Recruitment put on ice
More than half of all financial services hiring managers have put a freeze on recruitment to cope with the economic environment, according to a Hudson survey.
Hudson surveyed just over 300 hiring managers for the survey and found more than 54 per cent would not be hiring in the current environment, while only 17 per cent of all respondents said they planned to hire staff in the June quarter this year, compared to 43.7 per cent last year.
The survey also found 27.6 per cent of all hiring managers have encouraged their staff to take annual and long-service leave.
But over half of all respondents have increased their focus on staff training and development, while 64 per cent said they were focused on maintaining engagement, morale and focus among their employees, while the same amount have increased their focus on employee productivity, suggesting employees have to work harder to keep their jobs, the report said.
Nik Ruparel, the director of banking and financial services at Hudson, said hiring managers are looking at a range of steps to manage through the financial crisis, but many businesses have had to cut costs rapidly, which is creating a volatile work environment.
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