The greying clouds that hang over the current financial market will have had even the most prized and stubborn bull running for the nearest tin shed.
Despite this, some analysts point to the perfect time for companies and indeed employees to adapt to these difficult times. A perfect time then for HR to get its hands dirty, to stand up and be counted and all that? Well that is according to Chris Stone, chief executive at Northgate Information Solutions. And good on him too, I couldnt agree more.
"The Credit Crunch has created an opportunity for the HR sector to make a name for itself. HR professionals can stand up and be counted. The fundamental building block of the economy is its people and HR sits at the very heart of that," Stone said.
And recruitment consultancy Morgan McKinley yesterday also warned that the job market in the financial services sector will be “tough” for the remainder of 2008, after new figures revealed a severe decline in new employment in London’s financial district.
Its latest report showed that while the number of new jobs in the city fell marginally by 2.3% in March, it represented a whopping 23% drop from the same period last year.
However, McKinley pointed to a diversification of City employers. “Although the pace of growth in new job vacancies coming on to the market has slowed in the first quarter of the year as traditional high volume recruiters have held back on their headcount increases, niche boutiques and smaller investment houses have continued with their expansion and hiring plans, creating alternative career options for the City’s talent,” it said.
And Brian Wilkie, HR manager, at Total Oil believes that the City’s loss might end up being the gain of the rest of the country.
“If the city has stopped recruiting, then that might benefit other areas in the UK, with skilled workers looking at alternative markets, adapting their technical capabilities to suit their new employers,” he said.
Some good news at last then? Steady on!
