Employers should expect lower attrition and a tougher job attracting new employees, as candidates stay put and wait out the current market uncertainty.
According to George McFerran, Head of Asia Pacific, eFinancialCareers, many candidates are interested in new opportunities but are hesitating at the last moment.
“In Q4 2011 we were seeing candidates retreat away from job offers at the last minute after they had initially accepted,” said Mr McFerran. “This trend is expected to persist throughout 2012 as candidates continue to seek new opportunities only to be held back by the tentative state of the global finance market.”
If there is going to be a churn in the first quarter of 2012 it will depend on whether existing experienced employees decide to pull up stumps and change roles.
Prominent senior staff who have been interested in opportunities for the last 12 months should start slotting into roles once 2012 budgets are released. Following these senior appointments, changes to internal businesses or strategies are likely to follow encouraging recruitment to kick-start at all levels.
“Of course, this all depends on whether these senior individuals decide to shift, or whether they too show hesitation,” said Mr McFerran.
Over the next six months McFerran predicts many banking and financial services professionals will return to Australia as the economy steadies. Weak business conditions in the US and Europe, and a steadying in Asia, will encourage more Australian finance professionals to return home.
It will be interesting to see what the influx of ex-pats does at a time when Australian banks are shedding thousands of jobs.
"If the expected rush materialises there could be an excess of talent on the market; but currently candidates are reluctant to move and whilst the economies of the Eurozone are struggling the news that Australian banks are making people redundant will filter through to expats working overseas which is likely to make many think twice before giving up their jobs and making the move home. For those that do make the move the ease with which they find work will depend on the skills and experience they bring with them. Skill sets in demand are likely to be candidates with risk management and compliance experience and business analysts," says McFerran.
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