Morgan McKinley Blog
Morgan McKinley Blog

Financial Recruitment Insight from the Professionals

Archive for July 2011

Observatory Hill ImageAsia Pacific is currently experiencing strong economic growth, prompting many UK professionals to consider career moves abroad. If you are one of these people, the question is – what are your motivations and which destination should you choose?

If you have a family to consider and are at the stage where you’re not just chasing dollars, maybe it’s time to find out more about the land Down Under? Australia is an attractive option for those looking for a long-term move.

It’s an opportunity to move to a location that has a pleasant climate, excellent standard of living, economic stability, low unemployment and laid-back, unassuming people. Not to mention it is one of the most pristine, unpolluted environments in the world!

Need more information? Well, let’s break it down to the top five ‘fair dinkum’ reasons why Australia might appeal to you:

  1. There’s a great job for you there. Australia’s booming economy requires skilled professionals in a number of industries including most areas of financial services, engineering, resources and mining, sales and marketing.
  2. It’s a very multicultural country. Australia is home to people from all backgrounds so you will have the opportunity to move to a cosmopolitan city that offers a lot of cultural diversity!
  3. It’s a clean and beautiful place to live. There are many exotic wonders to explore; the amazing Outback, lovely beaches, sophisticated cities and awesome wildlife. Definitely a great destination for people seeking an ‘outdoorsy’ lifestyle.
  4. Australia is safe. In fact, it is considered to be one of the safest places in the world; with consistently low crime rates for the past ten years. Australia is even safer than most Australians think!

If you are interested to find out more about your career options in Australia, Morgan McKinley have the ability to assist you make your move by providing expert advice on the local Australian market.  For more information, please contact our International Candidate Manager, Nicole Buendia on +44 207 092 0199 or email nbuendia@morganmckinley.co.uk

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BUSINESS-US-USA-ECONOMY

Do recruiters exist to send over multiple CVs hoping that one will fit the bill?  Or telling candidates exactly what to say to impress hiring managers?

Actually no – there’s far more work that goes into matching jobs with professional job seekers.

Networking
Good professional recruiters gain their reputations from being able to provide an overview of the entire market. Very few HR or line managers have the time or network to know who to approach, what their competitors’ hiring strategies are or what is being paid in bonuses at any given time. It takes constant research and communication with employers and job seekers to gain this knowledge.

Facilitating the process
Managers tasked with hiring can rarely afford the time involved in the recruitment process. They will focus on the selection process. So what makes the job seeker think that the company is an attractive place to work? How do they go about negotiating remuneration?  Who keeps them in the loop when there is a delay in the process? That’s where the recruiter comes in – picking up where the hirer just doesn’t have time, keeping the candidate interested and the process moving.

Specialist knowledge
In industries like banking, IT and life sciences recruiters will not go far unless they know the market. It’s hard to recruit a product controller for a bank or a java developer for a business intelligence company without understanding what the role involves and where it fits in the business. Employers are relying on recruiters to be well-briefed on market developments to anticipate demand and meet clients’ hiring needs.

Finding the elusive candidate
The best person for a job may is often not looking for a new role. This is the candidate that a business will rarely attract alone. The recruitment company however, is expected to know who is out there whether actively looking or not. They will do the research, make the approach and in many cases present their clients in the best light to a job seeker, making a job move highly attractive.

So, there are a number of assumptions and expectations of professional recruiters that actually require a great deal of research, networking, communication and negotiation behind the scenes. The fees attached to this work are a reflection of the hours involved in ensuring that an employer hires the very best person for their job and somebody with the potential for a good career with that company.

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Sentosa Bog picSo, what are the main attractions of the expat lifestyle? Typically expats benefit from regular travel, good compensation and excellent career development opportunities. Currently the most popular destination for most British professionals is Asia Pacific.

Morgan McKinley has launched a new International Candidate Management function that can assist you with your global employment search but it’s also important for you to do your due diligence and have realistic expectations before taking the plunge!

The Asia Pacific region is experiencing economic growth and there are great opportunities available for talented individuals. If you’re considering a move abroad to seek a new lifestyle or “spring-board” your career, you must remember that you will be competing with local talent for roles. It’s important that you research locations, industries and companies to demonstrate your knowledge and enthusiasm to potential employers. Companies are looking for specialist, niche skills in order to fill their employment gaps – will their next hire be you?

It’s also important to be aware that local or “local plus” salary packages are what you can currently expect to be offered when looking to re-locate to China, Singapore or Hong Kong. This usually includes a local salary with a cash allowance for housing assistance, and placement in the local pension plan – but no other ‘plus’ elements. There may be exceptions for top tier senior professionals. To review our Singapore and Hong Kong salary surveys please visit www.morganmckinley.com.sg and www.morganmckinley.com.hk

On the whole, many expats I speak with feel financially comfortable and believe they have made the right decision in moving abroad. A NatWest study published last year found that 90% of expats reported an improvement in their quality of life since moving abroad, including an increase in their overall remuneration. They also claimed to have achieved a better work-life balance, with far more leisure time and comparatively less exhausting working hours.

Are you considering a move abroad? To discuss your options contact Anouska Serich on +44 (0) 207 092 0015 or email aserich@morganmckinley.co.uk.

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city_of_london_crest…and it got to mid season with a huge injury crisis, it would still remain top of the league.

If you have not already had a chance to read the latest London Employment Monitor for June 2011, then I recommend you take a couple of minutes to scan over it, as it throws out some very interesting facts.

We recently conducted a survey of 560 financial services professionals, and having posed a series of questions regarding working abroad, 80% of individuals said that they had not yet had the opportunity to move abroad, or if they had, had rejected the option based on a number of personal reasons, namely family, property, ‘too much hassle’ or simply London being the best place to advance their careers.

It’s comforting to see that such a high number is no coincidence. Following the threats over the last couple of years of businesses relocating their headquarters abroad due to tax reasons, the threat of more stringent regulation, or regional offices, in particular Asia, expanding their headcount due to economic growth, it is evident that London is still too high profile to witness a sudden exodus of financiers to other locations.

The London Employment Monitor also registered a 6% month-on-month increase in new financial services job opportunities in June 11. An increase of this nature is promising news to the markets, showing that there is still appetite to hire into financial institutions. From a job seeker perspective, the volume of new professionals entering the financial services jobs market increased by 3% from May 11 to June 11. Although this is considerably less than the increase witnessed during the same period last year, there is still evidence that employees are on the look out for new career opportunities.

The London financial services sector continues to show its agility and robust nature compared to its European neighbours. Despite the ongoing crises of the Eurozone, combined with the recent Japanese and Middle East crises, the FTSE, which is considered a measure of business prosperity, continues to work against all odds and hover around the 6000 market. Add to that, a fall in unemployment in the UK over the last three months, and a general rise in job volumes in the private sector, can only continue to prove that London is the only team everyone wants to play for.

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Final-five-300x168

This week we saw Natasha Scribbins missing out on a place in the final of The Apprentice. Her team lost the task to design a pop-up fast food restaurant. Project manager, Jim initially put his hand up for the role, but crumbled under the pressure, with what resulted in a disastrous restaurant system. In the boardroom it looked as if Jim was destined to get the axe, when in a twist of fate, Lord Sugar turned on Natasha.

Natasha’s departure highlighted how quickly things can go wrong when exaggerating your skills. At the start of the task Natasha boasted about her degree in hospitality and how she had taken part in a similar task during her degree course. However, back in the boardroom Natasha found herself in a sticky situation, claiming that she didn’t have the experience in hospitality needed for the task.

The episode illustrated the dangers of highlighting qualifications (or even boasting about them) but then not being able to deliver. It also shows how graduates and first jobbers cannot be overly demanding in their first roles – just because they have a qualification in the field that they are now working in, doesn’t mean that they can demand to be fast-tracked into a senior position. It also shows that that a candidate’s qualifications certainly aren’t everything and recruiters should not rule out a perspective hire just because they don’t have the formal qualification to go with the experience.

Tom Bodett, a famous American author once wrote:
The difference between school and life? In school, you’re taught a lesson and then given a test. In life, you’re given a test that teaches you a lesson.

Natasha was certainly taught a lesson; one I am sure she will never forget. That said, f you want to promote yourself as capable you have to be prepared to stand up and be counted. Employers in this market are always looking for attitude as a stand-out requirement. Failure is not necessary a sign weakness it is how you go about the task that reflects your attitude. Not to try at all is a weakness.

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During the recession, working well as part of a team was extremely important.  Many companies relied on staff pulling together during high pressured times, often taking on more work during hiring freezes.   Now that the economy is in better shape, being able to work well within your team is just as important – both in terms of being able to work well as a team and fitting into existing team cultures.  Now that it’s a little less ‘heads down’, companies are more willing to invest in their teams to encourage more collaborative working; through team events, training events or ‘organised fun’.

If you’re interviewing for a new role, you will probably see ‘good team working skills’ on the job description.  It’s important not to dismiss this as a permanent presence on all job descriptions because it’s becoming more and more important to have these skills. If you play a team sport then that’s an obvious example of your experience of team playing, but it’s often more difficult to demonstrate ‘team playing’ at work.  You may get on well with your work colleagues, but do you work as a team?  Do you work to the team’s objectives or just focus on your own?

Before every interview you should have one example of good teamwork in the workplace and also have an example of when you’ve found it difficult working as part of a team – perhaps there was a conflict or someone was not pulling their weight. There’s a chance you won’t get asked about your negative experiences but companies want employees who will fit within their teams both from a technical and cultural perspective, and being able to deal with conflict within a team environment is important, especially in growing teams.

Handshake at meeting

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Melody fails to grasp the reinvestment task.
On last night’s episode of The Apprentice, both teams struggled to grasp the idea of the reinvestment task, whereby they were given a pallet of stock from a wholesaler to sell to the public. The real challenge was to make a profit by reinvesting in stock they knew would sell. At the end of the show, chatterbox Melody Hossaini was silenced by Lord Sugar when she became the latest contestant to be fired.
Over the course of the season, we’ve watched Melody, founder and director of ‘Global Youth Consultancy Business’, demonstrate some great skills, consistently taking big risks and putting herself forward as project manager.
It was clear that firing Melody was not an easy decision for Lord Sugar to make. Unlike the usual slaughter house style axing, Sugar commented, “You three have given me a bit of a dilemma to consider here”. Lord Sugar’s final line before dismissing Melody was “It is with regret, Melody, that you’re fired”. After Melody left the boardroom he said, “We have a woman of exceptional ability there I think, but it is a cruel process”.
Will Lord Sugar live to regret his decision? Like he did in the 2010 series after sacking Lizz over Stuart Baggs? Time will tell.
The advice we can offer:
Employers – clearly you won’t be under as much pressure with cameras rolling to make a decision on the future talent of your company, but choosing the right professional, no matter how many rounds of interviews are done, is always a gamble. Using an experienced recruitment consultant will  reduce that risk so always seek their advice and make sure you are working with the best.  Remember, a recruitment consultant’s success is measured by matching the right individual to the right role, consistently.
Job seekers – clearly Melody was talented, Lord Sugar thought so, and so are you, but often when you are up against competition that appears equally as good as you, it’s hard to not feel bruised when you’re not chosen. Learn from knock backs and work to gain more experience until you get that offer.  Be patient, confident and believe in yourself.  The right role will come along for you and you will be glad you were made wait. Trust me, I am a recruitment consultant…

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On last night’s episode of The Apprentice, both teams struggled to grasp the idea of the reinvestment task, whereby they were given a pallet of stock from a wholesaler to sell to the public. The real challenge was to make a profit by reinvesting in stock they knew would sell. At the end of the show, chatterbox Melody Hossaini was silenced by Lord Sugar when she became the latest contestant to be fired.

Over the course of the season we’ve watched Melody demonstrate some great skills; consistently taking big risks and putting herself forward as project manager.

It was clear that firing Melody was not an easy decision for Lord Sugar to make. Unlike the usual slaughter house style axing, Sugar commented, “You three have given me a bit of a dilemma to consider here”. Lord Sugar’s final line before dismissing Melody was “It is with regret, Melody, that you’re fired”. After Melody left the boardroom he said, “We have a woman of exceptional ability there I think, but it is a cruel process”.

Will Lord Sugar live to regret his decision? Like he did in the 2010 series after sacking Lizz over Stuart Baggs? Time will tell.

The advice we can offer:

Employers – clearly you won’t be under as much pressure with cameras rolling to make a decision on the future talent of your company, but choosing the right professional, no matter how many rounds of interviews are done, is always a gamble. Using an experienced recruitment consultant will  reduce that risk so always seek their advice and make sure you are working with the best.  Remember, a recruitment consultant’s success is measured by matching the right individual to the right role, consistently.

Job seekers - clearly Melody was talented, Lord Sugar thought so, and so are you, but often when you are up against competition that appears equally as good as you, it’s hard to not feel bruised when you’re not chosen. Learn from knock backs and work to gain more experience until you get that offer.  Be patient, confident and believe in yourself. The right role will come along for you. Trust me, I am a recruitment consultant…

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Jul/11

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Taking the biscuit

Taking the biscuit
During this week’s episode of The Apprentice, the two teams were tasked with designing and marketing a new biscuit brand. The ‘cookie crumbled’ for strict Zoe Beresford when she became the latest contestant to be fired due to her aggressive, grumpy attitude and inability to manage Team Logic.
Throughout the series Zoe had come increasingly antagonistic, particularly towards fellow team member Suzie. In this most recent episode it became clear that Zoe’s attitude was a problem for her and more importantly, Lord Sugar her potential business partner.
Zoe was eager to nominate herself for the position of team leader.  As a project manager for a manufacturing company she declared she would be well-placed to take the role. But during the challenge she struggled to make decisions on behalf of her team. Despite her lack of leadership skills, it was in fact her confrontational management-style that finally prompted Lord Sugar to let her go.
Top tips for avoiding confrontation at work:
1. Address the issue immediately
As soon as you have an issue with someone or something – or as a manager, you spot a point of tension – address it immediately.  An off-hand remark can easily escalate, especially in a high-pressured office environment.
2. Do not overreact
The worst reaction to confrontation is to go overboard. Sometimes, it’s better in the long-term to compromise on an issue rather than let it grow into an all-out confrontation that causes further disruption.
3. Listen before you speak
In the heat of the moment it’s easy to react quickly without clearly thinking through what you’re going to say before airing your opinions.  Take the time to review the situation from both points of view – your colleague can only appreciate your willingness to listen.
4. Work out your differences in a neutral environment
It’s unnecessary and maybe inappropriate to air your issues with the rest of the office.  Instead suggest grabbing a coffee with the person/people you are at odds with, or go for a walk outside to discuss your differences. Choosing a neutral setting to reach a solution will remove the tension and break down feelings of defensiveness.

Biscuit apprentice

During this week’s episode of The Apprentice, the two teams were tasked with designing and marketing a new biscuit brand. The ‘cookie crumbled’ for strict Zoe Beresford when she became the latest contestant to be fired due to her aggressive, grumpy attitude and inability to manage Team Logic.

Throughout the series Zoe had come increasingly antagonistic, particularly towards fellow team member Suzie. In this most recent episode it became clear that Zoe’s attitude was a problem for her and more importantly, Lord Sugar her potential business partner.

Zoe was eager to nominate herself for the position of team leader.  As a project manager for a manufacturing company she declared she would be well-placed to take the role. But during the challenge she struggled to make decisions on behalf of her team. Despite her lack of leadership skills, it was in fact her confrontational management-style that finally prompted Lord Sugar to let her go.

Top tips for avoiding confrontation at work:

1. Address the issue immediately

As soon as you have an issue with someone or something – or as a manager, you spot a point of tension – address it immediately.  An off-hand remark can easily escalate, especially in a high-pressured office environment.

2. Do not overreact

The worst reaction to confrontation is to go overboard. Sometimes, it’s better in the long-term to compromise on an issue rather than let it grow into an all-out confrontation that causes further disruption.

3. Listen before you speak

In the heat of the moment it’s easy to react quickly without clearly thinking through what you’re going to say before airing your opinions.  Take the time to review the situation from both points of view – your colleague can only appreciate your willingness to listen.

4. Work out your differences in a neutral environment

It’s unnecessary and maybe inappropriate to air your issues with the rest of the office.  Instead suggest grabbing a coffee with the person/people you are at odds with, or go for a walk outside to discuss your differences. Choosing a neutral setting to reach a solution will remove the tension and break down feelings of defensiveness.

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