Talking Recruitment

Financial Services job opportunities in London at highest in six months

Andrew Evans — Tue, 15 May 2012 17:40:36 +0000

Our monthly London Employment Monitor was the first to break news that financial services jobs in April 2012 were at its highest in six months following the Autumn downturn post October 2011.

The Chartered Institute of Personnel and Development (CIPD)’s quarterly Labour Market Outlook survey, conducted by YouGov also reported positively about the state of the UK private employment in general, with 65 per cent of employers reporting that they were planning on hiring more staff in the second quarter.

Good news for the financial services market also continues as the Financial Times announced yesterday that Canary Wharf has overtaken the City of London as the biggest financial services centre in Europe after US bank JP Morgan transferred 8000 jobs from The Square Mile to its new European Headquarters at Bank Street.

photo credit: Where The Art Is

The shift in the balance of power along with the increasing job opportunities indicates that the city financial services market remains fruitful, but despite the pretence of recovery, the volume of available financial services roles is still down 48% on April 2011. In current fluctuating market conditions positive indicators like this don’t necessarily mean an end to a volatile hiring market.

Click here to read the full April London Employment Monitor.

London Employment Monitor April 12 Highlights

The number of newly available financial services jobs rose by 19% from March 12 to April 12
Compared to the same time last year, this was a fall of 48%
The number of professionals entering the jobs market month-on-month in April 12 rose by 10%
This was a fall of 50% from April 11 to April 12
The average time taken to place professionals in new jobs was 47 days down from 67 days in March 12
The average salary for those who secured new roles in April 12 compared to those who were newly placed in March 12 was £51,347 – a rise of 2%.

Tax specialists.. Are you conscious of your reputation?

Guest — Tue, 24 Apr 2012 11:06:26 +0000

Tax has been a high profile topic in the press recently and an interesting underlying theme has been the reputation of tax professionals in the private sector.

The Chief Political Commentator of the Telegraph, Peter Osborne, recently wrote one of the most damning verdicts. He stated ‘there are few more worthless specimens of humanity than tax accountants and tax lawyers’.

Anthony Thomas, President of the CIOT, leapt to defence, arguing that the majority of media comment was ‘ill-informed, ill-conceived, ill-thought out’.

The widespread public disapproval of tax avoidance by multinational organisations has resulted in a conscious effort by those in the profession to improve public image.

Mark Robertson, representing the investment research service Eiris, highlighted how ‘significant reputational damage in the form of negative publicity arising from aggressive tax evasion’ can create financial risks for organizations. Joe Stead from Christian Aid noted that ‘becoming known as a tax dodger can damage a company’s reputation and lead to costly penalties’.

So, what can tax professionals learn from recent articles in the press? It would seem that the greater public has focused more on tax avoidance schemes in general than individuals’ actions and there are a variety of motives behind the most negative comments. Tax professionals will have to continue to be conscious of heightened scrutiny and the impact of their reputation on the business as a whole.

Guest blogger

Beth Horne, Candidate Manager, Morgan McKinley Taxation

Vanity Sizing

James Smith — Mon, 16 Apr 2012 11:43:54 +0000

Vanity sizing, also known as size inflation is used to refer to the phenomenon of clothes becoming larger over a period of time although staying the same in terms of a size 8. In recent years the same has come into a effect in the workplace.

The guiltiest person of this trend setting may be surprising, the late ‘Kim Jong il’, he reportedly had over 1200 titles including guardian deity of the planet, ever-victorious general, lodestar of the 21st century, supreme commander at the forefront of the struggle against imperialism and the United States, eternal bosom of hot love and greatest man who ever lived.

Not that I’ve seen anything like the above applied in the work place, there has been ‘Revenue protection officer’ which was a ticket inspector, dinner lady became SMSA – school meals supervisory assistant.

In the office, where you’ve probably got a few “chief” whatnots, vice-presidents, apparently the number of members of LinkedIn, a professional network, with the title vice-president grew 426% faster than the membership of the site as a whole in 2005-09. Steve Jobs had fun with job titles and called himself “chief know it all”

Is this a substitute for pay in tough economic times? Or is this the latest fashion trend? How do you work out your market rate? well that’s where Morgan McKinley know the market, company structures and most importantly in my opinion about the role you’ll be doing whether your chief whatnot or director of space and time.

March London Employment Monitor

Andrew Evans — Fri, 13 Apr 2012 09:44:19 +0000

Financial services jobs decline by 8% in March 12 but rise overall from Q4 to Q1 12.

Key highlights from the March 2012 monitor include:

Job vacancies across London’s financial services sector fell by 8% from February 12 to March 12
Compared to the same month last year, this was a decline of 57%
Job availability from Q4 11 to Q112 rose by 4%
The number of professionals entering the job market in March 12 was 18% lower than February 12
Continuing the pattern of decline in job seeker numbers, this was also 62% lower than March 11
The time taken to place professionals into new jobs rose by 6 days in March 12 to 67 days
The average salary for those securing new roles in March 12 was £50,330

Download the March 12 London Employment Monitor

The Connection Breaker… ‘Who have you met so far’?

Tara Wallace — Fri, 30 Mar 2012 14:42:24 +0000

Picture this: you’re at a job interview, talking to your second interviewer, and all of a sudden they ask ‘so who have you met so far’? Then you realise you can’t actually say their name, because you’d forgotten it already, and it was gone the minute after they told you. You freeze, and panic, and straight away any connection you had with your interviewer is gone… broken.

You would be surprised at the number of people that forget a person’s name just after meeting them. This happens even more so in an interview scenario, which can create a problem since it is a fact that, psychologically, people love to hear their own name! The simple act of using someone’s name can have a dramatic effect on your success in an interview. However, many people struggle with this simple interview etiquette. So, how should this be tackled?

To find a solution, we must ask one simple question: why is it that we tend to forget such basic, and yet vital, information?

In an interview scenario it is always difficult to remember someone’s name due to the obvious fact that you are so focused on the initial meeting, and undoubtedly running on a bit of adrenaline. True, there is so much for you to think about, be aware of, and consider as you conduct the interview. Your handshake, body language, facial expressions, what you are saying and how you are presenting it, are all running through your mind… it is certainly easy to see why the basics, such as remembering a name, slip by the way-side.

This is no excuse. If you can remember all of the above, you can certainly remember a name, and this one little addition to your interview technique will work wonders for your career.

After all the hard work that you have put into securing that interview for your perfect job, it is essential that you make a lasting impression. Winning over your interviewer, building rapport, and impressing them with your personality is all part of the game. Simply remembering their name makes the interview a far more familiar setting, and brings greater strength to the impression that you give, as well as your answers to the questions that asked to you. Where team-fit is just as important as your technical knowledge, this simple act will assist you throughout the interview to become a person in the interviewer’s eyes, rather than just another candidate.

Here are some hints and tips to fix that person in your mind, and add that little extra personal touch to your interview:

• Repeat the names of the people in conversation immediately after meeting them

• Find a reason to say their name at least three times during the conversation

• Always repeat their name at the end of the interview to make a lasting impression and create a familiar environment

• Write down names of interviewers between your interviews so that it sticks in your mind

• Keep any business cards out on the table, this way their name is in your eye line • If you have forgotten, then show the initiative and ask them again. This way the interview itself will feel more personal as you have made a concerted effort to you’re your interviewer, and in any later interviews, you are more likely to remember their name having had it repeated.

You want to be a positive anchor in the mind of your interviewer. A simple gesture such as using someone’s name will greatly increase your chances of interview success.

So, if you want you keep that all-important connection with your interviewer… the connection that you have worked so hard to gain… and the connection that will secure you that dream job…

Engrave your interviewer’s name into your brain from the moment you meet them… all it takes is this one, simple, step.

Picture this: you’re at a job interview, talking to your second interviewer, and all of a sudden they ask ‘so who have you met so far’?

Then you realise you can’t actually say their name, because you’d forgotten it already, and it was gone the minute after they told you. You freeze, and panic, and straight away any connection you had with your interviewer is gone… broken.

You would be surprised at the number of people that forget a person’s name just after meeting them. The simple act of using someone’s name can have a dramatic effect on your success in an interview. However, many people struggle with this simple interview etiquette.

So, how should this be tackled?

To find a solution, we must ask one simple question: why is it that we tend to forget such basic, and yet vital, information?

In an interview scenario it can prove difficult to remember an additional team member’s name due to the obvious fact that you are so focused on the initial meeting, and undoubtedly running on a bit of adrenaline. Your handshake, body language, facial expressions, what you are saying and how you are presenting it, are all running through your mind… it is certainly easy to see why the basics, such as remembering a name, slip by the way-side.

Still, this is no excuse. After all the hard work that you have put into securing the interview, its essential that you make a lasting impression. Winning over your interviewer, building rapport, and impressing them with your personality is all part of the game.

Here are some hints and tips to fix that person in your mind, and add that little extra personal touch to your interview:

Repeat the names of the people in conversation immediately after meeting them
Always repeat their name at the end of the interview to make a lasting impression and create a familiar environment

Write down names of interviewers between your interviews so that it sticks in your mind
Keep any business cards out on the table, this way their name is in your eye line
If you have forgotten, then show the initiative and ask them again.

So, if you want you keep that all-important connection with your interviewer… the connection that you have worked so hard to gain… and the connection that will secure you that dream job…

Engrave your interviewer’s name into your brain from the moment you meet them.

Regulation impacts compliance recruitment patterns

Guest — Fri, 30 Mar 2012 08:27:57 +0000

In the aftermath of the FSA’s 2011 record-breaking number of individual fines, totaling a whopping £65.5 million, it appears that cooperation and not complacency will be the theme of 2012.The FSA’s aggressive stance looks set to have a deterring effect that will echo throughout the financial services sector.

With the implementation of new EU compliance regulations in 2012 including UCITS 4 impacting risk management; MiFID2; FATCA; Dodd Frank; and RDR within the wealth management division, firms are under pressure to alleviate risk and take action. As recruitment experts in this space, we are seeing the increase in demand for professionals with niche skills sets. Combining technical ability, product knowledge (particularly in equities and fixed income) and, importantly, a strong cultural fit are all important in the hiring process.

Macroeconomic factors such as financial market instability and ongoing eurozone debt issues have caused employers across financial services to become more rigorous, seeking only the best talent in the market. Stringent requirements from hiring managers have increased the overall hiring time, which in some cases has meant them losing excellent candidates to competitors.

Morgan McKinley registered its largest number of temporary compliance candidates in 2011, as challenging market conditions continued. With some compliance functions being offshored and near-shored this has meant more professionals seeking both temporary and permanent opportunities at the same time, with the prospect of competitive rates reflecting the need for specialist skills to be successful in the jobs market.

Although visibility in employment patterns remains relatively unclear, traditionally the post-bonus period creates more fluidity in the market, but this is still hindered by cautious business decisions, as headcount continues to be closely scrutinised in the early part of 2012.

We need the wealthy, but does today’s budget penalise high earners?

Paul Miller — Wed, 21 Mar 2012 15:02:08 +0000

After months of speculation the 50p top tax rate has been scrapped. It is widely accepted that it actually brought in little revenue and maybe acted as a deterrent in attracting – or keeping – top talent to the UK. However, scrapping it is a high profile move and the Chancellor has ensured that the rich are taxed in other ways including the reduction in tax relief on pensions, the so-called Mansion Tax (taxing properties over £2m), the Tycoon Tax (forcing all tax payers to pay a minimum of 20% on all sources of income) and through the expected closing of loopholes to clamp down on tax avoidance.

So, what have we seen today? Has the government played the PR game and given gimmicky names to serious tax issues to appease their voters; whilst trying to do the same with high earners by reducing the highest tax rate?

It is very difficult at this point to predict if the above steps will improve the economy. I am concerned that over time, we will become a country that welcomes big business (the reduction in corporation tax from 25% to *** appears to give this impression) but not those who work for these organisations.

Like it or not, we live in a capitalist society; an advanced one at that. By definition, capitalism creates competitive markets and in these markets some will fair better than others. For this system to continue effectively, we need to ensure that everybody is treated fairly, with respect and not as a pawn in an elaborate political game.

However we choose to look at the specifics, this year’s budget is a PR gamble for the government.

With many of my clients being financial institutions, or constituents of the FTSE 100 I have a particular interest on how today’s changes will be viewed by big business and on high earners within these organisations. Is Britain, as the Chancellor proudly declared, ‘open for business’ or will we see high earners move away from the UK?

It’s an interesting one. In many respects, the UK still offers much to large corporations which is why we continue to see many businesses trading here. However, the ongoing furore over banker’s bonuses has led to some, including a Senior Executive at a Wall Street Bank to describe London as ‘the worst major City in the world to do business’.

Let’s imagine that bonus payments were no longer discussed in the media. We live in a world where individuals decide to work in a location purely based on the tax implications of doing so. By looking at today’s budget, has George Osborne done enough to ensure that, on paper, we have a viable and attractive tax system?

We have heard terms being used lately such as ‘tycoon tax’ and ‘mansion tax’ which imply that the wealthy should be penalised for being financially secure. Given that the top 1% of earners already pays 27.7% of all tax (ONS – 2011/ 2012); I believe that for the economy to prosper we need to welcome big business and their employees to this country.

After months of speculation the 50p top tax rate will be reduced to 45p from next year. It is widely accepted that it actually brought in little revenue and maybe acted as a deterrent in attracting or keeping – top talent to the UK. However, scrapping it is a high profile move and the Chancellor has ensured that the rich are taxed in other ways including the reduction in tax relief on pensions, the so-called Mansion Tax (taxing properties over £2m), the Tycoon Tax (forcing all tax payers to pay a minimum of 20% on all sources of income) and through the expected closing of loopholes to clamp down on tax avoidance.

It is very difficult at this point to predict if the above steps will improve the economy. I am concerned that over time, we will become a country that welcomes big business (the reduction in corporation tax from 25% to 22% over the next 2 years appears to give this impression) but not those who work for these organisations.

Football, Recruiting and Data

James Smith — Mon, 19 Mar 2012 16:40:48 +0000

At Morgan McKinley, we use our 8 years of data for our employment monitor to provide a leading overview of the financial services market and to help make informed career decisions.

But I don’t want to write about recruitment this time, I want to write about football. (Don’t be put off, this is relevant).

Football, like all sports, is driven along by the gossip and speculation of fans, pundits, journalists. Everyone has an opinion, but lets be honest, no one really ever bothers with the facts. Well, the writers of ‘Why England Lose & other curious Football Phenomena explained’ did and it smashes opinions that have become ‘accepted’, here are some interesting findings.

They analysed a database of 22,130 international matches (1872-2001) and discovered that the significant factors which dictate a countries footballing success are: experience (games played), GDP per head and population. Based on that, in the period 1980-2001, England actually slightly over performed compared to our potential beating out richer, larger neighbors.

After examining 1520 premier league games between 2002-06. Armed with the knowledge of the pre-match odds to know the favorite for each they found out that in the games where a penalty was not awarded, the favorite won 51.34% of the time. In the games when a penalty was awarded, the favorite won 51.3% of the time.

Another factor being that then only strong correlation between how a club performs and the wages it forks out each week, pretty much no impact from transfer spending power. Very few managers over perform against the weekly wage; the authors even suggest the fans should pic the team and yes, a club in Mexico is doing just that.

Of course football is still exciting no matter how much data you apply as anything can happen on the pitch and often does, like recruitment our data gives us the edge and allows us to look at the best career advice although our experience to help when the prediction goes out of the window also sets us apart from the rest.

At Morgan McKinley, we use our 8 years of data for our employment monitor to provide a leading overview of the financial services market and to help make informed career decisions.

But I don’t want to write about recruitment this time, I want to write about football. (Don’t be put off, this is relevant).

They analysed a database of 22,130 international matches (1872-2001) and discovered that the significant factors which dictate a country’s footballing success are: experience (games played), GDP per head and population. Based on that, in the period 1980-2001, England actually slightly over performed compared to our potential beating out richer, larger neighbours.

Interests and hobbies – More beavers or confined to Room 101?

Victoria Walmsley — Thu, 08 Mar 2012 11:31:30 +0000

I have nothing against interests and hobbies per se, I even have a couple myself, it’s more a case of questioning the need to share them on a CV on the basis that they might truly influence the decision making process. Really, do employers care about an interest in cooking? Does the ubiquitous interest in sports really demonstrate team player skills? If you believe the studies then you will question if employers even make it to the end of your CV to find out what your interests are. So maybe they are just a waste of everyone’s time and should be confined to Room 101?

Over the years I’ve seen many interests and hobbies on CVs from ‘member of a gym’ which could be anything from a serious body builder through to the likes of me (paid membership fee for nothing more than a monthly email reminding me I am a member of a gym I never go to) to ‘financial markets’ where the candidate didn’t know what the FTSE was but quick to point out that they weren’t technically lying as you can have an interest in something without actually knowing everything about it (it was at this point they became unsuitable for the job).

My all time favourite however, was the candidate who expressed an interest in ‘beavers’. Clearly beavers as an interest merits further exploration. When questioned the lady was delighted to discuss her hobby of beavers – all forty of them. “Forty” I exclaimed “Forty beavers….what do you…how do you…where do you???” Yes, even I was interested by this point. Her dilemma was, as she explained with much concern, she was off on holiday soon and had no-one to cover her Tuesday night slot from 6-7.30pm. Needless to say I was rather confused how you could look after forty beavers for only 1.5 hrs a week until she clarified that the lady from the Cubs, which ran straight after her beavers club, might be able to cover but it would mean a double shift for her. Oh, The Beavers, not beavers – I felt disappointment and relief all at the same time. But 10 years on, I’ll always remember this candidate’s name and her experience.

So even I appreciate that interests and hobbies on a CV can promote discussion at interview but do shared interests forge better working relationships – surely that’s the measure of the worth? From what I can see a shared interest in football for example –seems to promote nothing more than arguments from the conversations I’m privy to, an antithesis if ever there were!

So what’s the answer – do you include a hobbies section or not? Well, I can say that in my 16 years in recruitment I’ve never known a candidate to be rejected because of their interests or hobbies. More importantly I have known candidates enjoy success as a result of their interests specifically the candidate who declared her hobby to be ‘washing elephants’.The feedback from the client was that from a technical and personality point of view they couldn’t decide on their preferred candidate so they decided to look through the CVs one more time, it was this candidates rather unique interest that sealed the deal and she was offered the job. Now that really has to be the measure of the worth.

The price of Scottish independence

James Smith — Tue, 06 Mar 2012 12:54:09 +0000

Scotland is currently going through growing pains once again in its history, this time to establish independence although interestingly Alex Salmond (First Minister of Scotland) wants out of the UK and for Scotland to govern itself as it pleases. However, he is happy for Threadneedle Street to govern its money. Strange? I thought so.

Will the Scots bring back coins like the merk, groat or bawbee? Stirling University Professor of Economics, David Bell wrote in the Scotsman on Friday that it makes sense for Scotland to keep the pound. He stated that jobless figures north of the border mirror the UK as a whole, and therefore it makes sense to keep the currency. This matters, as its easier to design a monetary policy for the whole of the UK as it now stands.

The Scots could always join the Euro although again they would have no control on policy. Alternatively, they could adopt their own currency to avoid the unstable hyper-growth which happened to Ireland’s economy when it joined the Euro. As the Irish did not have control of interest rates to act as a breaking mechanism it ‘overheated’.

Also, the Bank of England is part owned by Scotland (8.4%) as it’s a UK asset and the English are hardly in a hurry for the Scots to run off with this amount right now.

If Scotland was an employee should it stay with its company and work with the current system or take a leap into the unknown? It would do well to remember carpe diem, and take a leap into the new, but potentially rewarding, unknown.

In my opinion, If Scotland wants to aim to be more Scandinavian and less like the eurozone then it must gets its own currency underway and go for it ‘all or nothing’.