Employment Offers in Financial Services Plummet to New Lows
A study by Powerchex reveals a record low in the number of employment offers made by financial services firms.
London, United Kingdom, January 16, 2009 --(PR.com)-- Research published by Powerchex, a pre-employment screening firm for financial institutions, confirmed the worst fears of many experts by revealing a dramatic decline in the number of employment offers made by financial services firms in all sectors.
Powerchex compared the number of employment offers made in December 2008 to those made in November and found that the number of jobs being offered by Hedge Fund companies declined by 86%.
Many experts believed that companies would use the credit crunch as a way to cut the fat and replace them with the most talented in the job market. But that now looks way off the mark with 31% less employment offers for Investment Managers and a 54% decline for Stockbrokers.
The employment landscape is looking increasing bleak in all industries but financial services firms are leading the way. “No one has any idea how far this situation will go. In the middle of last year many firms started to plan for a recession by slowing down on recruitment by only hiring the best people for key areas and also making redundancies to eliminate the least profitable areas of their business. But there is now a widespread belief that we are heading into a long depression rather than a short term recession. Many companies have implemented hiring freezes and are waiting to see what happens with the economy over the next year before taking on any more staff”, says Alexandra Kelly, Managing Director of Powerchex and expert in Operational Risk.
This comes after a study by Powerchex showed that an increasingly competitive job market caused by the credit crunch has led to a considerable rise in falsifications and embellishments on CVs with further increases expected in 2009. Powerchex found that in 2008 17% of all applicants they referenced lied on their CV, up by one third from the previous year.
Kelly warned that employers will now be scrutinizing everyone on the payroll and cutbacks can be expected. “There is no hiding place for employees in a credit crunch like this. If you exaggerated on your CV to get your job you are at a higher risk of being found out and being asked to leave, maybe even without a redundancy package if your employer decides to pursue a case for obtaining a pecuniary advantage by deception and making a false instrument.”
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Notes To Editors:
About Powerchex
Powerchex is the UK’s premier pre-employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check.
www.powerchex.co.uk.
Powerchex compared the number of employment offers made in December 2008 to those made in November and found that the number of jobs being offered by Hedge Fund companies declined by 86%.
Many experts believed that companies would use the credit crunch as a way to cut the fat and replace them with the most talented in the job market. But that now looks way off the mark with 31% less employment offers for Investment Managers and a 54% decline for Stockbrokers.
The employment landscape is looking increasing bleak in all industries but financial services firms are leading the way. “No one has any idea how far this situation will go. In the middle of last year many firms started to plan for a recession by slowing down on recruitment by only hiring the best people for key areas and also making redundancies to eliminate the least profitable areas of their business. But there is now a widespread belief that we are heading into a long depression rather than a short term recession. Many companies have implemented hiring freezes and are waiting to see what happens with the economy over the next year before taking on any more staff”, says Alexandra Kelly, Managing Director of Powerchex and expert in Operational Risk.
This comes after a study by Powerchex showed that an increasingly competitive job market caused by the credit crunch has led to a considerable rise in falsifications and embellishments on CVs with further increases expected in 2009. Powerchex found that in 2008 17% of all applicants they referenced lied on their CV, up by one third from the previous year.
Kelly warned that employers will now be scrutinizing everyone on the payroll and cutbacks can be expected. “There is no hiding place for employees in a credit crunch like this. If you exaggerated on your CV to get your job you are at a higher risk of being found out and being asked to leave, maybe even without a redundancy package if your employer decides to pursue a case for obtaining a pecuniary advantage by deception and making a false instrument.”
###
Notes To Editors:
About Powerchex
Powerchex is the UK’s premier pre-employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check.
www.powerchex.co.uk.
Contact
Powerchex
Andrew McIntosh
02077672437
www.powerchex.co.uk
Powerchex Limited
Gun Court, 70 Wapping Lane
London E1W 2RD
Andrew McIntosh
02077672437
www.powerchex.co.uk
Powerchex Limited
Gun Court, 70 Wapping Lane
London E1W 2RD
Contact
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