Hiring freezes: when will they ever end?

2 June 2009

1 minute read

Hiring freezes: when will they ever end?

Just when we thought the green shoots were starting to sprout, a new survey suggests that half of Australia's financial institutions still have hiring freezes in place.

Does you firm have a recruitment ban? If so, when is it likely to end?

The results, based on a survey of 301 financial services hiring managers conducted by recruiter Hudson, shows that 54.8% will not be hiring until further notice. Further, 44.2% have redeployed employees elsewhere within their businesses and 39.5% will not be replacing employees as they leave.

Do such policies reflect business realities or are they mainly being imposed on Australia but the penny-pinching headquarters of foreign firms?

Nik Ruparel, director, banking & financial services, Hudson, comments: "The financial services profession has been particularly hard hit. Only 17% of hiring managers in this profession planned to increase employee numbers in the June 2009 quarter. That's a massive drop from the 43.7% who planned to increase staff numbers at the same time last year."

What does the next six months have it store for hiring? Will freezes stay fixed, or we will start to see a thaw? Let us know below.

AUTHORSimon Mortlock

Content Manager

MS
MS
17 June 2009
Agree with John, the job market is really depressing. I too, was laid off early this year from a leading brokering firm. The green shoots that they talk about is just to pump the market, I don't really see anything positive till 2011! Best to change gears and search for something that you can survive before others join in and make it even more competitive
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NB
NB
8 June 2009
Do not give up so easily. Look at it as a blessing in disguise and "dust off" that old dream of woking for yourself one day ! In regards to a change of career...that is definitely an over reaction and too dramatic ! A career change should be well thought over and be rational !! Easy to say ..i know...I have been tempted to do that as well. Hang on well...things will get better!
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Bo
Bob
4 June 2009
I too have been unemployed having been in senior operational roles for all my life. I have not been able to find work in my area since the Jan 09. In regards to Sarah's comments I have found that to be untrue. The larger firms are streamlining and passing on more functions to a 'fewer' senior group. In regards to changing industries, don't bother. In this labour market it's very difficult to convince employers you have transferable skills. Most senior positions I have seen ask for specific experience in a specfic sector. And they won't budge!
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Ro
Rod Hulanemu
4 June 2009
Time to get out of finance, I often wonder if the combined brain power of all the people working away for little or no benefit for mankind in Chifley Tower was harnessed to do something truly worthwhile? What miracles could be achieved, as for me, time to get back to that super interesting spreadsheet that occupies my waking hours.
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Jo
John
3 June 2009
Having been retrenched earlier this year from a leading stockbroker, I have been looking for work in the investments area ever since. It is somewhat of a concern seeing the numbers mentioned by Hudsons. It's a shame, but it seems time to start considering a career change out of financial services. Are there others in a similar situation who are finding this job market abysmal?
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