Financial services 'evaluate recruitment policies'

Financial services companies in the UK are to freeze recruitment but not pay next year, it has been revealed.

Research carried out by consultancy Watson Wyatt indicates 29 per cent of UK financial services firms are restructuring across their organisation and 27 per cent are implementing hiring freezes while caught in the teeth of the economic downturn.

The analysis also found other measures include company travel, which is being considered by 15 per cent of enterprises, and eliminating or reducing training programmes, which eight per cent are planning on implementing.

Iain Nichols, a senior consultant at Watson Wyatt, said: "Far from the 'wait and see' attitude that was adopted by some companies when the financial crisis first broke and developed, companies have now taken contingency steps and are developing their plans for next year's business."

Earlier this week, Alex Farrell, managing director of the IT Job Board, claimed technology recruitment is becoming increasingly integral to business practices.

As a recruitment provider to many of the UK’s major banks, mortgage lenders and building societies Aaron Wallis have a deserved reputation within Financial Services recruitment. Their dedicated FS consultants recruit sales professionals across Retail Banking and Financial Services including IFA’s and Mortgage Broking.

Filed: 18-12-2008