Two Offers Are Better Than One
Apr 26, 2010
In a month where we’ve reported an increase in vacancies for City jobs, the bounce back of the financial jobs market is making itself known in another area: competition for candidates. It is becoming increasingly common for in-demand candidates to not receive just one job offer when they put themselves on the market, but to receive two, three or even more.
“We’ve certainly seen an increase in candidates receiving two or more job offers,” says Richard Pitts, Manager of Arrows Group’s Finance Division. “And, along with that, we’ve seen a higher number of attempted ‘buy-backs’ from existing employers, so some of our candidates have found themselves with several new job offers as well as the option of a significant raise to remain in their current position.”
So what’s driving this increased demand for top candidates? The short answer is: confidence. After years of belt-tightening, lay-offs and even the complete collapses of major employers, 2010 does indeed seem to be marking a return to growth, expansion and stability in the City. Of course, this economic recession has taught us that, in finance, situations can change rapidly, so to define the current climate as a definite return to prosperity would be premature and risky. But, as with so many aspects of the financial market, confidence is a key driver of hiring decisions and it is currently higher than it has been for a significant time.
This increase in confidence amongst employers comes at a time when market conditions have been stagnant, or even hostile, for so long that new hires and even normal staff turnover have been very low. Businesses have been reluctant to hire and employees have been reluctant to leave the security of their existing roles, meaning the constant flow of talent that had characterised the City for many years had ground to a virtual halt, leaving many employers lacking new blood and new innovation, and many workers feeling stuck in a rut.
Enter the new-found confidence of 2010 and this situation has rapidly changed. Businesses are now seeking to bring in the new talent they’ve been missing for so long, while candidates are finally seeing prospects of new and better roles becoming a reality again.
“All this is leading to a rush by financial businesses to grab the most talented individuals while they’re freshly on the market,” says Richard Pitts, “meaning that when we are working with a candidate with in-demand skills, we’re not surprised to find several rival institutions eager to snap them up; while they’re existing employer may be equally eager to hang on to them.
“This really makes it a great market for candidates seeking a step up the career ladder, a more competitive remuneration package, or even just a change of scene. Of course, some skills and backgrounds are attracting more interest than others. We’re seeing particularly heavy interest in corporate finance analysts and associates, as well as anyone with change or regulatory risk experience. The message for candidates at this stage is ‘explore your options’. If you have the right skillset you could find yourself juggling offers, and coming out ahead.”
”