UK
A fissure may be emerging in the financial services job market. On one hand, some people still in work are getting higher salaries. On the other, people out of work are volunteering to work for nothing, or for zero salaries and commission only.
As we mentioned a while ago commission only deals are popular in interdealer brokers. They’re also not unheard of in hedge funds.
Financial News reports that people in the fund of funds sector are also volunteering to work for nothing for six months. And hedge fund blogger Fintag says he’s seen the same phenomenon.
Institutional salespeople are apparently particularly willing to cut their price simply in order to get into the market and keep their contacts current.
Is this really such a good idea?
I would pay to get back into the market. I am not joking.
Sergio – have you tried this on any potential employers? If so, what was the reaction? Was it mildy positive, ie i think this could work or an outright no way due to some potential legal/HR-related complications? Although the idea of working for free might sound like a thinking-outside-the box sort of plan, in practice there might some complications/resistance from the employer? Any ideas what these obstacles could be? Thanks .
Hi Phoenix,
No, I haven’t tried it, but it’s something I’m thinking of. I figured that I’d offer a nominal amount to cover my office space.
I’ve never offered to pay, but have offered to work for free – in my experience, it was a turn off to the employer that I would make such an offer, and although I was more than qualified for the role, never heard back from them.
I think it largely depends on the size of the Organisation and who you approach – a large organisation would not work as all applications go to HR, but if its a one or two partner organisation, the partner might go for it!
as mk points out, it could be a big turn off for the employer.
possible dialogue:
employer: why do you want to work for free then?
you: because so your organisation is so cool that i want to be part of it (answer no one would buy)
you: because i’d do anything to stay in the market (honest answer)
employer: so probably, if an offer that actually pays comes by whilst you’re working for us, you’d be out of here in no time
you: well yeah (honest answer..not sure what a crafty answer could be here)
employer: why would i bother taking you on then?
although the employer’s downside risk is zero financially (you work for free) , there’re other risks for taking you on, ie you being on the trading floor, you interfering/distracting other team members, etc etc..employer would be unwilling to be hassled with these when it’s not really desperate to hire anyone.
are you people crazy? seriosuly you would pay to get back ? what kind of plan is this, you want to gain experience while losing all your credibility not to mention your dignity, no employer likes that
Work for nothing….pathetic!
If you want to work for free why not go and do some proper charity work
ahahahahaha hahahahahahahaha hahahahahahaha
hahahahahahahahahahaha
work for nothing?
you have got to be kidding
Is it that hard to get back in. i left before the problems over a year ago and have been working in another industry. I do consider going back, but seems it is very difficult. My aim was to gain some external experience then go back after a year or so, but seems that plan is out the window.
If it can get you into an industry you’ve always wanted to then yes but only for a few months to show willing and maybe have expenses paid. A decent manager who may have been in the same position may take pity and let you onboard.
If you’ve a mortgage and family to maintain, forget it.