Coronavirus: Impacts To The Financial Services Job Market
While the economy modifies and adapts to the new reality, I want to give a quick update on our observations of the financial services job market.
Even though financial institutions have been hit hard by coronavirus, in many ways the day-to-day operations activity is at an all time high.
The output across investments, marketing, administration, contact centres, leadership teams and so on has been extreme and I am hearing from many people they have never worked harder than at this time, especially as teams adapt to new technologies and stay connected via online meetings.
Despite the blows to the economy, fortunately there is a relatively low rate of job loss and unemployment across financial services and there have been no reported job losses at all across Kaizen’s client group. Even our contractors have retained their prescribed hours, many of whom are looking at contract extensions.
ARE FINANCIAL SERVICES INSTITUTIONS HIRING DURING COVID-19?
The answer is yes and no. Every business has been impacted by coronavirus uniquely and their recruitment strategy adjusted accordingly.
While most recruitment activity prioritises business critical needs in response to current operational demand, a number of organisations are not wavering from multiyear strategies and continue to hire to meet long term objectives.
These organisations currently have their pick of the top talent, which may pay dividends when hiring activity and competition increases.
Some organisations have adopted a more conservative approach and have put recruitment on hold for the interim until their workforce gets phased back to normal conditions.
The question is, “What is normal?” Working conditions will never be the same again and some organisations have simply adapted better to the new reality.
ARE CANDIDATES OPEN TO JOB OPPORTUNITIES DURING COVID-19?
Interestingly, candidates remain active and open-minded about career moves and show no reluctance to accept a new opportunity.
Naturally, candidates are still wanting to work for good organisations with a supportive and progressive work culture and compelling employee value proposition that advances their career development plans.
CONCLUSION
In summary, while recruitment has slowed, the good news is that there is a relatively low rate of job loss and unemployment across financial services.
We are seeing a growing backlog of recruitment needs that will be progressively released to the market as government restrictions ease.
This may not be the ‘V shape’ recovery that some have predicted, but there is growing optimism and good organisations will always want to hire good people. After all, people are the most important assets in any business.
Regards,
Matt McGilton – Director
Kaizen Recruitment specialises financial services recruitment across funds management, wealth management, superannuation, investment consulting and insurance. We are based in Melbourne and Sydney. For assistance or further information please telephone our office at +61 3 9095 7157 or submit an online form.
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