He says: "We're a lean organisation and don't feel we need to expand or cut back, so on that front it is unchanged." AP7 currently employs 15 people, the smallest number of workers at an AP fund. Its executive vice president Richard Grottheim explained the organisation was comfortable with its staffing levels and he did not see a need to cut staff. The €5.49bn AP7 fund was one of the hardest hit, with its Premium Choice Fund falling 42.8%. However, despite the significant losses there appears to be little indication that many of the funds will drastically alter strategy or make redundancies to cut costs. Not a single AP fund reported a positive result in 2008, with losses ranging from around 20-40%. "Clients here have a stronger pool of talent available locally compared to three or four years ago, when they would have been much more open to the idea of relocating someone to the region," says Clayton.Sweden's AP buffer funds have suffered one of the worst years on record, but in spite of this further redundancies look unlikely. Sadly, this means competition is even fiercer. The flood of expat talent to the Middle East in 2008 means that not only is MENA experience ten-a-penny, but that it's also combined with exposure to more sophisticated markets and products. "But we're still willing to speak with them and point them in the right direction to where they might have more success." "A recruiter should be upfront if they can't immediately help a candidate," says Gould. There are better ways of getting feedback. One recruiter tells us of instances where they've been bombarded with 50 e-mails from a single (unsuitable) candidate. It's in the interests of a recruiter to engage with a good candidate, even if they're not suitable for the particular position they applied to, but there are limits. "We're under increased pressure and are therefore not always able to provide the level of service we'd like." "Some of the major recruitment firms in the Middle East have seen their headcount shrink by over 50%," says one headhunter who didn't wish to be named. We always try to convey this to unsuccessful candidates if we can." "But for a sales job, or a relationship driven role, you need exposure to the right people. "From a functional point of view, a lot of candidates have the right skill-sets," says Gareth Clayton, director at recruiters The Charterhouse Partnership. A lack of contacts in the MENA region could work against you - particularly if you're applying from overseas. "But not now - you have to tick all the boxes."ĭoing business in the Middle East is all about who you know. "Rapid promotions, or career changes were possible when there was a shortage of talent two or three years ago," adds Gould. With more candidates on the market, they no longer have to compromise," says James Sayer, senior manager - Middle East at recruiters Robert Half. "Clients now want a perfect match for the skills they're looking for. You might be convinced that your skills and experience matches the job you're applying for, but a recruiter may think otherwise - simply because of the demands placed on them by their client. If you've not been contacted on a more personal basis within two weeks, assume you've been unsuccessful. Therefore, don't be surprised if the most you receive is an automated response. As an extreme example, we've had engineers applying for roles in equity research, but even more appropriate candidates often aren't good enough to put forward to clients." "The majority of these don't have the relevant skill-sets. "We receive as many as 300 responses for a single job," says Jonathan Gould, financial services consultant at iQ Selection. The Middle East financial sector broadly attracts three types of candidates - those who are locally based and still on the job market after a spate of redundancies over the last 12 months, those looking to switch jobs and expatriates hoping to relocate to the region. Recruiters are still drowning in candidates In an attempt to redress the balance, we've compiled a list of the issues facing recruiters in the Gulf, and reasons why you might not be having a great deal of success in your job hunt.ġ. Three years ago the challenge was attracting sufficient talent to the burgeoning number of jobs on offer in the region, now they're faced with increasingly desperate candidates chasing fewer opportunities.Ĭomments from candidates on eFinancialCareers suggest you're not exactly enamoured with the service you've received from recruiters. Pity the much-maligned Middle East recruiter.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |