GUEST COMMENT: Overworked during the downturn? You'll be highly sought after during the upturn
After Generation X and Y, the latest buzzword to hit UK labour markets is set to be Generation R.
It's a term coined to describe those professionals who were retained during the recession, escaped redundancy, worked in far leaner teams, and progressed faster than usual as they took on the work of more senior ex-colleagues.
According to our research across 571 professional bankers, lawyers and accountants in London, 70% stepped up to the more technically demanding responsibilities that redundant colleagues left behind and 81% gained more experience and a wider skill set during the recession than at any time in the boom years.
Now the recession's eased, 73% believe they are performing at a level above their current job title - and want recognition and reward for their achievements.
Not only are members of Generation R confident of their own abilities, they also have high expectations of what their next move should be.
Some initial research we've conducted across our banking recruitment desks shows that many assistant vice president (AVP) level candidates feel they operated at a junior vice president (VP) level during the recession and therefore will only move on to a competitor, or stay at their current firm, in return for a VP title.
City employers are also fast becoming aware of the Generation R phenomenon. Of the 163 we surveyed, 70% agree that the employees they retained in the recession are more proficient and commercially aware thanks to their experiences over the last 18 months. 59% acknowledge they have discovered future 'stars,' who weren't apparent before the recession forced them to give smaller teams increased responsibilities.
Over a third of organisations (37%) also stated they feel pressure to progress their existing staff to the next level (title wise) faster than would usually be the case, because of their recent track record.
If you were retained during the past recession, your CV carries added value. Surviving the downturn brings a lot of kudos. Employers only have to look internally at the people they retained to know they possess a unique set of skills, so it's only natural to want to entice the same Generation R population from their competitors.
