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As we head out the GFC – and I think we are, despite what some pessimists say – we need to change our thinking quickly enough to take advantage of the opportunities that lie ahead.
Employment is no exception, and the financial services job market has experienced a rapid recovery recently. The latest Manpower Employment Outlook Survey of over 2,000 employers indicates that hiring intentions in the finance, insurance and real estate sectors are on the rise for the second quarter of 2010.
The net employment outlook (NEO) is +22%, up from +14% last quarter. This is due to a substantial increase in the proportion of employers planning to increase hiring (29%, up from 21% in Q1 2010), and a drop in the number of employers planning to decrease hiring (4%, compared with 8% in Q1). One year ago, the NEO was just +7, so it’s a much different landscape now.
However, while some areas of financial services have picked up, others remain sluggish. People who can realign their skills to the types of roles that are in high demand will have more options available.
Jobs: hot (and not)
Since late last year, we have seen some roles that are definitely in the “hot seat”. Insolvency specialists, for example, have been in high demand because the number of businesses in financial difficulty increased significantly during the downturn. As the economy improves, the banks and the tax office will be calling in more debts and acting less leniently, so insolvency is likely to be a hot job this year too.
Another growth area is technical accounting, where demand has been driven by factors such as the regulators’ increased focus on capital holding, investor demand for return on equity efficiency, and a greater importance being placed on the correct value of derivative positions.
At the same time, we have seen interest waning for other roles. For example, financial analysis has slumped because greater priority is being given to actuals reporting and the reduction of add-value analysis expenditure. Project-based roles are also harder to land, as budget cuts to existing projects, combined with the cancellation of new ones, has seen work drying up in this space.
The fact is, it can be hard to choose a role or an industry that is genuinely “recession-proof”. However, being responsive to trends and open to new opportunities will ensure you have more career options. The ability to adapt and change will continue to be a key ingredient for career success.
Michael Cuzic, corporate services director, Manpower Australia and New Zealand
Being in the industry, we have also seen a fall in certain roles, those that had been rather prominent previously have now decreased in supply. My thoughts on why are slightly obscure.