Front office hiring may be freezing up, but operations recruiters say they’re still operating under conditions comparable to a sauna with a faulty thermostat.

It’s the same old mantra: lots of jobs, no candidates. ‘Golden hellos’ of as much as 10k are still the norm, as are substantial pay rises just for staying put, say recruiters.

Michele Bloomfield, director at Joslin Rowe, says the credit turmoil has had little impact on the recruitment of operations talent: “The picture remains one of extreme candidate shortages, with not enough applicants for the volume of roles on the market. There is no sign that this trend will reverse,” she explains.

“Clients are continuing to pay a premium to secure the talent they require, and in-demand candidates are enjoying a 5k to 10k increase in basic salary just for ‘moving next door’,” she adds.

While there has been a relative lull in the last quarter, it is seasonal and not the start of a wider downturn (or so they say).

“Candidates moving now will enjoy multiple offers, as clients race to meet their headcount requirements for the year. Some are even buying out bonuses – or alternatively offering a ‘golden hello’ to ensure they entice the best people on board,” says Bloomfield.

Last month, rival recruiter Robert Walters suggested the chronic shortage of young people with financial qualifications has led to a bidding war among banks, legal firms and accountants for professional staff. Some employers are now regularly forced to agree to pay rises of 20k just to stop staff quitting.

Chief executive Robert Walters said shortages of qualified people to fill back office, compliance, risk management and audit roles were now at “ridiculous” levels.