As the financial crisis really took hold in Ireland towards the end of 2008, financial services professionals understandably hunkered down and attempted to weather the storm. The situation in 2010 is still far from rosy, but jobs are being created again. Why, then, are candidates still in such short supply?

A culture of fear is still clearly infecting financial services professionals in Ireland. There were nearly nine times as many financial services jobs advertised in the first quarter of 2008 compared with the same period this year, yet it was still easier to find suitable candidates back then.

According to our figures, there were an average of six applicants for every job in the first quarter of 2008, while in 2010 this has slipped to an average of 0.7 applicants for every job available.

These figures are slightly shocking. The specialist nature of financial services roles has always meant that there is a lack of suitable candidates. However, considering that we are emerging from one of the worst ever recessions and redundancies have been rife, it seems strange that talent is in such short supply.

Fear and the need for security during turbulent times have stopped financial services professionals applying for new roles. This is understandable, but the reality is that the job market has improved significantly in the first quarter of this year and most prospective employers are putting infrastructure in place to grow again.

I’d argue that staying put in the medium to long-term puts you more at risk of eventually getting stuck – or, in a worst case scenario, being liable for the chop.

You need to be constantly up-skilling and adding value to your existing organisation, and most firms are not currently willing to spare the time or money investing in training their existing employees. The easiest way to move up the food chain is to switch to a new employer.

The biggest step currently is dipping your toe into the job market in the first place. Don’t forget that it’s not a crime to interview for a position that interests you on paper – do your own research and find out what’s on offer. If you get the job offered to you, and later decide the move is not for you, at the very least your current employer will have to realise that other firms value your skills.

There are obvious ways to beef up your knowledge of what’s out there – specialist recruiters and jobs boards will help, but be sure to increase your network. Attend industry events, conferences and social functions or contact old colleagues – you’d be surprised how many positions can be found through the right connections.

The sad fact is that at the end of 2009, a mentality had developed among Irish financial services professionals that they should simply be thankful for having a job. The advantage of this was that a lack of staff turnover in a previously churning sector created a degree of consistency that was lacking beforehand. The downside is that those firms with jobs have found it incredibly difficult to fill them. But it’s time for financial services professionals to rethink their position.

Financial services employers are positioning themselves for growth again, and it’s high time that staff in the industry began to realise this.

Ken Harbourne is country manager for financial recruiters Robert Half in Ireland