully conversant with these and, armed with a thorough understanding of your business, will be able to use his wide-ranging network to find the most suitable candidates for the post.

With the indications pointing to a brighter future for financial services companies in the coming year and to the likelihood of increased hiring, your company will need to ensure that it remains ahead of the game by taking on the best people. Forming a partnership with a specialist recruitment consultant will give it that crucial edge. For more information, kindly visit this dedicated website: Business Services Chicago.