Scottish fund managers most likely to recruit in 2010

Scottish financial services firms have cut staff numbers so deeply that they don't have sufficient headcount should things get significantly better this year. As a result, more than half intend to bolster their teams by up to 10% in 2010.

The annual recruitment review by recruiters Joslin Rowe looks back on a turbulent year in Scotland's financial sector, when job vacancies slid by 93% on 2008 and 43% of firms surveyed cut headcount.

The research takes in responses from 68 financial services firms in Scotland, which together employ over 17,000 people.

It's a decidedly more optimistic affair than this time last year, and suggests that 52% of firms north of the border intend to add to their teams in 2010. This is not across the board, however - fund managers are most likely to bolster their ranks. To a lesser extent, investment operations and retails banks are set to recruit.

This may be down to necessity - around half of respondents say they don't have enough staff should good fortune smile on them once again.

Margaret Dyer, director, Joslin Rowe Scotland, says most employees are still staying put.

"Whilst there's no doubt that there are now far more job opportunities on the market as we head into 2010, jobseeker movement amongst talented professionals remains muted," she says. "The recession hangover means even firms with strong employer brands are struggling to entice the best recruits from their competitors."

As a further cautionary note, the recruiter says that 10% of respondents intend to make further redundancies this year, but that director level staff and those working within life and pensions are most at risk.