The banking and financial services talent cull could be coming to a close, as three-quarters of employers in the sector have no plans to reduce staff numbers this year, and four in ten are actually planning to increase headcount in the second half of 2009.
Badenoch & Clark’s latest workplace study entitled Is banking and financial services heading for a brain drain?, which was conducted across the UK and mainland Europe, shows that 71% of UK banking and financial services organisations have no plans to cut staff compared to 80% in mainland Europe. Tellingly, four out of five employers in the sector consider this market to be a great time to recruit, showing that valued talent is still in high demand and putting strong candidates in a better position.
The huge rate of job cuts we were seeing last year may be drying up now
With many employees concerned about their future in banking and financial services, this news will come as relief, with a number of organisations recognising an opportunity for growth in the coming months.
Alison Burgin, Executive Director at Badenoch & Clark, said of the research: “This study comes at a time when employee engagement and confidence in business performance is at a real slump within the industry. However, it shows that prospects are improving for a lot of people, and employers are starting to buy into the fact that they need to ensure they have the right people in the right places within their business.
“The industry has experienced a lot of change already, but it seems the huge rate of job cuts we were seeing last year may be drying up now. There’s a degree of optimism coming back to the banking and financial services talent market that hasn’t been there for some time. We’re seeing a lot of talented candidates become sought-after as employers start taking a more long term approach – one eye is clearly being fixed on ensuring the best talent is in the right place to make a difference when the wider economy recovers.”
To request a copy of our latest workplace study findings, Is banking and financial services heading for a brain drain?, please email genevieve.brading@badenochandclark.com
