As Scotland's big banks pull back from recruiting, Tesco reiterates that it still has plenty of hiring to do
Scotland's banking sector is in need of a boost: Lloyds is still making deep cuts, while the publication of the Independent Banking Commission's final report is not good news for RBS. Step forward Tesco Bank.
In an 'advertisement feature' in the Scotsman yesterday, Tesco went out of its way to point out that it's still hiring. There are jobs across IT, marketing, risk, commercial banking and insurance for "capable, driven and talented individuals", it says.
Tesco Bank's expansion plans are, of course, well known. In 2009, it recruited 250 people, it's has hired a veritable army of contractors, and towards the end of last year it unveiled plans to increase its Edinburgh headcount to 900 in 2011.
A switch across from RBS and Lloyds has been a relatively common move over the last couple of years, as Tesco tends to favour the local workforce, but what does it take to break in?
"Anyone used to a long-established, very structured environment with a process and procedure for everything will struggle at Tesco Bank," says Mark Beacom, manager - financial services at Michael Page Scotland, which works wit the bank. "It's a fast-paced environment, there's shifting, multiple priorities and plans can change very quickly according to what needs to be delivered. You need to be able to cope with this."
Recruiters tell us that after the initial tranche of recruitment to get Tesco Bank up an running, the number of new roles has slowed in recent months, even if (compared to its peers) the job numbers are relatively prolific.
Tesco Bank has also, according to another financial services recruiter who works with the firm, become increasingly selective in its recruitment and looking for very specific expertise.
"For example, within compliance roles, you have to have experience having written an internal policy, rather than simply implemented it," he says.
Moreover, perhaps the best route in is having a broad network. One recruiter tells us that so many people have moved across from other large Scottish banks, that there's an internal vetting process for any potential applicants by former colleagues.
