Never fear, growth is the word for hiring this year (at least that's what HR people say)

"We don't even remember the GFC. Early last year it was about saving staff, now it's about expansion. Growth is the word."

So said a delegate at the recent eFinancialCareers roundtable in Sydney, which was attended by 16 senior HR people from international and local financial institutions.

A representative from a large foreign bank added: "We didn't do that much hiring in 2010, but they'll be a big increase in 2011."

The panelists, all of whom asked not to be named in this report, said their total headcounts would either increase by as much as 10 per cent this year, or stay about the same as 2010. Nobody predicted a fall. As is typical, the first two quarters will generate the most hiring.

"There are a lot of opportunist candidates at the moment - people who sat out the bad times, feel jaded and want to move now. There are also those who make rash decisions last year as the job market recovered. Now they are considering moving again," commented one roundtable attendee.

Compensation questions

Delegates from investment banks said dissatisfaction with bonuses will only be a significant motivator for candidates whose firms did not manage their expectations. "In this bonus season we're seeing greater deferrals and lower thresholds for them to kick in. Deferral is the new standard language."

Moreover, as another i-bank representative pointed out, the impact of bonus restructuring will be softened by last year's base salary rises at many investment banks. "Total compensation hasn't changed much."

The roundtable panelists agreed that many job seekers have inflated expectations about salary increments. It's common to ask for at least 15 to 20 per cent when you change jobs, but not everyone deserves such a hike. "They think: 'I've been in this role for three years and I might as well continue to stay here if I can't get a big increase in my next position."

The candidates with the best chance of clinching large pay rises are usually those who've received multiple and/or counter offers.

"We've experienced a lot of counters recently - candidates are using them as a bargaining tool. And for the good people, even at AVP level, two or three other banks are often interested at the same time as us."

Next week, we give you the roundtable's view on dealing with agency recruiters and how the high dollar is affecting their international hiring.