The end of the world as we know it?

We’re a Talent consultancy, and as such we interview or at least speak to scores of job seekers every week. One of the most frequent topics of discussion at the moment is, of course, what impact the current economic climate will have on the job market. Having answered a set of questions surrounding this a few times now, I thought I’d try to draw together my thoughts on this blog. This is not necessarily the party line, just my view:

Is my job at risk? I doubt it. If you are a strong performer (and if you’re on this site, you probably are) then you are the last person your company wants to see go. If you continue to demonstrate your enthusiasm, commitment and ability, your company is likely to do everything they can to keep you on. Even if your department is being cut back or - heaven forfend - re-structured out of existence, then you’re likely to be offered something else, somewhere else in the company. And if you don’t fancy that – then don’t worry, there are other jobs…

Can I still get a job? Yes, of course. There are still plenty of jobs. Certainly, some sectors are pretty tough to break into at the moment – investment banking, for example – and many other companies are feeling cautious. That manifests itself in a reduction of planned hires, or at least a slowing of the process. But this shouldn’t be overstated. Most companies are doing fine. Increasing revenues, making profits and following the same strategies for growth as before. And pretty much every one of those strategies requires more good people to drive the business forward. Moreover, churn still happens – employees still move on – and that leaves holes that need to be filled. So of course you can get a job. But perhaps what you meant was …

Can I still get exactly the job that I want? Ah… now that’s a different question. The last six years or so has been something of a sellers market for candidates. There have been more ‘jobs requiring great people’ than, arguably, ‘great people’. That balance might well have shifted a bit. You might have to consider widening your search slightly. If you are only interested in working for either an investment bank, or, at the very least, a top strategy consultancy, then you might struggle. That’s pretty much what everyone says, and therefore those companies can still take the pick of the very best people in the country. You’ll need to have it all – superb academics, evidence of exceptional commercial acumen, multiple languages, good connections, a winning personality and (ideally) be related to the MD. And it still might be tough. But why not broaden your horizons…

How can I broaden my horizons? I’m glad you asked. It’s easy. Look at other sectors. Consider other locations. Explore the opportunities with less glamorous brand names. Our candidates are a superb pool of individuals. But there’s a worrying conformity in many of the aspirations we hear from them. Let me guess – you want to work in London, for a big, household name, preferably one with the sheen of class and style. But why not try a different path? Smaller companies are typically less hierarchical, faster growing and more fluid. Less fashionable names often offer the same remuneration, training and opportunities for progression. Plus they may well be a haven of stability in the shifting sands of the current economy. And working outside London? I know, its almost unthinkable. But believe me, there is a lower cost of living, arguably a better quality of life and an equally vibrant social scene to be found in any of Britain’s next ten cities. Or the Thames Valley. Think about it…

But I still want to get into banking – what should I do? Blimey. You’re not going to be put off, are you? Good for you. There are still opportunities, particularly around the fringes. Try a commercial or high street bank that has a corporate or investment banking arm. Try a small private equity company. Or an ancillary service supplier, like a financial journalist, or a financial PR firm. We have opportunities at all of these types of companies at the moment. But you’d better be good…

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About the author

Alistair is MD of FreshMinds Talent with more than 15 years experience in research, analysis and consultancy. He regularly writes and speaks on industry issues. Outside of work, he can generally be found doing something sporty, outdoorsy or downright dangerous.