Canadian Jobs Market For Finance Pros Still "Lumpy," Experts Say
A recent article in the Canadian press suggests that hiring has picked up markedly for Canadian bankers and other professionals, but recruiters and other experts on the ground in Toronto beg to differ.
"2011 continues to be a difficult year for the majority of senior executives in transition," says Mike Horsfield, a member of the Phoenix Executive Network, a Toronto based organization supporting C-suite executives in their job search.
"There has been an increase in finance, IT and HR positions," of late, Horsfield acknowledges, "but C-suite and general manager roles in manufacturing remain extremely scarce, with many multinational companies transferring responsibility to their head offices in the US.
Generally speaking, those fortunate enough to secure new position have seen the recruitment process lengthening, with a four to six months process from screening interview to offer letter not being uncommon," he says.
For bankers and other financial executives, "Searches are taking longer than most candidates are comfortable with," observes recruiter Janice Detta Colli, a Boyden managing director in Toronto heading its financial services practice in Canada.
Hiring is happening in some cases too, she said, given that many employers have "done more with less" staff for some time now so they do have vacancies. Some financial institutions will actually hire senior executives as well, particularly if you are a financial professional with significant IT or risk experience.
But the market is still very "lumpy," says Detta Colli, and, contrary to a recent report by a recruiter who was quoted in the Globe and Mail, she doesn't find that the recent improvement in the Canadian jobs market is so dramatic. It's not "as if someone turned on a light switch," she says.
Interestingly enough, that report included comments from a professional who exited Toronto-Dominion Bank a year ago after a 20-year career as a financial analyst." In the job market since January, John van Boxmeer learned first-hand how cautious Canadian employers had become about committing to hiring in a murky economy," the Globe and Mail reported.
At first, the executive said, "I was getting a lot of meetings and a couple of potential employers had real opportunities and jobs to discuss. But the conversations didn't lead to offers. It was just chit-chats to explore, and nothing tangible."
But by late August, two organizations he'd met with contacted him with job offers, and today he is a senior vice-president of financial services for credit rating company DBRS Ltd. in Toronto.
The bottom line, say Horsfield and Detta Colli, is that some job seekers may find the market improved, but it's still liable to take quite a while before employers pull the trigger, and even then they are looking for specific skills and experience.
"Recruiters are focused upon identifying candidates with highly specific market and company experience, making it an extremely difficult job market for individuals wanting to transfer their skills to other sectors," says Horsfield, adding this word to the wise:
"As fewer jobs are publicly advertised, networking has becoming increasingly important in identifying and securing a new role. Social media e.g. Linked in, Facebook and Twitter, are playing an increasingly important role in job search today. Internships, advisory work, interim assignments and consultancy can also help tremendously, he says.
