Recruitment Related Surveys
The graduate job market is showing signs of recovery for 2009 according to leading recruiter Pareto Law, which reports demand from employers looking to rapidly deploy new sales talent has increased by 85% since 1 December 2008.
The company had seen a drop in requests for bespoke client assessment days during the last quarter of 2008, however, December saw a strong increase in demand as businesses looked to rapidly strengthen their sales both in the UK and overseas through the recruitment of highly trained graduates.
Jonathan Fitchew, joint managing director of Pareto Law, says: Early autumn saw companies cutting back on their recruitment due to nervousness about the economy and what the future would hold. What we are now seeing is British businesses fighting back - they are planning for the future and looking to strengthen their positions.
December saw an 85% increase in demand for dedicated client assessment days, with each recruiter taking on up to six graduates for their sales teams - their focus is very much on building sales through high quality people and effective training. Many companies are now looking beyond Britain to new markets overseas, and we are confident that we will see a growing number of companies following them and investing in graduate sales recruitment to support them for the future.
According to a new report by specialist recruitment firm Robert Half, British finance professionals are feeling the pressure of these uncertain times more acutely than many of their international colleagues with job insecurity, worries about the economy and waning optimism about their companys prospects emerging as top concerns.
The annual survey of over 3,500 international finance professionals across 14 countries found that UK finance workers are amongst the most pessimistic around the globe, with 88% of UK respondents stating they are concerned about the health of the UK economy over the next 12 months. Only respondents in Ireland were more downbeat than the British, with 90% expressing concern about the economy there, whilst a similar level of concern was shown by professionals in France (85%) and Japan (75%).
The impact of this concern is being felt at both company and individual level, with just 57% of British finance professionals claiming that they were optimistic about the future of their own company. Finance workers in Japan appear to be the least optimistic about company performance with only a gloomy 20% having a positive outlook about their companys future, whilst respondents in Dubai and Brazil appear to buck the trend with a more up-beat (88%) and (73%) respectively, claiming be optimistic about their companys future.
On a personal level, a significant 49% of British finance professionals stated that they were less confident about the security of their own jobs compared to 12 months ago and 76% said that they were holding off their plans to change jobs. Irish finance professionals once again appeared to be slightly more concerned about their jobs at 62%.
Broaden your horizons:
For those UK finance and accounting professionals willing to work abroad, the good news is that the research showed that there is still buoyancy. In Dubai and New Zealand, where 36% and 31% of finance professionals, respectively, said that their companies would be hiring, opportunities remain in the job market. Other countries that plan to hire include Hong Kong (31%), Brazil (30%) and Singapore (19%).
Phil Sheridan Managing Director of Robert Half UK said: Finance and accounting provides a very transferable skill set, which allows movement across different industry sectors and countries. For those willing to work abroad, there are opportunities to do so, and judging by our survey, finance professionals are open to this possibility. Working abroad for a period of time presents not only an exciting opportunity from a lifestyle perspective, but can also add significantly to the value of ones CV.
Other findings from the research included:
Finance and accounting professionals believe the outside world has a low opinion of their occupation. In the UK, 57% of survey respondents felt people viewed their roles as boring.
When describing their own profession, workers in accounting and finance said they view their peers as professional (66%), trustworthy (53%) and commercially aware (29%).
More than two-thirds (69%) of British finance professionals said they are either very or rather loyal to their employers. The most loyal workers were from Dubai and The Netherlands (84% each) and Ireland (82%). In Japan, only 21% of workers reported being either very or rather loyal to their employer.
Dubai has the most workers from abroad in its finance and accounting workforce, with 85% of workers there stating that Dubai was not their home country. Brazil had the least, with only 2% of workers surveyed coming from other countries.
The top three countries in which British workers are interested in working are the United States of America (56%), Australia (54%) and Canada (42%).
The UK is the most popular work destination for New Zealanders (63%), Australians (55%) and Singaporeans (50%)
The global survey was conducted in autumn 2008 and includes responses from some 3,556 accounting and finance professionals from 14 countries - Australia, Belgium, Brazil, Dubai, France, Hong Kong, Ireland, Italy, Japan, New Zealand, Singapore, Spain, The Netherlands and the United Kingdom. A total of 400 respondents were interviewed in the UK.
Small and medium-sized manufacturers are shedding staff at the fastest rate since the early 1990s, as demand for UK-made goods continues to fall rapidly in the deepening recession. That is according to the CBIs latest quarterly SME Trends survey.
In the three months to January, employment, the volume of total new orders and output among manufacturing SMEs fell at their fastest rate since the early 1990s, and firms expect the next quarter to be even tougher.
Russel Griggs, Chairman of the CBIs SME Council, said: The jobs picture among smaller manufacturers has deteriorated markedly since last July in the face of rapidly declining demand for UK-made goods at home and abroad.
Firms are steeling themselves for a very difficult few months with output and orders expected to fall at a record pace in the next quarter. As a result, job losses are expected to accelerate among SMEs.
This survey closed before the Governments measures to kick-start lending across the economy were announced and we hope these will soon begin to make it easier for firms struggling to access the credit they need to go about their day-to-day business. Only the availability of credit will help stem the tide of job losses.
Seven per cent of the 492 firms surveyed expanded their workforce during the quarter, while 38 per cent reduced their headcount. The resulting balance of -31 per cent represents the steepest quarterly fall in employment since January 1992.
The volume of total new orders during the quarter slumped at its fastest rate since July 1991, with 13 per cent reporting an increase and 54 per cent a fall, giving a balance of -41 per cent.
This was on the back of shrinking volumes of domestic and export orders (a balance of -45 per cent for domestic orders and -21 per cent for export orders).
That had a knock-on effect on output (a balance of -34 per cent is the lowest figure
since July 1991) and seven out of ten firms are working below capacity.
Optimism about the business situation fell at its sharpest rate since the survey began in October 1987 (a balance of -71 per cent, compared to -57 per cent in October).
Looking ahead, expectations for volumes of total new orders (a balance of -56 per cent), output (a balance of -46 percent) and employment (a balance of -38 per cent) in the next quarter are the weakest in the surveys history.
Average domestic prices were lower for the first time in three years as cost pressures have eased and firms struggle with weaker demand. A balance of -6 per cent of firms reported a fall in average domestic prices, down from Octobers figure of 16 per cent.
Weak demand continues to be the biggest constraint on output in the next quarter, with orders or sales cited by 85 per cent of firms. Eleven per cent of firms are concerned access to credit and finance is likely to hamper output in the next quarter, up from 6 percent in October.
Markets thriving despite fresh helping of bad news
Analysis of nearly 20 million job applications has revealed that some sectors are holding up well despite last weeks announcement that Britain is in recession.
Broadbean technologys data shows that while several industries are inundated with applicants, some are in fact desperate to attract new talent this year.
Despite media reports that candidates are flocking from the private to public sector in order to shield themselves from unemployment, Broadbeans data shows that applications for Social Care, for example, are even lower (just under four applications per advert) than they were last year.
Applications for teaching and education roles have dropped 13% over the last year in spite of the Turn your Talent to Teaching campaign that advertises a 41k (inner London) salary.
Trends for the insurance and legal industries are incredibly optimistic showing a healthy level of applicants with little change from last year.
Pharmaceuticals, travel and jobs in the Arts all appear to be stable too.
It has been suggested that unemployment will soon reach 2 million in the UK and job application trends in some industries, such as Building and Construction and Customer Service, would reflect this worrying prediction.
However, the good news is that for every industry sector that is flooded with candidates, there is one that is stable and markets that traditionally get a low response to adverts are cleaning up in these hard times.
The Army for example, will be pleased to see that defence applications have increased by 280 % since early 2008, supporting reports that MOD Recruitment will be one winner during this time of turmoil.
Stuart Passmore, Financial Director at Broadbean comments, Our data provides an indicator of movement within markets as we carry jobs for thousands of employers both in the UK and abroad. Our stats show there are still opportunities out there depending on where you want to work.
Of course, there are clear indications that competition is stiff for some roles. Recruiters in some sectors are receiving up to four times more CVs than they did this time last year, but thats not necessarily a terrible thing. More applications mean more choice and ultimately, better placements, provided recruiters have technology in place to deal with the influx.
Global survey finds around half of companies in Russia are continuing to hire staff
A major new survey of hiring and firing trends in over 100 countries has found that despite the global economic problems, the Russian market remains relatively strong, with businesses continuing to hire staff.
According to the Global Snapshot report from international recruitment specialist, Antal, which surveyed employers in 107 countries around the world, although the banking and finance sector is looking bleak, around half of organisations across other sectors are currently hiring, with even more planning to over the coming quarter.
Investment banking has been very volatile and we have seen a significant outflow of talent in this area. Construction, being heavily reliant on financing, has seen significant problems relating to the lack of credit, as have retail chains that have traditionally financed aggressive regional expansion through debt, says Tremayne Elson, Antal Russias Managing Director. Large western IT vendors are treating the market very cautiously, however to take up the slack many medium and small companies in the IT sector are actually expanding.
According to the survey conducted in December 2008 in Russia, covering more than 200 companies (mainly western ones), 64% of FMCG companies are currently hiring with only 28% letting people go. In comparison, 79% of IT businesses in Russia plan to hire in the near future, however 75% are also letting people go, suggesting that these organisations are aiming to build more effective management teams.
Three in four employers plan job cuts in 2009
Three in four (73%) employers made job cuts in 2008, with the same proportion planning to do so in 2009, according to the results of an Industrial Relations Services (IRS) survey for XpertHR.
Among those organisations making cuts, a median 13.5 jobs were made redundant in 2008.
Respondents to our survey predict ongoing job cuts throughout 2009, with three in four (72.9%) expecting to have to cut jobs in 2009. Four in five (80%) employers expect ongoing restructuring, and are planning further redundancies in 2009 on top of those already made in 2008.
External economic pressure is predicted to account for redundancies in seven in 10 (70.1%) organisations in 2009 and about half (49.5%) expect to have to save costs at the expense of jobs.
But cost cutting is not necessarily leading to compulsory redundancies, in the first instance. Over half the employers responding have sought volunteers for redundancy. Doing so can minimise the negative impact of redundancies with those employees who remain.
Other taken steps to minimise the number of compulsory redundancies include:
Reducing the use of agency or contract staff (56%)
Redeployment/retraining (52.4%) and,
Natural wastage/ job freezes (51%).
One in five respondents (17.8%) looked at pay cuts and pay freezes to make enough cuts and save jobs.
However, despite their efforts to minimise the impact of compulsory redundancies on their organisation, jobs have still been cut. One of the undesirable, but common, side-effects is a sharp decline in morale among remaining employees - quoted by 60% of respondents.
Report author Noelle Murphy said:
"Managing the redundancy process effectively is crucial for organisations, not least because of the raft of legislation in this area. Things are changing with unpredented speed in the economy, and organisations need to respond just as quickly. 2009 is going to mean job cuts on a wide scale. But it is encouraging to see that employers are looking at ways to miminise compulsory job losses, which in turn will without doubt minimise the negative impact on remaining or 'surviving' employees.
"When redundancies are necessary, organisations need to communicate meaningfully with all employees - and the earlier the better. Employers may need to make dramatic changes but they will need engaged and committed employees to do so. Managing the redundancy process - for all employees - effectively can help to ensure this."