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Poaching set to return in financial sector

Thursday 6th May 2010

A drop in the number of candidates qualified for finance jobs in London and other new vacancies in the City could lead to the poaching of the best talent, as seen in the years before the credit crunch.

This is according to financial services recruitment company Astbury Marsden, with its chief operating officer Mark Cameron stating that while this was positive for the individuals it may pose problems.

"The banks face a dilemma - show extreme restraint on pay and face staff defections or pay up and risk the wrath of politicians," he said.

A survey by the organisation revealed that, in March 2010, there were 2.7 suitable applicants for each new job, compared to 5.7 in the same month in 2009.

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Recruitment Today

End of beginning as downturn slows slightly
The seasonally-adjusted CIPS/Markit Purchasing Managers’ Index (PMI) rose to 42.9 in April from 39.1 the previous month, but was lower than last year’s figure of 49.7. Despite remaining below the neutral 50.0 mark (a figure less than 50 indicates a contraction) for the 13th month running, the PMI moved further from February’s joint survey record low.