Tag Archives: Joslin Rowe

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Demand For HR Professionals Hits High

Joslin Rowe reports demand for HR professionals is steadily increasing with job vacancies in financial services currently at their highest levels of 2009. This shift in the market shows that employers now have the budget to recruit new employees and recognise that with expanding work loads, departments left under resourced by redundancy now need more support.

This turn in the market is highlighted in Joslin Rowe’s bi-annual salary survey, where the figures show that there has been a 4% increase in HR job volumes in the last 6 months for permanent recruitment and a massive 63% surge in temporary and contract jobs. The influx of temporary and contract HR job positions appears to be a short term remedy to ease pressure on under resourced HR departments with demand for analytical, compensation and benefits professionals hitting a high to meet the year end requirements.

“Whilst the job flow does lie heavily within temporary and contract recruitment, this increase is extremely positive in a market that has been relatively stagnant for the majority of 2009”, said Tara Ricks, Managing Director of Joslin Rowe. “While talk of a market turn becomes more commonplace, employers are awaiting clearer signs that we’re beginning to leave the recession, so they can plan for growth in 2010.”

Yet while demand for HR professionals is on the rise, there has been a drop in salaries. On the permanent side average earnings have fallen by 14% over the last 6 months. While decreases have also taken place on the temporary side, the scale of the drop hasn’t been mirrored, with an average cut of only 1.2%.

Whilst salaries have taken a dip, the outlook is a positive one. If the demand for HR temps and contractors continues, this should have a knock on effect on permanent recruitment and with an increase in job flow, along with an expected boost in salaries. Joslin Rowe has already started seeing a rise in permanent mid level positions.

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Joslin Rowe Reports On Banking And Investment Employment In Scotland

Joslin Rowe has revealed new research conducted over a six-month period from March 2009 that shows signs that financial services companies are now finding it difficult to attract new staff to vital business areas, with some teams operating too leanly for any business up tick.

Data collected on recent job offers by Scottish financial services recruitment specialists, Joslin Rowe, shows a clear pattern of hot and cold spots emerging from the pay packets involved. Salaries for new joiners within banking operations have remained steady following the introduction of internal pay freezes whilst entry level roles have ground to a halt, with applicants at this level struggling to even gain a foothold via temporary work.

However, the corporate actions talent pool remains limited and this has exerted an inflationary pressure on salaries. For example, at the start of the year, the top range a corporate actions analyst could expect was £28,000, while today this is closer to £30,000. Team leaders could now secure up to £40,000, a big jump on the£35,000 ceiling that was in place in March.

“It’s important to understand that our research is based on the salaries professionals receive when they secure a new job rather than annual salary reviews for existing employers,” explains Margaret Dyer, Director of Joslin Rowe’s Scotland offices. “Whilst there’s an enormous amount of debate about remuneration in the financial services sector, moving jobs almost always carries a premium – especially if the skills required are in short supply and a prospective employee is working at a competitor. Indeed, many talented professionals would simply remain in their current company without this incentive. Fresh ideas are crucial to drive businesses forward through this recession so it’s imperative to attract the best staff.”

According to the Joslin Rowe research, business change professionals have been in huge demand in the investment management world, though salaries for permanent hires have remained steady since 2008. On the temporary side, however, average hourly contract rates are rapidly increasing (in some cases by over 13%) from £15.09 six months ago to £17.36 an hour now.

Dyer added: “Certainly, project driven roles are attracting higher rates of pay as firms work to effect real change for the future.”

Joslin Rowe recruits for financial services jobs in Scotland, including jobs in Edinburgh and jobs in Glasgow. The salary survey analysed salaries and rates of pay attached to job offers and vacancies comparing Sep08-Mar09 with Mar09-Sep09.

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Joslin Rowe Questions Whether The Lowest Point For HR Recruitment In London Has Passed

Joslin Rowe, the specialist recruitment company, has reported a recent noticeable upturn in HR recruitment following a year long slide in City HR job volumes. While most of 2009 has been characterised by a continuing slump in HR recruitment, job volumes reached their nadir during mid June 2009, with a 77% decrease in HR jobs compared with 2008.

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Daniel Cooper, a senior consultant with Joslin Rowe’s HR recruitment team, commented: “Mid-May to mid-June signalled the lowest point, where the only positions being recruited for were incredibly specialist, such as learning & development roles, expat positions and comp & bens. There were very few generalist positions available. However, the last few weeks has seen a marked increase. There’s been an incredible bounce upwards.”

According to Joslin Rowe data, the HR jobs desk is now handling more roles than at any time since the recession was declared in 2008. And, more importantly, the sheer variety of firms recruiting is a strong indicator the market may no longer be in a downward spiral.

“We’ve seen our first few senior HR jobs being released from the legal sector, whilst a number of investment banks and insurance firms are recruiting again – even those who were hardest hit,” said Cooper. “Another positive is the number of HR generalist jobs. Certainly, the recruitment we’re seeing at the moment is way ahead of previous client predictions which all pointed to the end of 2009 before recruitment would reach current levels.”

Conversations with Joslin Rowe clients indicate that departments are now so lean, even a small increase in business activity will necessitate increased HR headcount, with one HR Director admitting his team is so stretched, he might be back up to 2008 headcount levels by the start of 2010.

“The key is of course, whether this growth can be sustained,” admits Cooper. “I think if we start to see jobs for internal recruiters, we’ll certainly know we’re heading in the right direction. At the moment, entry level HR jobs, graduate recruitment and internal recruitment are yet to recover.”

Another positive is that salaries for roles coming to market have remained very competitive. Despite this, candidates who previously earned £70,000 are now willing to look at roles at the £65,000 mark in order to return to the labour market.

Dan Cooper believes, “Job seekers are realistic enough to realise that whilst in the good times they may have seen their salary soar from £50,000 to £70,000, the market has re-aligned itself and they are happy to do the same.”

About Joslin Rowe:
Established in 1982, Joslin Rowe is one of the leading UK financial services recruitment firms in the UK. Joslin Rowe consultants, candidates and clients work together to achieve the best employment opportunities and long term relationships. Joslin Rowe recruits for accountancy jobs and banking jobs along with other financial services jobs across London, Edinburgh and Glasgow including interim contracts, temporary and permanent positions. Joslin Rowe is a Randstad company – the second largest HR services group globally.

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Women Equal Men In Hunt For Financial Service Jobs Reveals Joslin Rowe

Joslin Rowe has revealed that women working within investment banking and investment management jobs are closer to reaching parity in terms of the percentage of job offers they’re receiving versus men, thanks to the longer and more rigorous interview processes put in place by City firms as a consequence of the recession.

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Lack of budget for head count in 2009 has ensured that when hiring for financial services jobs does take place, candidates are subjected to a more rigorous and lengthy interview process to guarantee the very best candidate is hired. This appears to have weeded out gender prejudices, whether passive or active.

Joslin Rowe, the financial services City recruitment specialist, analysed 1,244 City job offers across accountancy jobs, risk and finance jobs, banking operations jobs, compliance jobs and investment management jobs. Between May 2007 & May 2008 (when the recruitment process was typically 3 weeks) men received 55.1% of all financial services job offers compared to 44.9% for women.

Fast forward to May 2008/May 2009, when interview times jumped to over 6 weeks and more interview stages were introduced, and women now receive 48.4% of all financial services job offers – with men receiving 51.6%. In the year 2000, just 41.1% of financial job offers went to women compared to the 58.9% received by men.

Tara Ricks, managing director of Joslin Rowe, the City of London recruitment consultancy, explained: “Today’s interview process has become one of the most intense we’ve ever witnessed. With so many candidates to choose f r o m, and the need to justify every single hire, interviews are involving many more hiring managers and assessment stages. City firms have always been incredibly selective but now only ‘exact match’ candidates can expect to tick all the boxes on each financial services job spec and receive that job offer.”

“Of course there may be other factors at work behind these increases,” added Ms Ricks. “For example, many City firms have been working hard for years to ensure an improved diversity and equal opportunity culture and you can see that f r o m the progressive figures we’ve witnessed since the start of the Millennium.”

Ms Ricks concluded: “The recession may actually prove good news for women. According to a CIPD report, entitled ‘Women in the Boardroom’, female executives interviewed said the traditional rewards and trappings of a higher career status, such as huge bonuses, money and bigger cars, were geared towards a male perspective of success. What they wanted was more time and greater flexibility, something that may be more, rather than less, likely in the post hyper-bonus world.”

 

According to Joslin Rowe research 50.5% of job interviews are with women and 49.5% are with men. This means that although women are slightly more successful at gaining interviews this marginal advantage does not actually translate into job offers.

About Joslin Rowe:
Established in 1982, Joslin Rowe is one of the leading UK financial services recruitment firms in the UK. Joslin Rowe consultants, candidates and clients work together to achieve the best employment opportunities and long term relationships. Joslin Rowe recruits for accountancy jobs and banking jobs along with other financial services roles across London, Edinburgh and Glasgow including long-term contracts, temporary and permanent positions. Joslin Rowe is a Randstad company – the second largest HR services group globally.

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Joslin Rowe Have Revealed That Product Control Will Become An Ever More Important Function Leading To Changing Product Control Job Specs

Joslin Rowe, one of the leading UK financial services recruitment firms, have released research that suggests the type of candidate most likely to be hired into a temporary product control job is going to change, following a warning from the Financial Services Authority (FSA) that firms need to maintain their valuation and product controls more stringently.

Tom Forrest, associate director of Joslin Rowe’s temporary accountancy & finance recruitment division, clarifies: “The UK Financial Services Authority has issued a ‘Dear CEO’ letter, cautioning banks and investment firms with trading operations that they will be visiting in the first half of 2009 to focus on valuation control processes. For many firms, this will be the impetus to change the type of person they look for in both temporary and permanent product control hires.”

According to Joslin Rowe research, product control departments have evolved enormously in the last 5 years and because of that, the parameters of product control careers have changed.

“Over the years, the number crunching of profit and loss figures have all been offshored,” explains Forrest. “Today, the typical temporary product control job in the UK market is a very analytical and risk orientated position. Product control job specs are asking for a totally different class of person for what’s essentially seen as a new breed of role.”

The current climate of concern over risk exposure and writedowns will also add fuel to the demand for strong product controllers.

“Confidence can only return to the market when product valuations and controls are watertight,” believes Forrest. “The product control function will be vital in achieving this. Candidates need to demonstrate, at interview, that they can build robust relationships with the trading floor and can control the big personalities that often dominate.”

Forrest predicts that the market will see a real shift in the type of temporary product control jobs being recruited for over the remainder of the year.

“Obviously, there’s a massive amount of market caution, so hiring the right staff to support a more rigid infrastructure, whether that’s on a temporary or permanent basis, will be the main focus” states Forrest. “Anyone with product control experience typically gained within overseas banks or securities firms, who’s risk aware with a strong attitude, will find themselves in demand for any temporary product control jobs on offer. It’s worth noting good candidates are still securing multiple job offers even in this difficult market. Rates aren’t dipping either, at up to £500 a day for a temporary product control job.”

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