Although the job market continues to thrive, the competition for jobs is as high as ever. Employers are becoming more particular in their requirements and in this climate, jobseekers will need to match all the job requirements if they are to be successful.
The banking sector has faced immense media and public pressure since the downturn, and this has led to an air of caution amongst hiring managers who are far less likely to compromise or show flexibility on their preferred criteria. Expectations are much higher than in previous years – in 2007, a strong jobseeker without the specific skillset might secure the position, in 2010, you have to have exactly the right skillset, regardless of your experience and strengths. If you are over-qualified for a role, it is unlikely that you will secure it as employers are becoming more focused on the long-term. Rather than employers regarding this as an opportunity to attract a highly-qualified employee for less money, they are more concerned that the employee will move on quicker and will leave them having to recruit again in the near future.
Jobseekers need to be much more pro-active in this setting. Spend time concentrating on presenting the best CV possible, earmarking all your achievements relevant for the role. You also need to be realistic – not only do you need to consider your salary expectations within a climate that remains cautious, but you also need to look at the roles you can do, rather than the ones you aspire to. Now is the time to assess your skills and look at how you can upskill yourself for the future. Our recent workplace study ‘The new front in the war for talent’ identifies the key skills that hiring managers are looking for.
If you have been made redundant and have not been working in recent months, you need to be able to demonstrate how you have used your time. Ask yourself honestly if you have spent your free time wisely – employers will not look kindly on you if you’ve spent most of your time on holiday or playing golf. Identify areas where you can upskill yourself and remember to keep up-to-date with trade news. It may even be an idea to invest in getting a qualification. Read our guide to Surviving Redundancy to get more detailed advice on making the best of your situation.
