Benedix for Banking & Finance

‘Lose the hobby section in CVs’

Thu, 11 Mar 2010 11:12:15 +0000

People applying for banking graduate jobs have been advised to refrain from giving details of hobbies and interests in their CVs.

That is according to global recruitment company NES, which states that personal interests are no longer as important when applying for professional roles.

UK regional director for NES Group Lee Knowles said it is a definite "no-no".

"While sharing details of your personal hobbies may seem like it gives ‘colour’ to a CV, it can backfire by prompting employers to make a judgement about you," he said.

Mr Knowles refers to some candidates who have cited taxidermy, mud wrestling and even pole dancing as their main hobbies.

"While these interests certainly raise an eyebrow, it’s not necessarily for the right reasons."

It is best to keep a CV factual and professional, claimed Mr Knowles, to ensure that employers remain focuses on the main content and not any "extracurricular activity".

Recruiters have also been urged to look beyond "arbitrary" academic qualifications.

Chief executive of the Association of Graduate Recruiters Carl Gilleard told Personnel Today that 2:1 degree classifications are a "very crude tool" for assessing potential candidates.

Employers need to widen their screening processes, Mr Gilleard added.

Employer demand for banking graduate jobs could increase

Wed, 10 Mar 2010 17:27:53 +0000

The demand for new workers increased steadily over February, providing promising news for people seeking banking graduate jobs.

The latest Reed Job Index reveals that the number of new job opportunities in the UK increased by one per cent last month compared to January, and average salaries were up by five per cent.

Employer demand increased the most for graduates, accountants and those in the financial services, IT, charity and administration sectors.

Yet competition for jobs is still fierce, with the number of job applications per job averaging 19 in February – 50 per cent higher than the average of 13 in September last year, according to the report.

Martin Warnes, Reed managing director, said employer demand is "slowly but steadily" returning to the UK marketplace.

The most striking aspect to come out of the report is the high number of people actively job-seeking, he said.

"Pent up demand from people who felt trapped in their jobs throughout the recession seems to have been released with the first signs of returning confidence.

"Employed applicants have flooded back into the job marketplace since the beginning of the year, and are now actively competing with unemployed people, new entrants, graduates and returners," added Mr Warnes.

Graduate employers should receive tax breaks

Wed, 10 Mar 2010 15:23:00 +0000

Employers of finance graduates should be given tax breaks to encourage them to hire younger workers, it has been claimed.

The Association of Graduate Recruiters (AGR) told Personnel Today that such a move would be seen as an incentive by many employers and therefore help open up more vacancies to graduates.

AGR chief executive Carl Gilleard told the news provider that at present the recruitment process is an expensive one, particularly if a firm intended to invest in development training.

"Many employers can find work for people to do but what prevents them going forward is the cost of hiring that individual," he said.

"We think if we could incentivise graduate recruitment in some way it would act as a catalyst for increasing the numbers of vacancies that graduates are recruited to."

Such an incentive should cover the first 12 months of the graduate’s employment, he added.

The proposal is included in the AGR’s new Talent, Opportunity, Prosperity manifesto, which sets out a series of recommendations for the future of UK higher education and the role of employers.

Employers can do more for people in finance graduate jobs

Tue, 09 Mar 2010 17:21:01 +0000

Employers can do more to help their younger workers, such as those in finance graduate jobs, develop their career prospects, it has been claimed.

Chairman of the recruitment society Steve Huxham said although the government has put in place extra training and support, it may be too late for those who are already struggling.

"As part of their need to both attain those people and to improve their prospects there is a lot more that can be done by employers to encourage their younger workers who are unqualified to take on extra courses and skills," he said.

"The government play a part in supporting those employers and make sure that it is as easy as possible for them to do so."

Mr Huxham’s comments follow the release of a report by the Resolution Foundation stating low earners, particularly those in the 25 to 34 age group, struggled more during the recession.

This is because of their "exposed and overlooked" position compared to those on a benefit or higher earners.

Some 66 per cent of people aged between 25 and 34 reported a fall in income, compared to 50 per cent in the benefit dependant group and 33 per cent among the higher earners, according to the study.

Gender inequality still exists in the UK workplace

Tue, 09 Mar 2010 13:41:25 +0000

Women searching for banking graduate jobs may find that gender inequality is still apparent in the workplace.

A new study by Friends Provident and the Future Foundation reveals that Brits think employment parity is a myth, with a third of the population accepting that wage equality will not be achieved by 2020.

The report also suggests that women have different attitudes to work than men.

Some 24 per cent of women rate salary as the most important factor, compared to 37 per cent of men, and 23 per cent of women would rather work less and be paid less, compared to just 17 per cent of men.

Enjoyment at work is a top priority for women, claims the report, and one in five women would be prepared to take a salary cut in exchange for holidays.

Gillian Fox, HR director for Friends Provident, said the report demonstrates a difference between men and women’s priorities in the workplace, potentially impacting the likelihood of reaching gender equality.

"There seems to be an increasing demand from women for more flexible working hours, longer holidays and less call for higher salaries when compared to their male peers," she said.

Finance graduate jobs could rise next quarter

Tue, 09 Mar 2010 13:39:57 +0000

Finance graduate job prospects could improve over the next quarter, according to the results of a new study.

The latest Manpower Employment Outlook survey reveals that the finance and business services industry is among those to emerge from the recession in best shape.

Hiring confidence within the industry is expected to increase by five per cent over the second quarter of 2010, according to the survey of 2,100 UK employers.

Yet concerns of a "jobless" recovery were also highlighted. The report forecasts a slim return of just one per cent to hiring confidence over the quarter for the UK job market in general.

Mark Cahill, managing director at Manpower UK, said 2010 is likely to be another challenging year for employers and job seekers.

"Labour markets the world over will take time to find their feet in 2010 and in the UK, we may see some further increases in unemployment levels although we still believe we will not hit three million unemployed as originally predicted," he said.

Meanwhile, InterExec, the confidential executive agent, has reported a 275 per cent increase in demand for banking and finance professionals over the last year.

Hundreds of jobs lost at Lloyds

Mon, 08 Mar 2010 17:14:27 +0000

Banking giant Lloyds has announced that another 370 jobs will be lost at the company, hindering prospects for banking graduate job seekers.

The positions will be lost from its Wealth & International, Group Operations and Group Executive functions across the UK.

Trade union Unite claims the total number of job losses at the bank has reached 15,000 since its formation in 2009.

The news was issued on the same day that Capita confirmed the loss of 390 jobs from its Bristol operation, prompting Unite to brand it as a "bleak day" for finance staff.

Unite national officer Rob MacGregor said: "The 760 finance staff who have today been told that they face an uncertain future will be devastated by these announcements."

The organisation has been working with Lloyds Banking Group to minimise the number of redundancies following the integration of Lloyds and HBOS businesses.

"The union is optimistic that Lloyds will continue to work with us to identify all possible options of alternative employment for staff," added Mr MacGregor.

Unite is now calling for a commitment to no compulsory redundancies, ending the practice of using contractors or temporary workers, the return of all offshore work and for the company to invest in other cost-saving measures.

Increasing demand for banking graduate jobs

Mon, 08 Mar 2010 12:24:18 +0000

Banking graduate jobs could be on the increase following new figures that reveal a 275 per cent increase in demand for banking and finance professionals over the last year.

That is according to InterExec, the confidential executive agent, based on market information representing 50 per cent of UK vacancies.

In addition, vacancies that were not advertised in the banking and financial sector but handled exclusively by headhunters also increased from 21 per cent in January 2009 to 26.5 per cent in January 2010.

Chief executive of InterExec Kit Scott Brown said the financial services sector is "actively seeking" professionals, especially within the area of banking.

"In our experience this is a reflection of companies looking for new talent in a challenging market and the first signs of growing confidence in the sector," she said.

According to recruitment organisation Michael Page, banks are among the few industries seeking to revive employment plans as the economy recovers.

The firm states that it is being asked to find twice as many bankers in the UK compared to a year ago.

Banking graduate jobs ‘back in fashion’

Fri, 05 Mar 2010 16:45:34 +0000

Banking graduate jobs could be on the rise if the claims by one recruitment firm are anything to go by.

According to the Michael Page organisation, banks are among the few industries seeking to revive employment plans as the economy recovers, reports the BBC.

It was being asked to find twice as many bankers in the UK as it was a year ago, adding that the overall job market was showing signs of recovery.

The year of 2009 had been an "extreme test" of strategy for the firm, states the BBC, but market conditions are now starting to stabilise.

Meanwhile, banking graduate job seekers with a master’s degree have been told that the qualification itself is not enough to secure them a job.

Charlie Ball, deputy research director of the Higher Education Careers Services Unit, told the Independent work experience was vital.

He went on to say that a postgraduate course will "not automatically solve your employment issues".

Oxford’s finance graduate job seekers express employment fears

Fri, 05 Mar 2010 16:13:04 +0000

Finance graduate job seekers from Oxford University have expressed their views on the current employment market, highlighting issues such as discrimination and inequality.

A survey of 450 students, conducted by the Oxford University Students Union (OUSU) and Careers Service, revealed perceptions of the social and personal benefits of various career paths, reports the student newspaper Cherwell.

The main issue highlighted in the report was the existence of a "glass ceiling" in many sectors, especially financial services.

Some 70 per cent of women said "promotion prospects and speed" were the main discriminating issues that they believed would have a negative impact on their careers.

What is more, only 20 per cent of women agreed with the statement that banking is "very supportive of people like me; truly does not discriminate".

Commenting on the findings, Kat Wall, OUSU VP for Women, told the news provider: "In a society which believes we are ‘all equal now,’ it is essential to highlight persistent inequalities in order that they may be challenged and overcome.

"Let us hope this report provides a springboard for action."