Archive for the ‘Careers Jobs News’ Category

Executive searches fall by a 35%

Tuesday, May 19th, 2009

Worldwide executive searches fell 35% in the first quarter of 2009 against the same period a year ago, according to the Association of Executive Search Consultants (AESC).

Chief Executive

Average net revenues were also down 38% for the same period, AESC’s ‘Q1 2009 State of the Executive Search Industry’ report revealed.

Senior executive recruiting, an estimated $11bn (£7.2bn) industry before the downturn, experienced record profits by the end of 2008 following five consecutive years of exceptional growth.

The latest data represents the first quarter where significant declines were felt across every region and industry, proving that executive recruitment has been affected by a large and fast recession.

AESC president Peter Felix says: “The figures for the last quarter underline the severity of the impact that the global recession has had on organisations and businesses around the world. No region, industry or function has been unaffected.

“Top management have been caught in the headlights of overwhelming uncertainty and have acted more to protect assets and reduce costs than to plan for the future. It is no surprise that the worldwide executive search profession has been affected.”

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Executive searches in the financial services industry suffered the hardest blow with a 41% yearly drop in the first quarter of 2009. The industrial sector, which holds the largest industry market share, fell 27% year-on-year.

Senior executive searches in the life sciences/healthcare sector showed the least decline in Q1 2009, down 21% from Q1 2008.

Sam Newell, director at executive search firm Mindpool Consulting, told Recruiter he wasn’t surprised at the drop in the number of searches.

“It doesn’t surprise me one bit. I still have searches that are ongoing from Christmas. From the fourth quarter last year I could see clients struggling to find the finances for top hires.

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One in three firms to impose Pay Freeze

Tuesday, May 19th, 2009

Almost a third (29%) of British firms imposed wage freezes on their staff last month as they struggle to survive the recession, while the same percentage are reviewing the performance-related bonuses they offer to staff.

The authoritative monthly report from pay specialists Incomes Data Services showed that of the 78 pay deals it monitored last month, more than one in three were freezes, including companies such as the carmaker Jaguar Land Rover, JCB and the charity NSPCC.

A JCB digger in action

JCB: one of the firms that imposed a wage freeze

BT recently announced that it would give no pay rise to its 100,000 staff this year, while the struggling carmaker Toyota has said it will cut its pay by 10%.

Ken Mulkearn, editor of the IDS Pay Report, said: “Firms most affected by the recession are freezing or pausing pay, with most of the freezes concentrated in engineering and among firms which provide key industrial inputs, such as chemicals manufacturers.”

IDS said there had also been a number of freezes in the finance sector, media, airlines and road transport.

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The ‘Employee Benefits Research 2009’, published last week, found that 43% of managers claim they need to ‘motivate employees to maintain morale’ at this time. But a high number say they plan to implement bonus reviews and pay freezes.

Debi O’Donovan, editor, Employee Benefits, says: “Employers are treading a fine line at the moment. Costs need to be cut, but the only way organisations will get through this recession is with staff who are highly productive.

“Cutting pay causes resentment, but at the moment staff are taking it because they are afraid of losing their jobs.

“There is only so long you can run a company with staff who work hard because they are scared of losing their jobs. At some point, managers have to focus on motivating staff – and that is going to involve some creativity if they want to do that without running up high costs.”

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Financial services job cuts

Monday, March 30th, 2009

According to a survey from the Confederation of British Industry (CBI) and PricewaterhouseCoopers, the financial service sector jobs are being cut at their fastest rate since 1993.


The survey shows that staff turnover slumped for the fourth quarter in a row. This is mainly due to hesitancy around changing jobs and a shortage of vacancies.The survey also recorded a successive heavy quarterly decline in business volumes in the financial industry, with only 9% of services firms saying volumes had risen and 56% reporting a drop. Furthermore profitability also fell, while investment plans have been scaled back.

Ian McCafferty, CBI chief economic adviser, says:
 “Conditions remain exceptionally tough in the financial services sector, and have not been helped by equity markets having fallen further since our last survey in December.
 “Sharp drops in revenues and profitability are causing continued suffering, while business volumes remain very weak. Firms are making heavy cuts to staff numbers and investment plans to make savings and reflect weak demand.”

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Middle East Jobs

Monday, March 30th, 2009

Something of the past? – Headlines stating that expats are leaving in hordes with the country’s economy tumbling.

Well not according to the FT. Read more:

The emirate is certainly stumbling. Many of its state-owned entities drown in debt. Several high-profile property projects have wilted under tight credit, debt and corruption. Its stock market has been in free-fall. Many of its top officials, who once swaggered on the world stage, now skulk in denial.
Still, news of Dubai’s death has been greatly exaggerated. Its fundamentals as a regional hub of shipping, services, people, trade and capital have not changed. “Disneyland Dubai has crashed,” as one Dubai-based banker put it, referring to headline-grabbing property projects, “but the core business model of Dubai remains sound.”
That business model predates modern financial markets and the hyper-globalisation of today. It is not about lavish hotels, skyscrapers and man-made islands in the sea. It is a simple model, reflected in the statement of Sheikh Rashid bin Saeed al-Maktoum, the late ruler of Dubai: “What’s good for the merchants is good for Dubai.” Creating a hub for merchants has been an al-Maktoum family tradition for more than a century. And it is those merchants and migrants, dreamers and entrepreneurs, who built Dubai, who deserve equal credit for its rise and who will help it grow again.
This openness to foreign talent will support Dubai as it faces today’s crisis. Speculators will leave but plenty will ride out the storm, including Arab professionals who have chosen Dubai as the place to achieve their dreams and middle-class Indian mid-level managers who make the city work.
To understand why Dubai will survive, it is important to understand its commercial geography. It is not solely an Arab state – demographically or commercially. It is a commercial and tourist hub for a region that encompasses the growing markets of south Asia, emerging Africa, oil-rich Russia and the Gulf states, Iran, central Asia and the Caucasus, Europe and China. And it works largely because of the heavy infrastructure investment made by Dubai’s rulers and the expatriate traders, service professionals, construction workers, bankers and techies who make up 90 per cent of the population.
Dubai was never, as one newspaper called it, “The Middle East’s economic powerhouse.” Rather, it was and remains a highly successful entrepôt in one of the richest and fastest-growing parts of the world. Like most entrepôts, it feeds from and fuels growth. Dubai companies, for example, have substantively improved east Africa’s transport infrastructure and DP World manages ports in 49 countries.
Though Dubai is racked by debt – $70bn of it – much of that comes from massive infrastructure projects that have positioned it well for the future. Infrastructure spending is old hat in Dubai. When Sheikh Rashid built the Jebel Ali port in 1979, to much criticism, he made a big bet – and won. Today, Jebel Ali helps place Dubai among the 10 largest container terminal port cities in the world. When Sheikh Rashid chose to take on a big loan in the late 1950s to dredge the Dubai creek to allow for larger ships, he was panned. It worked. The ships came, and so did the merchants. The pre-oil emirate grew and flourished.
The same can be said of its airports, airlines, telecommunications and broadband networks, metro system and expanded highways. There is no city within striking distance of challenging Dubai as a hub in a region that extends beyond the Arab world to 1.5bn people. Its airport is among the 10 busiest for international passenger traffic. It is also among the world’s top 15 air cargo hubs.
Dubai’s property bubble popped. Its hubris also (thankfully) popped. Its core business model, however, did not. Property corrections and over-leveraged state entities can be fixed. Becoming a poor environment for trade would be far more dangerous. When the world growth engine restarts, city-states such as Dubai will flourish. In the meantime, Dubai will serve as a vital, if somewhat clogged, artery in world trade. The battered but still battling hub city will rise again.
The writer, a fellow at the New America Foundation, was a Dubai-based correspondent for Reuters and is working on a study of hub cities
Source:
http://www.ft.com/cms/s/0/0a38911a-0e88-11de-b099-0000779fd2ac.html?nclick_check=1

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Twelve hundred UK HSBC jobs at stake

Wednesday, March 25th, 2009

Europe’s biggest bank, HSBC, has said up to 1,200 of its staff in the UK could face redundancy. An operation centre in Leamington Spa, near Warwick, will lose 280 positions; a call centre in Newport, Wales, will be shut down; and about 150 jobs will be lost in London.

Unlike other UK banks, HSBC has not received any support from taxpayers. But last week shareholders approved a £12.5bn share sale – the biggest in UK corporate history. Financial firms have been cutting workers and trying to raise money as they struggle to cope with the worst crisis since the Great Depression in the 1930s.

Banking Job cuts

“Unite can see no justification for the efficient and dedicated staff in the UK to lose their jobs and all basic and standard current accounts to be serviced from India,” said Derek Simpson, the joint general secretary of the Unite union.
“This is a kick in the teeth of the bank’s employees.”

Unite argues that the total number of job losses will be 2,900 as roles are left unfilled when employees are moved into different areas, retire or resign.Mr Pie said those additional job losses through attrition had been discussed with the union, but no number had been decided by the bank.
HSBC has a total staff of about 330,000, with 58,000 of those employed in the UK.
Shares in London fell 2.7% to 380.75 pence.

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European Job Cuts

Wednesday, March 25th, 2009

According to the Business Consultancy BCG and the European Association for People Management (EAPM), a third of European firms are planning job cuts.

The report shows that 57% of firms are preparing a major redundancy programme for full-time workers, compared with 40% in Russia, 38% in Austria and the Netherlands, 37% in France and Spain, and 32% in Germany.

Linda Holbeche, board member of EAPM and director of research and practice, Chartered Institute of Personnel & Development (CIPD), says: “Companies should review people strategies deployed during the last recession to avoid using interventions which have been proven over time to be ineffective.

“It’s important to recognise that a lot of managers will not have the experience of handling change of this scale, so to avoid mistakes of the past, companies must follow the good practice outlined in this report.”


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Jobcentre – Ten applicants per job

Friday, March 20th, 2009

There is an average of 10 jobseekers for every vacant position advertised by UK jobcentres.

The trade union body said the ratio – which applies to unemployed people who are claiming jobseeker allowance – had more than doubled over the past year.
The TUC said that while 10 unemployed people were chasing every advertised job in January of 2009, a year earlier it was only four per vacancy.
In 25 council areas there were now more than 20 people per job, it added.

“Rising unemployment has been matched by an equally shocking decline in job vacancies,” said TUC General Secretary Brendan Barber.
“The government can no longer claim there is plenty of work available when there are as many as 20 dole claimants per jobcentre vacancy in parts of the country.”

JOBSEEKER APPLICATIONS PER VACANCY
Isle of Wight – 60
Western Isles – 44
Blaenau Gwent – 42
Rhondda, Cynon, Taff – 36
Hackney – 36
Lewisham – 34
Argyll & Bute – 31
Greenwich – 30
Lambeth – 29
South Tyneside – 28
Source: TUC


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+2Million unemployed

Thursday, March 19th, 2009

The Office for National Statistics (ONS) reported today that UK unemployment has risen above two million for the first time since 1997.

During the three months to January, the number of people unemployed totalled 2.03 million, up by 165,000, said the Office for National Statistics (ONS).

There are now 10 jobseeker applications for every vacancy advertised in UK jobcentres, the TUC claimed earlier this week.

The ONS added that the unemployment rate jumped to 6.5% between November and January.
Unemployment is rising as the first recession in the UK since 1991 continues to bite. Many economists now predict it will go above three million next year.
“This is another milestone in the return of mass unemployment to the UK, and it will get worse before it gets better as unemployment always persists even after a recovery starts,” according to TUC general secretary Brendan Barber.

With these high volumes of jobseeker applications per vacant job it will be imperative to have your CV in tip-top condition. For help and advice look at the CV advice section.

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UK unemployment figures 2009

Tuesday, March 17th, 2009

Because changes in unemployment lag behind an increase in job output , unemployment rates will keep on increasing in 2009 even if Britain’s economy stabilises and stop contracting immediately.

The UK’s unemployment rate is rising markedly signs of recovery is bleak. At the end of 2008 6.3% of workers were jobless, up from 5.2% unemployed in 2007. New figures will be out next week on the 18th however signs indicate a high likelihood that unemployment will rise above 2 million for the first time in more than a decade.

An economic collapse of this size is bound to hit the jobs market very hard. According to Manpower, the global employment-services firm, 23 out of the 33 countries it cover, companies’ hiring scope are the weakest on record.

More up to date figures on the UK’s unemployment state will be published here next week.


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IT Jobs sector performing well

Wednesday, March 11th, 2009

IT Jobs sector performing well

Despite the fact that some sectors were hit very hard it seems as if the IT jobs sector is performing well according to the Association of Professional Staffing Companies (APSCo).

Despite the recession there are currently three times as many foreign IT workers entering UK than during dot com boom. These stats are staggering. For more info I refer to the full article by Recruitment International:

Despite recession three times as many foreign IT workers entering UK than during dot com boom

  • 35,430 non-EU IT workers granted work permits in 2008
  • No obligation to recruit unemployed UK IT workers first

Nearly three times as many foreign (non-EU) IT workers entered the UK last year than during the dot com boom despite the economic downturn leading to thousands of UK IT workers being laid off, according to data obtained by the Association of Professional Staffing Companies (APSCo) under the Freedom of Information Act.

35,430 UK work permits were issued to foreign IT workers in 2008, compared to 12,726 in 2000 at the peak of the dot com boon when the UK was gripped by a massive IT skills shortage.

The data, obtained by APSCo under the Freedom of Information Act from the Home Office, shows that the number of foreign IT workers coming to the UK in 2008 fell by 8% from its high point of 38,450 in 2007.

APSCo says that the figures show that the severity of the economic downturn and the ‘tougher’ new immigration system introduced in 2008 has barely dented the influx of non-EU foreign IT workers coming to the UK.

The vast majority of IT workers coming to the UK are classed as intra-company transfers, whereby companies relocate IT staff between offices in different countries.

Ann Swain, Chief Executive of APSCo, comments: “It seems crazy that with the economy in a severe downturn and thousands of IT workers having already lost their jobs we are still bringing three times as many foreign IT workers to the UK than during the dot com boom when we had a chronic skills shortage.”

“The economic slowdown and supposedly ‘tougher’ new points based immigration system seem to have had very little effect on slowing the influx of foreign IT staff into the UK. A few years ago this may have been overlooked, but with IT jobs much scarcer, this is now a contentious issue.”

“Over 80% of non-EU IT workers coming to the UK are on intra-company transfers. There is currently no requirement for companies to advertise vacancies in the UK before bringing workers in on intra-company transfers. In view of the significant increase in unemployment in the IT sector in the UK the Government should review this rule and consider making companies tap the UK labour market first.”

She adds: “Most of these foreign IT workers are software engineers and systems analysts. They are not coming here to answer phones on help desks, but are taking highly skilled and well paid jobs.”

According to APSCo, offshoring IT jobs to low cost overseas locations, which is likely to accelerate during the downturn as organisations look to cut IT budgets, is eroding the IT skills base in the UK. This is making it easier for organizations to justify importing IT skills from abroad.

Ann Swain says: “Offshoring has eaten away at the bottom rungs of the skills ladder, making it much harder to get the experience needed for the mid-level jobs which foreign companies are bringing workers into the UK to fill.”

“If anything we are going to see more entry-level IT jobs sent offshore in 2009 as recession bites. Is it any wonder that 7% fewer students leave British universities with IT qualifications than five years ago when so many jobs are going offshore?”

Source: http://www.recruitmentinternational.uk.com/news/despite-recession-825.htm

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