Job In Banking -- Is Yours At Risk?
Even if you are an unpaid banking intern, consider your job in the banking industry of being under risk. There are very few businesses that will be immune in the world wide economic recession and banking jobs sure aren’t going to be one of them. According to the financial research form Celent, there will be at least 200,000 layoffs of banking jobs from September 2008 until June 2009.
What Jobs Are Affected?
Since jobs in banking covers such a vast territory in the financial landscape, let's look at what the economic experts are predicting to be the banking jobs most at risk:
• Anything to do with real estate. It's not only the homeowners who are hurting – it's also brokers, banks that hold the mortgages and anyone who works in TIC (tenant in common) investing or helping clients to invest in real estate.
• Investment bankers in general
• Loan processors (especially if the banks continue to freeze credit)
• Bank tellers. If no one has any money to use a bank, then there's no need to keep more than one teller line open on a business day.
Unless you are in higher management of are the CEO of a bank, consider your job at risk. Be sure that you have your resume updated, your references updated and put off any major purchase until after June 2009. You need to do this if you are looking for graduate banking jobs or are a branch manager.
What About The Wall Street Bailout?
Although Wall Street executives and the Bush administration pledged over $700 to banks and major financial firms to keep them from going under, they did so with hardly any strings attached and no guarantee to stop any layoffs. Two months after the huge bailout, banks in America are holding onto the money rather than letting it go to give credit to struggling American businesses. There have also been reports that bank executives have pocketed the some of the money and do not plan on any major reconstruction whatsoever – except for laying of many lower-rung banking jobs.
And not all big American banks and investment firms benefited from the bailout. Although business like AIG and Bank of America received blank checks, investment firm Lehman Brothers was allowed to go bankrupt with debts of over $613 billion. Clearly, even if you know your company got some Congressional cash, it doesn’t mean your job is secure.
If you are a banking intern, get a paying job to cover the bills and ride the tide of the economic tsunami until things settle down again. Although you may be constantly reassured that good interns get good jobs at the company you've interned for, don’t believe it. They're just trying to get as much unpaid work out of you as they can. They have no intention of paying you.
Jobs that are expected to ride out the economic recession include service jobs, jobs in the health care industry and freelancing.
Wednesday, 17 December 2008
Wednesday, 10 December 2008
Graduate Careers in the credit crunch
Like the winter weather, the employment landscape seems to be getting steadily bleaker. For students who face the prospect of job-hunting in Britain’s worst recession since the early Nineties, it is likely to mean tough choices.
A year ago, many would have left university to go into highly paid City careers, but the downturn has radically altered their choice of employment, according to a survey of 1,000 final-year undergraduates by TMP Worldwide, a recruitment communications agency and the Association of Graduate Recruiters (AGR) .
Working in the public sector has become much more appealing to graduates – the Civil Service has risen from eighth to fourth-most popular destination and teaching from seventh to sixth. Investment banking has fallen in popularity from second place to ninth (see graphic, right). Accountancy remains the most stable career choice and the finalists’ top choice, regardless of the credit crunch.
“At the moment, graduates are going for what they see as safer career options. It will be interesting to see whether the Civil Service and teaching professions have a problem retaining graduates in two or three years’ time,” Neil Harrison, the head of research and planning at TMP Worldwide, said.
The drop in graduates’ confidence has been rapid. When the AGR undertook the same survey in April, 55 per cent said that they were “very confident” of finding a job. Now only 10 per cent are very confident. Almost half say that they are not confident.
Undergraduates who might once have turned up at the university career service brandishing their degree certificate are being forced to be more proactive, Mr Harrison said. “People are getting their applications in earlier and spreading the net wider.” About 4 per cent admitted to embellishing their CVs in order to get a job, he said.
Two thirds said that they would accept a lower salary and be “much more flexible” on where they worked, while 47 per cent would put up with a poor work-life balance while they rode out the recession.
Yet most will not compromise on training, the survey found. Carl Gilleard, chief executive of the AGR, said: “It doesn’t matter what the state of the market is – graduates always want to work for jobs they will grow in. This generation puts enormous value on career development.”
Mr Gilleard predicted that 30 per cent of graduate recruiters would recruit fewer graduates this year. Starting salaries were unlikely to fall but fewer jobs could mean settling for less, he said. Some graduates plan to ride out the financial storm by going travelling or returning to study. However, Mr Gilleard said: “We are not sure that 2010 will be a better year. Employers won’t penalise you for taking time out if you can point to the skills and experiences that have made you a better prospect.”
Alexandra Harrison, 23, graduated with a 2.1 in English from Southampton University and is studying for a masters. She is applying for graduate schemes in marketing and retail management: “I probably wouldn’t have chosen to do a masters if I’d known what the market would be like. Hopefully, it will give me a bit of extra employability. There are jobs out there, but the competition will be harder.”
Laura Fletcher, 21, is in her final year of a child psychology degree at Oxford Brookes University. “I was originally planning to go straight into work in September, but I’ve decided to take time out to earn money and do a PA [personal assistant] course, which I hope will improve my prospects,” she said.
A year ago, many would have left university to go into highly paid City careers, but the downturn has radically altered their choice of employment, according to a survey of 1,000 final-year undergraduates by TMP Worldwide, a recruitment communications agency and the Association of Graduate Recruiters (AGR) .
Working in the public sector has become much more appealing to graduates – the Civil Service has risen from eighth to fourth-most popular destination and teaching from seventh to sixth. Investment banking has fallen in popularity from second place to ninth (see graphic, right). Accountancy remains the most stable career choice and the finalists’ top choice, regardless of the credit crunch.
“At the moment, graduates are going for what they see as safer career options. It will be interesting to see whether the Civil Service and teaching professions have a problem retaining graduates in two or three years’ time,” Neil Harrison, the head of research and planning at TMP Worldwide, said.
The drop in graduates’ confidence has been rapid. When the AGR undertook the same survey in April, 55 per cent said that they were “very confident” of finding a job. Now only 10 per cent are very confident. Almost half say that they are not confident.
Undergraduates who might once have turned up at the university career service brandishing their degree certificate are being forced to be more proactive, Mr Harrison said. “People are getting their applications in earlier and spreading the net wider.” About 4 per cent admitted to embellishing their CVs in order to get a job, he said.
Two thirds said that they would accept a lower salary and be “much more flexible” on where they worked, while 47 per cent would put up with a poor work-life balance while they rode out the recession.
Yet most will not compromise on training, the survey found. Carl Gilleard, chief executive of the AGR, said: “It doesn’t matter what the state of the market is – graduates always want to work for jobs they will grow in. This generation puts enormous value on career development.”
Mr Gilleard predicted that 30 per cent of graduate recruiters would recruit fewer graduates this year. Starting salaries were unlikely to fall but fewer jobs could mean settling for less, he said. Some graduates plan to ride out the financial storm by going travelling or returning to study. However, Mr Gilleard said: “We are not sure that 2010 will be a better year. Employers won’t penalise you for taking time out if you can point to the skills and experiences that have made you a better prospect.”
Alexandra Harrison, 23, graduated with a 2.1 in English from Southampton University and is studying for a masters. She is applying for graduate schemes in marketing and retail management: “I probably wouldn’t have chosen to do a masters if I’d known what the market would be like. Hopefully, it will give me a bit of extra employability. There are jobs out there, but the competition will be harder.”
Laura Fletcher, 21, is in her final year of a child psychology degree at Oxford Brookes University. “I was originally planning to go straight into work in September, but I’ve decided to take time out to earn money and do a PA [personal assistant] course, which I hope will improve my prospects,” she said.
Tuesday, 9 December 2008
How To successfully change career
Be certain
1 “People will be suspicious that it is someone having a mid-life crisis ... who in two years' time will want to do something else,” Nick Parfitt, of Cubiks, an HR consultancy, says. Being able to show that you are changing career in a considered way - for example, by getting experience part-time before a permanent move - will help. So will a genuine, realistic and well-researched certainty that the move is right for you.
“Positive enthusiasm and passion will attract many buyers in interview,” Matthew Chester, a director at Digby Morgan, an HR consultancy, says.
Do the sums
2 “Start by looking at the very basic details of your financial situation,” Mr Parfitt says. Assess how much money you have, how long it will last and whether it can finance retraining. “If you are going to change career, you will have to accept that you are going to go down in salary,” Mike Warren, the director of Proteus, a career management consultancy, says.
Audit your skills
3 Make an exhaustive list of all that you are good at, look at new ways to use these skills and position yourself accordingly, Chris Griffin, chief executive of One Life Partnership, a coaching company, says. “The easiest changes are those where your strengths, values and passion line up.” Emphasise your experience and soft skills, such as commercial acumen and political nous. This will help you to compete with those who have more technical proficiency but less work experience.
Location, location, location
4 Identify the right environment. Consider responsibility levels, the degree of change and the speed at which the sector operates. Mr Warren says: “Many people do not take into account the working environment and whether their behavioural style will feel right.”
Talk to people
5 “Talk to a wide range of people, including people who do not know you,” Kate Donaghy, of Manchester Square Partners, which offers career advice to executives, says. People who know you will think of you in that context; a newcomer offers fresh eyes and a more creative approach. Professional advisers can help. Friends may be of little help. Mr Warren said: “They will always view the problem through their own personality spectacles.”
Get qualified
6 Murray Steele, a senior lecturer at the Cranfield School of Management, argues that younger managers can find a full-time MBA an efficient way to change careers while gaining new professional skills, but that most older executives will find them less useful. “There is still an age bias about hiring people,” Mr Steele says. Most recruiters focus on MBA graduates aged 35 and under. Very experienced managers in their fifties can find executive MBAs a useful way to kick-off a portfolio career incorporating a range of non-executive directorships and interim or consulting positions, according to Mr Steele.
Start your own business
7 Start your own business. This will allow greater control over what you do and how you do it, but it does also carry all the usual risks of entrepreneurship.
Be patient
8 It may take three years - and several steps - to make a big change. Ms Donaghy says: “Change isn't linear. There is a great deal more randomness in it than you would like. And you will seldom make change in one leap. You generally have to take small bites at different aspects of change.” Explore a range of alternatives, take what you like from each and merge those things to get a final complete picture. Be prepared for the result to be quite different from what you may expect and be realistic about the time it will take to climb a newly chosen ladder.
Wait for the good times
9 Wait for the economy to pick up. For long time, candidates have held the upper hand in the job market and employers have been relatively open to hiring career-changers, as long as they had reasonably transferable skills. “However, the current situation will flip that on its head,” Mr Parfitt says. “Employers usually only get deluged with CVs from graduates, but if this wave of redundancies continues there could be 25 applicants for the job of financial director, whereas before there could have been three or four.”
Think again
10 Often, people who think that they want to change profession are simply fed up with their jobs, Mr Warren says. Mr Steele says that changing employer can make a big difference, or moving to another area or abroad can also provide the buzz of newness.
Before they were famous
- Many celebrities began their careers as teachers, including Sting (better known then as Mr Sumner) and the Da Vinci Code author Dan Brown.
- The legal profession is also a popular first career: the political leaders Barack Obama and Tony Blair started in the law. Jennifer Lopez, actress and singer, also started life working in a law firm.
- And several famous people started out as doctors, including the comedian Harry Hill and Michael Crichton, the Jurassic Park screenwriter and producer
1 “People will be suspicious that it is someone having a mid-life crisis ... who in two years' time will want to do something else,” Nick Parfitt, of Cubiks, an HR consultancy, says. Being able to show that you are changing career in a considered way - for example, by getting experience part-time before a permanent move - will help. So will a genuine, realistic and well-researched certainty that the move is right for you.
“Positive enthusiasm and passion will attract many buyers in interview,” Matthew Chester, a director at Digby Morgan, an HR consultancy, says.
Do the sums
2 “Start by looking at the very basic details of your financial situation,” Mr Parfitt says. Assess how much money you have, how long it will last and whether it can finance retraining. “If you are going to change career, you will have to accept that you are going to go down in salary,” Mike Warren, the director of Proteus, a career management consultancy, says.
Audit your skills
3 Make an exhaustive list of all that you are good at, look at new ways to use these skills and position yourself accordingly, Chris Griffin, chief executive of One Life Partnership, a coaching company, says. “The easiest changes are those where your strengths, values and passion line up.” Emphasise your experience and soft skills, such as commercial acumen and political nous. This will help you to compete with those who have more technical proficiency but less work experience.
Location, location, location
4 Identify the right environment. Consider responsibility levels, the degree of change and the speed at which the sector operates. Mr Warren says: “Many people do not take into account the working environment and whether their behavioural style will feel right.”
Talk to people
5 “Talk to a wide range of people, including people who do not know you,” Kate Donaghy, of Manchester Square Partners, which offers career advice to executives, says. People who know you will think of you in that context; a newcomer offers fresh eyes and a more creative approach. Professional advisers can help. Friends may be of little help. Mr Warren said: “They will always view the problem through their own personality spectacles.”
Get qualified
6 Murray Steele, a senior lecturer at the Cranfield School of Management, argues that younger managers can find a full-time MBA an efficient way to change careers while gaining new professional skills, but that most older executives will find them less useful. “There is still an age bias about hiring people,” Mr Steele says. Most recruiters focus on MBA graduates aged 35 and under. Very experienced managers in their fifties can find executive MBAs a useful way to kick-off a portfolio career incorporating a range of non-executive directorships and interim or consulting positions, according to Mr Steele.
Start your own business
7 Start your own business. This will allow greater control over what you do and how you do it, but it does also carry all the usual risks of entrepreneurship.
Be patient
8 It may take three years - and several steps - to make a big change. Ms Donaghy says: “Change isn't linear. There is a great deal more randomness in it than you would like. And you will seldom make change in one leap. You generally have to take small bites at different aspects of change.” Explore a range of alternatives, take what you like from each and merge those things to get a final complete picture. Be prepared for the result to be quite different from what you may expect and be realistic about the time it will take to climb a newly chosen ladder.
Wait for the good times
9 Wait for the economy to pick up. For long time, candidates have held the upper hand in the job market and employers have been relatively open to hiring career-changers, as long as they had reasonably transferable skills. “However, the current situation will flip that on its head,” Mr Parfitt says. “Employers usually only get deluged with CVs from graduates, but if this wave of redundancies continues there could be 25 applicants for the job of financial director, whereas before there could have been three or four.”
Think again
10 Often, people who think that they want to change profession are simply fed up with their jobs, Mr Warren says. Mr Steele says that changing employer can make a big difference, or moving to another area or abroad can also provide the buzz of newness.
Before they were famous
- Many celebrities began their careers as teachers, including Sting (better known then as Mr Sumner) and the Da Vinci Code author Dan Brown.
- The legal profession is also a popular first career: the political leaders Barack Obama and Tony Blair started in the law. Jennifer Lopez, actress and singer, also started life working in a law firm.
- And several famous people started out as doctors, including the comedian Harry Hill and Michael Crichton, the Jurassic Park screenwriter and producer
The Healthy Work/Life Balance
Nine to Five may have been a hit for Dolly Parton, but, for most of us, it’s no longer true of working life. Longer hours and e-mail make it hard to switch off and balancing the demands on your time is a challenge, particularly if you have family commitments. But having a meaningful job doesn’t have to mean sacrificing your personal life. Weigh up what the experts have to say about finding that mythical equilibrium.
1. Join the revolution.
“Flexible working [is] on the rise,” says Stephen Overell, a researcher at the Work Foundation, a charity. “Employers will go to surprising lengths to accommodate you.” So if starting an hour later or working from home one day a week would improve things, ask for it. “Sell [the arrangement] to your employer as a business case,” says Steve Williams, head of equality at Acas, the employment relations service. Legally, managers are obliged to consider your request, although they don’t have to agree to it.
2. Manage your time.
Self-discipline is your saviour. “You might work 11 hours a day but if four are spent chatting or being interrupted it’s not productive,” says Peter Flade, a managing partner at Gallup, a consultancy. He also advises setting aside sacrosanct time outside the office where work is not allowed to interfere.
3. Say “no” positively.
“If you take on too much, [then] you can’t deliver on it well, it eats away at you and you let people down,” Flade says. “Saying ‘no’ is better for your clients, colleagues, and family.” Overell agrees. “Everyone has the urge to please, especially younger workers. But you get more respect by saying ‘no’ than saying ‘yes’.”
4. Focus on outcomes.
Measure your performance by what you achieve – don’t stay late for the sake of it. “It could be that you can do [your work] in 35 hours and your colleague takes 50, ” says Flade. “It’s the quality of the work that counts.” Overell: “Graduates are often pushed very hard and it’s intoxicating to be in that elite group. But retain a sense of perspective.”
5. Sharpen your skills.
“Take advantage of every training opportunity – you’ll improve your skills and find ways to become more efficient,” Williams says.
6. Look after yourself.
Sleep and diet are often the first casualties when work becomes too much. “Consistently working long hours is not good for you,” Overell says. “Stress can lead to mental health problems and heart disease.”
7. Take time out.
“Some people go to the gym at lunchtime, others go out for a walk,” Williams says. “A break will make you more productive and prevent that 3 o’clock output slump.”
8. Don’t neglect your friends.
Working relationships can lead to lasting friendships, but more often than not they fade when people move on. “It’s very easy to let workmates become proxy for friends and family,” Overell says. “But it’s a superficial network and needs to be checked.”
9. Talk to someone.
If you’re feeling stressed, say something early, Williams advises. “Don’t wait until you’re cracking up and your work is hopelessly behind.” Usually your line manager is the best person to approach, he says.
10. Work is not the enemy.
“Work can be a huge source of wellbeing,” says Flade, who puts in 60-hour weeks but refuses to own a BlackBerry and never works at weekends. “There’s a huge difference between being busy and being stressed,” Williams says.
1. Join the revolution.
“Flexible working [is] on the rise,” says Stephen Overell, a researcher at the Work Foundation, a charity. “Employers will go to surprising lengths to accommodate you.” So if starting an hour later or working from home one day a week would improve things, ask for it. “Sell [the arrangement] to your employer as a business case,” says Steve Williams, head of equality at Acas, the employment relations service. Legally, managers are obliged to consider your request, although they don’t have to agree to it.
2. Manage your time.
Self-discipline is your saviour. “You might work 11 hours a day but if four are spent chatting or being interrupted it’s not productive,” says Peter Flade, a managing partner at Gallup, a consultancy. He also advises setting aside sacrosanct time outside the office where work is not allowed to interfere.
3. Say “no” positively.
“If you take on too much, [then] you can’t deliver on it well, it eats away at you and you let people down,” Flade says. “Saying ‘no’ is better for your clients, colleagues, and family.” Overell agrees. “Everyone has the urge to please, especially younger workers. But you get more respect by saying ‘no’ than saying ‘yes’.”
4. Focus on outcomes.
Measure your performance by what you achieve – don’t stay late for the sake of it. “It could be that you can do [your work] in 35 hours and your colleague takes 50, ” says Flade. “It’s the quality of the work that counts.” Overell: “Graduates are often pushed very hard and it’s intoxicating to be in that elite group. But retain a sense of perspective.”
5. Sharpen your skills.
“Take advantage of every training opportunity – you’ll improve your skills and find ways to become more efficient,” Williams says.
6. Look after yourself.
Sleep and diet are often the first casualties when work becomes too much. “Consistently working long hours is not good for you,” Overell says. “Stress can lead to mental health problems and heart disease.”
7. Take time out.
“Some people go to the gym at lunchtime, others go out for a walk,” Williams says. “A break will make you more productive and prevent that 3 o’clock output slump.”
8. Don’t neglect your friends.
Working relationships can lead to lasting friendships, but more often than not they fade when people move on. “It’s very easy to let workmates become proxy for friends and family,” Overell says. “But it’s a superficial network and needs to be checked.”
9. Talk to someone.
If you’re feeling stressed, say something early, Williams advises. “Don’t wait until you’re cracking up and your work is hopelessly behind.” Usually your line manager is the best person to approach, he says.
10. Work is not the enemy.
“Work can be a huge source of wellbeing,” says Flade, who puts in 60-hour weeks but refuses to own a BlackBerry and never works at weekends. “There’s a huge difference between being busy and being stressed,” Williams says.
How To Get Promotion
Earning a promotion is a complex affair. Matters such as pay and benefits begin to look easy compared with manoeuvring your way up (or sideways) through the ranks. Look around you before you jump at a new opportunity – a new job title could be the least important of many considerations, according to our experts.
1. Put yourself out.
There’s more to a job than a 12-line description, Simon Copeman, the acquisition and alliance manager at 3M UK and Ireland, says. “I’m looking [to promote] someone who does a pretty good job... but also someone who comes up with solutions. Someone who has taken the initiative within their current role [and] has managed new experiences outside the strict job description.”
2. Own up to itchy feet.
Few people are honest about their aspirations when they speak to their manager, says Julie Bowen, the head of organisational development at Adecco, a recruitment company. “At formal appraisals, people should be honest and not say what they think their boss wants to hear. They have to have the courage to say, ‘look, I love this job but’.”
3. Ask for help.
With luck, your manager should have noticed that you are ready to take on extra responsibility, Copeman says. Take his or her advice on what role you are ready for and when you are ready for it.
4. Think twice.
It’s important to know what motivates you before you move. “Be cautious,” Bowen says. “Yes, it’s a step up but is it at the loss of everything else?” Could you find yourself better paid, but uninspired by your new colleagues or working longer hours when time at home is more important to you, for example?
5. Consider all the options.
The smart move is not always up, says Helena Clayton, the director of open programmes at Roffey Park, an executive education college. “Employability is about the range of skills that you have,” she says. “Taking a role that gives you those skills may not necessarily mean a promotion. Some of the most challenging roles might be sideways.”
6. Put yourself about a bit.
If you’re looking for a more challenging role it’s important to raise your profile, Clayton says. “Volunteer for cross-cutting projects and jobs... where you can make your mark. Put yourself in front of senior people and find yourself a senior-level mentor.”
7. Know the known knowns.
There’s no excuse for a lack of research when you’re pitching for a more senior role. Make sure you have a copy of the job description and the low-down on the skills required so that you can talk about the ways in which you shape up, Bowen says.
8. Play nicely.
“What you have achieved is important but how you achieved it is equally so. How you treat people – your management style or the quality of your interpersonal relationships – carries more weight when you go for promotion because ultimately you can achieve results only through other people,” Clayton says.
9. Be flexible.
“You might have a pretty clear idea of where you want go but that might not be possible. If you are flexible about your next move, the chances of being promoted are that much higher,” Copeman says.
10. Don’t burn your bridges.
Always leave on friendly terms – you might find yourself working for the same manager again.
Find out more
Put your best foot forward with How To Get The Perfect Promotion: A Practical Guide to Improving Your Career Prospects, by John Lees (McGraw-Hill Professional, £12.99)
1. Put yourself out.
There’s more to a job than a 12-line description, Simon Copeman, the acquisition and alliance manager at 3M UK and Ireland, says. “I’m looking [to promote] someone who does a pretty good job... but also someone who comes up with solutions. Someone who has taken the initiative within their current role [and] has managed new experiences outside the strict job description.”
2. Own up to itchy feet.
Few people are honest about their aspirations when they speak to their manager, says Julie Bowen, the head of organisational development at Adecco, a recruitment company. “At formal appraisals, people should be honest and not say what they think their boss wants to hear. They have to have the courage to say, ‘look, I love this job but’.”
3. Ask for help.
With luck, your manager should have noticed that you are ready to take on extra responsibility, Copeman says. Take his or her advice on what role you are ready for and when you are ready for it.
4. Think twice.
It’s important to know what motivates you before you move. “Be cautious,” Bowen says. “Yes, it’s a step up but is it at the loss of everything else?” Could you find yourself better paid, but uninspired by your new colleagues or working longer hours when time at home is more important to you, for example?
5. Consider all the options.
The smart move is not always up, says Helena Clayton, the director of open programmes at Roffey Park, an executive education college. “Employability is about the range of skills that you have,” she says. “Taking a role that gives you those skills may not necessarily mean a promotion. Some of the most challenging roles might be sideways.”
6. Put yourself about a bit.
If you’re looking for a more challenging role it’s important to raise your profile, Clayton says. “Volunteer for cross-cutting projects and jobs... where you can make your mark. Put yourself in front of senior people and find yourself a senior-level mentor.”
7. Know the known knowns.
There’s no excuse for a lack of research when you’re pitching for a more senior role. Make sure you have a copy of the job description and the low-down on the skills required so that you can talk about the ways in which you shape up, Bowen says.
8. Play nicely.
“What you have achieved is important but how you achieved it is equally so. How you treat people – your management style or the quality of your interpersonal relationships – carries more weight when you go for promotion because ultimately you can achieve results only through other people,” Clayton says.
9. Be flexible.
“You might have a pretty clear idea of where you want go but that might not be possible. If you are flexible about your next move, the chances of being promoted are that much higher,” Copeman says.
10. Don’t burn your bridges.
Always leave on friendly terms – you might find yourself working for the same manager again.
Find out more
Put your best foot forward with How To Get The Perfect Promotion: A Practical Guide to Improving Your Career Prospects, by John Lees (McGraw-Hill Professional, £12.99)
Riding through the Recession in Banking
An economic slowdown doesn’t necessarily mean mass redundancies, but it can certainly make it harder to keep moving up the career ladder. Graduates might find it harder to get the exact job that they want while experienced managers will need to think carefully about how to avoid getting stuck in one position for too long.
1. Don’t panic. “The best data we have at the moment is that we are not going to go into a full-blown recession,” says Russell Hobby, an associate director at Hay Group, an HR consultancy. “Growth will slow for about 18 months but it will then recover.”
2. Assess your sector. On average, employers are looking to cut about 1 per cent of their work-force, but this varies considerably by industry. Something like a third of all job losses are likely to be in banking and finance, Hobby says. Other potentially shaky sectors include retail and construction; the public sector, particularly local government, is also tightening its budget and is no longer the safe haven that it once was.
3. Graduates will stay in demand. Some firms cut their graduate recruitment programmes during the last economic downturn but found that this left them short of trained staff when it got moving. They’re not likely to make this mistake again. Some get around this by signing graduates up now but inviting them to defer for 12 months. For example, UBS’s 2008 recruits can choose to spend a year doing voluntary work with the bank’s financial support.
4. Study. With things expected to pick up again in 18 months, it’s worth looking at doing a masters degree in the meantime, Hobby says. Students and new graduates might find that further study is a good way to wait out a slow patch without getting stuck with a period of unemployment on their CVs; people who are already established in their careers, however, need to be sure that the higher degree will add enough value to justify taking time off the ladder.
5. Don’t be dogmatic. Graduates should be more open-minded about their options, Hobby says. For example, if you want to work in finance, you could take a position in industry for the moment and move across when things brighten up. Flexibility will also benefit people already in work, particularly if belt tightening means that where or how they work changes.
6. Reconsider quitting. The idea of jumping ship can be tempting – particularly if you’re desperate for promotion – but it might not be a good idea, says Nick Parfitt, a consultant at Cubiks, an HR consultancy. “For a start, if you quit you lose redundancy protection.” You may move and find that, regardless of how well you do your job, you are cheap to get rid of and therefore vulnerable if redundancies hit.
7. Keep on moving. Stagnating in your present role is not a good idea. Recruiters may peg you as lacking in drive or ambition if you stay in one position for too long. “It’s very important to keep up momentum,” says Max Williamson, a director of careersinaudit.com. “In an economic slowdown that promotion might not come. If you cannot see the next step in the UK, you can look overseas and leapfrog it.” Hobby says: “China, the Middle East and India are growing fast [although] we expect that to slow in a few years.” Go overseas for a time and move back when growth picks up.
8. Internal progress is better than nothing. If an international move is out of the question, look for training or promotion opportunities with your current employer, Parfitt says.
9. Think about your profession. Engineers are in a good position, says Chris Cole, the managing director of Darwin Park, a recruitment consultancy. “Demand is up 19 per cent this year and is set to outstrip supply by 23 per cent by 2010,” he says. Across other professions, companies are continuing to hire people for sales, marketing and customer-facing roles while those in back-office jobs – HR, finance, IT and so on – are more likely to feel the crunch, Hobby says.
10. Don’t demand a pay rise. “If your company is laying people off left right and centre and you walk in and try to negotiate a 20 per cent increase, you will really get up your boss’s nose,” Parfitt says. If you can prove that you’ve added value, consider asking for an increase in the performance-related aspect of your pay – this is easier to justify than a rise in base salary.
Taken from the Times
1. Don’t panic. “The best data we have at the moment is that we are not going to go into a full-blown recession,” says Russell Hobby, an associate director at Hay Group, an HR consultancy. “Growth will slow for about 18 months but it will then recover.”
2. Assess your sector. On average, employers are looking to cut about 1 per cent of their work-force, but this varies considerably by industry. Something like a third of all job losses are likely to be in banking and finance, Hobby says. Other potentially shaky sectors include retail and construction; the public sector, particularly local government, is also tightening its budget and is no longer the safe haven that it once was.
3. Graduates will stay in demand. Some firms cut their graduate recruitment programmes during the last economic downturn but found that this left them short of trained staff when it got moving. They’re not likely to make this mistake again. Some get around this by signing graduates up now but inviting them to defer for 12 months. For example, UBS’s 2008 recruits can choose to spend a year doing voluntary work with the bank’s financial support.
4. Study. With things expected to pick up again in 18 months, it’s worth looking at doing a masters degree in the meantime, Hobby says. Students and new graduates might find that further study is a good way to wait out a slow patch without getting stuck with a period of unemployment on their CVs; people who are already established in their careers, however, need to be sure that the higher degree will add enough value to justify taking time off the ladder.
5. Don’t be dogmatic. Graduates should be more open-minded about their options, Hobby says. For example, if you want to work in finance, you could take a position in industry for the moment and move across when things brighten up. Flexibility will also benefit people already in work, particularly if belt tightening means that where or how they work changes.
6. Reconsider quitting. The idea of jumping ship can be tempting – particularly if you’re desperate for promotion – but it might not be a good idea, says Nick Parfitt, a consultant at Cubiks, an HR consultancy. “For a start, if you quit you lose redundancy protection.” You may move and find that, regardless of how well you do your job, you are cheap to get rid of and therefore vulnerable if redundancies hit.
7. Keep on moving. Stagnating in your present role is not a good idea. Recruiters may peg you as lacking in drive or ambition if you stay in one position for too long. “It’s very important to keep up momentum,” says Max Williamson, a director of careersinaudit.com. “In an economic slowdown that promotion might not come. If you cannot see the next step in the UK, you can look overseas and leapfrog it.” Hobby says: “China, the Middle East and India are growing fast [although] we expect that to slow in a few years.” Go overseas for a time and move back when growth picks up.
8. Internal progress is better than nothing. If an international move is out of the question, look for training or promotion opportunities with your current employer, Parfitt says.
9. Think about your profession. Engineers are in a good position, says Chris Cole, the managing director of Darwin Park, a recruitment consultancy. “Demand is up 19 per cent this year and is set to outstrip supply by 23 per cent by 2010,” he says. Across other professions, companies are continuing to hire people for sales, marketing and customer-facing roles while those in back-office jobs – HR, finance, IT and so on – are more likely to feel the crunch, Hobby says.
10. Don’t demand a pay rise. “If your company is laying people off left right and centre and you walk in and try to negotiate a 20 per cent increase, you will really get up your boss’s nose,” Parfitt says. If you can prove that you’ve added value, consider asking for an increase in the performance-related aspect of your pay – this is easier to justify than a rise in base salary.
Taken from the Times
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