Archive for March, 2009

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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CV Profile Sample

Thursday, March 26th, 2009

How you write and present your CV profile is the golden key to capturing and holding your reader’s attention. Employers and recruiters are sometimes flooded by job applications and working through loads of CVs can be a tedious task. However, it is possible to present your Curriculum Vitae in a way which will set it apart from the all rest.

In addition to your CV’s profile, you’ll need to pay close attention to the CV’s style, layout, headings and, most of all, to the contents.

To make your Curriculum Vitae or résumé stand out from the all rest, it will be in your best interest to include the following headings:

  • CV Profile
  • Work Experience
  • Career achievements
  • Qualifications
  • Goals
  • References

The order of these headings is important as well. In the majority of cases employers prefer to receive CVs in a consistent layout. This makes their job a whole lot easier. And presenting your CV in a suitable way will immediately earn it merit points.

Start off with the CV Profile or CV Summary. This should consist of a brief overview of your entire CV, without disclosing too many details. In this CV Profile you should strive to capture your prospective employer’s attention and entice them to read your attached CV. To accomplish this does not require professional writer’s skills.

However, there is help and the CV Profile website features valuable information at no cost to jobseekers.

For more help and to view a CV Profile Sample, complete the short form below.

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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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CV Preparation

Tuesday, March 24th, 2009

With the current economic crisis affecting the entire world in one way or another, it’s harder to get a job today than ever before. Valuable skills are needed to gain employment, and even if you’re an expert in your respective field, you need to get the word out in a way that makes you stand above the dense crowd.

Taking advantage of your CV and networking to employers and recruiters gets your name in the mix. But it’s not only about employers seeing your name around; they need to know you have the proficiency to not only do the job, but to perform at a higher level than any other candidate.

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One of the biggest hurdles you’ll face while seeking employment is preparing a proper and noticeable CV. Let’s face it; the competition out there is stiff in today’s climate. Unless you really put some effort into CV preparation, you’re basically coming across like every other Joe Nobody in the pile.

Hold your horses. Don’t go preparing your CV just yet. You may be an electronic wizard or ready to write Einstein’s theory out of existence, but you’re not an expert on CV preparation. The best approach you can possibly take in CV preparation is to let the experts guide you. There’s more to landing a job than just your experience.

Look at it from the employers view: here’s another résumé, boasting similar credentials, formatted the same, overhyped and under-formatted in a hard-to-read style – would you hire you? The right move is to take it to the CV preparation experts. The benefits are virtually endless.

Applying the correct CV preparation techniques will save you valuable time in searching for jobs, provide you with more opportunities, find better-paying jobs, and gives you the reassurance that your Curriculum Vitae is written to reflect your best potential. No matter what type of job you’re seeking, sign up for our free CV preparation advice. It will make a world of difference.

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CV errors – 94% of CVs not good enough

Friday, March 20th, 2009

Most CVs are not good enough to be taken forward any further, according to Personal Career Management, a career coaching company.

They performed a study which found that 94% of CVs reviewed were not good enough to be carried forward to the next stage of the recruitment process.

Of the 450 CVs studied;

  • 81% had spelling or grammar errors
  • 13% were poorly displayed or used irrelevant, clumsy language.

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Julian Acquari, Monster UK and Ireland’s MD, says: “In the current economic climate it is vital that people searching for jobs do not sabotage their chances and fall at the first hurdle by submitting CVs with mistakes.”

“Spelling and grammar errors or typographical errors do not convey a conscientious work ethic, and many employers only need to see one mistake to send your CV straight to the recycling bin. Your CV is a potential employer’s first introduction to you, so it’s vital that it makes a good impression.”

To be part of the 6%, complete the form below and receive a free email course on Professional CV Writing guidelines (You’ll also receive a free CV Template, preferred by 93%* of Employers and Recruiters)

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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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