GUEST COMMENT: Be flexible to survive
Considering the time and money spent training employees, it makes sound business sense to redeploy them to other areas of the business rather than making them redundant. Moving an employee sideways to another position also allows them to explore different skills or attributes, which adds to job satisfaction and loyalty to the company.
However, obviously this isn't always possible, and when firms look outside the company to fill a new role, a clear pattern is emerging as to the type of candidate that is desirable in the present climate.
With the financial sector facing massive changes, companies are now looking for adaptable all-rounders rather than those with a niche skill set. Those who can quickly acclimatise to a very challenging working environment and get their hands dirty with a variety of tasks will prosper.
There's an increasing trend within financial services to move existing employees to other areas of the business, especially within large multinationals, and therefore staff are having to stretch themselves further and move out of their comfort zone.
In the short term, this means they continue to be a valuable asset to the firm and, in the long run, they emerge with a more rounded skill set and knowledge, which enhances future career prospects.
This adaptable attitude is also integral within smaller firms, where the combination of trust and support of both employer and employee is more closely linked to the company's success.
Employees must continue to ask themselves how they can add value at the moment and employers must understand where best they can utilise a strong skill set. Keeping employees' motivation high, while at the same time offering challenges and rewards, will ensure the boat remains steadily afloat.
If employees are highly valued and willing to take on extra work within this changing environment, then they must be rewarded. However, this doesn't necessarily mean monetary rewards.
The clever employer will look at ways to make staff feel valued through other means. This can be in the form of flexible working hours, or the option of a four-day week, or working from home when possible.
It's also the ideal time to focus on training and career development, and both employees and employers should look at which courses will provide long-term benefits to the business.
The key lesson to be learned at the moment is that a flexible approach is required to survive. Employers must be realistic about the demands and targets that can be put on employees, and staff should be willing to go that extra mile, without expecting excessive salary and bonus increases. In the end, it will benefit both parties.
Erica Skelly is principal consultant, financial services, at recruiters Careers Register.
