Financial services companies in the Middle East are being swamped with applications, particularly from Western bankers. But while the mass of candidates threatens to spiral out of control, a more pressing issue exists – identifying and retaining the brightest stars among those already employed.

The flood of CVs is reflected in the experience of recruitment firm Hays. “In November 2005, we had 500 applications per week through our website,” says Jason Armes, managing director of Hays in the Arabian Gulf Region. “Now we have around 3,000 per week from new entrants to the region.”

However, Tariq Qureishy, CEO of SAB Holding, a technology, media and telecoms (TMT) private equity firm, says the best people are not necessarily to be found in this deluge: “We need to look for return on the investment we put into staff already within the organisation.”

It’s a sentiment (perhaps predictably) echoed by training and development specialists in the region.

Assam O. Kabesh, CEO of Young Arab Leaders, believes that now is a good time to pinpoint and nurture key talent, something many organisations have failed to do during the boom times.

“There will be some fat to trim in the current climate and it will be a case of survival of the fittest,” he says. “Firms need to identify the individuals they know they want to keep when this crisis is over.”

Carolyn Hanson, regional director of International Compliance Training Middle East, says: “Continued professional development locks in talented staff. We need to stop them chasing the dirham and moving firms for small uplifts in salaries or better benefit packages.”