Posted on 30 April 2020 by Neel Amin
The impact of COVID-19 on financial services recruitment
The Coronavirus pandemic is causing far-reaching socioeconomic consequences across the globe. With large swathes of the global population exercising some form of lockdown, COVID19 has brought the world’s economy to its knees.
In particular, the travel and hospitality industries have been hard hit, but the damage caused by this state of emergency is wide-spread and paralysing a host of other sectors too, including Financial Services and Recruitment.
Impact on Asset Finance and Leasing
In financial services, in particular asset finance and leasing, there is a clear symbiotic relationship between the lessor and lessee. The sustainability of the lessor directly depends on the success and abundance of lessees in the marketplace. If, how and when lessees can weather the storm very much depends on their business and financial credentials along with any support provided by governments.
From our perspective as a recruitment consultancy, we have seen the majority of clients (employers) go into lockdown. Open jobs have or are being reviewed with many being put on hold as lessors implement headcount freezes and delay start dates for new employees. Focus has inimitably shifted from business growth to business protection. Furthermore, there has been an apparent dip in the number of job applications we have received over the past few weeks, further substantiating the fact that candidates are unwilling to move jobs in the current climate; preferring the security and shelter of their current employer.
Making the best of a bad situation
There is a counter-argument to this, however. The current situation does mean that there is a wealth of readily available talent out there, which lessors could take advantage of if they act swiftly. Even if you cannot circumnavigate a headcount freeze, it may be worth considering interim roles for such talented individuals without the associated direct employment costs.
If lockdown and social distancing is a barrier to continuing with recruitment activity, implementing technology solutions such as video-interviewing could be the key. We truly appreciate the enormous benefit of remote technology in reaching out to candidates, and facilitating and managing job interviews, having sought and placed leasing professionals in 25 countries across the globe.
Furthermore, we have witnessed a distinct shift from office-based roles to temporary home-based roles with provisions in place to increase the percentage of home-based workers across most job functions, at least for the short term.
So, whilst it may be tempting or unavoidable, to place recruitment on hold during such challenging times, it may also be worth considering these approaches to help achieve your longer-term business objectives.
Please feel to contact us to see how we may be able to assist with your recruitment needs through this difficult time.