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Things are better, but it’s still not really that good

Given the incredible popularity of the Morgan McKinley monthly employment monitor and our almost unblemished record of writing about it, it seems fair that we should add a small something on the subject at the end of the day.

Needless to say, things are looking up. As suggested by the Powerchex report we referenced earlier, there are certainly more jobs than there were a few months ago, but there are still many, many less jobs than there were last year.

Powerchex puts the decline in investment banking jobs at over 80% in Q209 compared to Q208. Morgan McKinley says City-based financial services jobs were down 58% in June 2009 compared to a year earlier.

Comments (8)

  1. I don’t believe this Sarah. Surely, there are loads of jobs for everyone. There is a hiring frenzy on going by the looks of it.

  2. It is this recruiters belief that these numbers are somewhat inacurate. In fact the possibility is that things may be worse. My assumption is that Powerchex are monitoring the number of advertised vacancies. In my experience roles are staying advertised longer as hiring managers are not filling a lot of their roles quickly. Why? well because they are extremley fussy and prejudice. They also believe the “perfect” candidate will become available for them to hire in their own sweet time. So many of the new roles being advertised are in fact old jobs being regurgitated. Some don’t have a real mandate to hire when it comes to offer stage.

    Likewise there are a lot of candidates who are taking their time in coming to the job market and many only becoming realistic about their prospects once the redundancy settlement has dried up. Lots of heads have been left buried in the sand. Average candidates feel more numerous and more desperate. A lot of the “perfect” candidates have now gone.

    Or maybe I’ve just had a bad day.

  3. hiring frenzy, lol i haven’t heard about this! where??

  4. Just a clarification on the Powerchex survey. The research reports on offers confirmed. Powerchex conducts background checks for people who work in financial services and therefore the candidates tracked have accepted an offer and have filled out the background check form.

  5. It would be wise to post the ratio between candidates and vacancies, together with absolute numbers. According to the chart in the article, now the ratio is about 2 and it’s much worse than mid 2008, when the ratio was 1. It’s also not much better than december 2008, when the ratio was about 2.5. The more I read all the optimistic articles about new hiring, the more I think that banks just fired too many people last year. And maybe all the high bonuses we’re hearing about simply come from a lower number of people among which the bonus pools are shared.

  6. i can confirm that things are going ballistic on the hiring front. i am so far past swamped it’s not funny.

  7. A Recruiter is right.

    I personally went for a role which took 1 technical test and 4 interviews. Only person in final round and they said “no”.

    The recruiter said at my stage they looked at 90 CVs post my 4th interview they had gone through 190 CVs.

    In Jan and early Feb the Financial Services sector was swamped. I got interviews at all the big banks. Seems to have dried up now.

    Commerce and Industry is going to pick up around mid March I think (with some input from recruiters) until late April. It comes in 3 month cycles.

  8. Just like mkwlao I went for a govt job with test and 2 interview.Only at final stage when they would let me know the start date, they put my offer on hold due to staffing requirements.

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