With the infamous credit crunch taking a toll throughout the UK, the financial sector seems to have been significantly hit. As recently as this month Barclays bank has announced the loss of 400 jobs and Cattles is now planning to cut 1,000 jobs in the sub prime loans sector. The trend looks set to continue in 2009. Although the financial crisis continues, the £50 billion bank rescue is set to try and improve things along with global interest rate cuts.
What future does this hold for those who have already lost their job?
The financial sector has found that smaller investment firms, advisory firms and insurance companies are taking advantage of the open and competitive job market and filling positions with staff that are very experienced and qualified for less salary because of the masses of job cuts and general unemployment. This will help smaller companies to survive in this delicate and turbulent time by harnessing the experience and talent available within the job market, especially those who use SME recruitment services. The smaller companies who would usually be overlooked by those seeking employment (maybe due to the wages offered) are now able to recruit applicants with the vast experience necessary to survive throughout the financial crisis.