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CITY EXPECTS FURTHER HEADCOUNT GROWTH IN 2011

CITY EXPECTS FURTHER HEADCOUNT GROWTH IN 2011

New research from recruitment specialist Poolia shows almost half (46%) of banking recruiters are confident of headcount growth in 2011. This is a positive shift from the same period in 2009, where the market was viewed as unstable and slow.

Of the 46% who believe they may recruit in 2011, the majority are planning between one and three new additions and surprisingly 20% are expecting their teams to grow between four and ten members.

On an encouraging note, only a very small number (3%) are expecting further reductions in their team, a welcome contrast to the previous two years when most companies were planning redundancies and not replacing leavers.

Andrew Bath, general manager in Poolias Banking & Financial practice, advises the banking community to see 2011 as a year for fostering talent: The recruitment frenzy that took place in the first half of this year has now slowed down and banks are looking for stability in their teams. There is no doubt that confidence is back. Were still seeing a high volume of temps in the City and permanent recruitment remains strong, though the market has returned to being candidate led. A major factor in 2011 will be bonus payouts. Although companies should plan for a 10% natural attrition rate, bonus payouts may affect this percentage dramatically. Now is a good time to review 2010 recruitment, create a strategy to attract/retain the best talent in the market and ensure the candidate shortage is not an issue for your business in 2011.

Andrew Bath continued, 80% of respondents said they knew what skills sets and levels of experience they would be looking to recruit in 2011. Whether this is due to demand outweighing supply or it is just that companies are now more considered in their recruitment approach, next year will present strong opportunities for talented people keen to develop their career in banking.

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