Editor's Take: heaven knows you're still miserable now

10 May 2010

3 minute read

Editor's Take: heaven knows you're still miserable now

The financial services job market in Australia is improving: it's a fact. And recruitment expectations are rising too, according to a recent report by Hudson.

The study shows that in Australia expectations have grown a further 4.1 percentage points, with a net 37.2 per cent of financial employers planning to boost headcount in Q2. This marks the third consecutive quarter of rising confidence.

But while the jobs upswing seems genuine enough, especially compared with this time last year, comments left on recent eFC articles suggest that a lot of you aren't benefiting from it yet.

Here's a selection of candidate complaints from Australia and our other APAC websites.

· "How come I can't see or feel it happening around me in banking operations?"

· "I have 10 years plus of experience and wanted to be hired as an associate (I was formerly at director level), rather than be unemployed for too long. On top of that I came from a top-notch company! It's not a good job market, that's for sure."

· "I have been looking to move back (from a great role in New York) for personal reasons and I have not had one interview. This [hiring uptake] is a bunch of lies."

· "Jobs are only available for people who have jobs. It's like money gets money, but those who don't have jobs don't get calls, even when the profiles match 101 per cent."

· "I think one of the big barriers is rampant ageism being applied, particularly by recruiters. 'Too qualified' and 'too senior' are simply euphemisms for too old."

· "While the newspapers are talking about a strengthened job market, I feel like we're the forgotten victims of the GFC."

· "After two decades of middle and senior management experience, I get the same response: too overqualified."

Are you in or out?

My take from all this (and from a few off-the-record chats) is that the employment market is indeed healthy for employed candidates who want a conventional move up the career ladder. They've survived the GFC and are once again able to demand decent packages from new employers. Fears of last-in-first-out are just so 2009.

But your situation isn't so secure if you're an "outsider". Perhaps you've been unemployed for too long; or you're applying from overseas; or it's cheaper for firms to recruit younger staff; or you're simply now considered an ordinary performer.

If you're in one of these categories, you might have been taken on pre-GFC, but it seems the current hiring surge still isn't strong enough for you.

Being an outsider hurts all the more because not long ago your career was thriving. And as 2010 wears on, some candidates may decide that quitting financial services is their best bet.

As always, please do leave your thoughts below.

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AUTHORSimon Mortlock

Content Manager

Ar
Aristotle
19 May 2010
I think it needs to be pointed out that as a consultant it is in our interests to try and widen 'essential' or 'preferred' criteria for each role we work on and most of us try to expand this as best we can; therefore increasing the candidate pool and talent we can work with and hopefully providing more people the opportunity to interview and impress.
I think it is a common misconception that Recruiters are always the bad guys and unreasonable gatekeepers. We often work to strict and rigid criteria set by the hiring organisation. We push back as much as we can on this, but ultimately we need to deliver to client expectations or another agency will. And unfortunately, as mentioned previously, in any market, any hiring organisation likes to see stability and longevity in a resume. It is certainly not impossible to find work after an extended period of time outside of regular employment, but key is having made use of the time either through further study or consulting type work arrangements. This impresses potential employers and demonstrates a good level of proactivity on the candidates part.
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da
damien
17 May 2010
I went from 3 job offers to no job in 3 months and now Ive been unemployed for more than 18 months. I never ever get a response to any of my applications now and my calls and follow ups to recruitment agencies are now never, ever returned.
I have stopped searching and am seeking something else outside of finance. Very bitter that I have to forsake all that hard earned knowledge and experience though.
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Xa
Xanthus
14 May 2010
Finally a balanced article that doesn't 'pretend' the recovering job market is helping everyone.
I've been out of work now for 12+ months, and I suspect that candidates over 50 (and perhaps 40) are finding this market very tough.
I agree with Cameron - it's ludicrous.
I also agree with Anton that I need to re-access my expectations down (already done), but I also think another factor is at play - some of the pre Sept 2008 finance jobs are simply not going to return.
For the 'more experienced' candidates, changing your expectations, modifying your CV, or spending 30-60 minutes tailoring each cover letter is not simply going to solve the problem - you're (and myself included) simply going to need to find a new career - unfortunately.
Your old job is simply not going to return - some roles have actually dissapeared into the economic 'ether'
See this interesting article from the New York Times today.
http://www.nytimes.com/2010...
Bugger, bugger, bugger.
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Ca
Cameron
13 May 2010
It's ludicrous. Highly qualified skilled people being shunted. It's a pity the GFC didn't clear out some of the appalling decision makers that are now in hiring positions!
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KE
KEB
13 May 2010
I have been told I am too technical by one employer and not technical enough by another. When applying for an entry level job, I was told I would be bored and leave the job and by another employer told that those already employed by the department will get the job first. It is time for small business but nine months without work means I am out on a limb.
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