Financial recruitment firm claims war for talent is still on despite job cut reports

A financial recruitment firm has said that the war for talent in the financial services sector has not let up, despite recent reports that investment banks may cut 10% to 15% of their workforce because of a turbulent stock market.

FSS suggests that in some cases recruitment activity may be on the increase. Zachary Meade, manager of the FSS banking division, said: “That’s because HR departments may well want to clear their books and get in the key appointments in case their superiors give them the signal to stop.”

Meade said investment banks were better protected than some reports indicated. “The majority have international and local operations that haven’t been hit by the crunch and in those areas, they’re still eager to build talented teams.

“Contrary to popular belief, the figures we’re seeing show that the war for talent hasn’t let up. That means any forward-thinking and financially stable company may well see this as the perfect opportunity to hoover up any talent that could unexpectedly find itself on the market in the coming months,” Meade added.

It follows a report from recruitment firm Joslin Rowe, which found that the salaries of HR professionals in London’s financial services sector has seen a major increase over the past year.

Sally Fisher, partner at business advisory firm Deloitte, said the banking industry has recognised that its ability to attract and retain talent is central to its success.

“While recruitment is typically one of the first areas to be cut in times of market turbulence when there is increased pressure on costs, the banking industry will continue to be hungry for the skills and talent it needs to fuel its growth areas,” said Fisher.

“Banks are therefore keen to build strong, business-focused HR teams to deliver their increasingly important people strategy,” she added.

In March, an annual survey of more than 1,000 consultants from Robert Walters found that HR professionals were beginning to outstrip their colleagues in finance, earning up to £50,000 more at senior level. In some areas, HR salaries had risen by up to 20% in the space of a year.

Comments are closed.