Joslin Rowe reports demand for HR professionals is steadily increasing with job vacancies in financial services currently at their highest levels of 2009. This shift in the market shows that employers now have the budget to recruit new employees and recognise that with expanding work loads, departments left under resourced by redundancy now need more support.
This turn in the market is highlighted in Joslin Rowe’s bi-annual salary survey, where the figures show that there has been a 4% increase in HR job volumes in the last 6 months for permanent recruitment and a massive 63% surge in temporary and contract jobs. The influx of temporary and contract HR job positions appears to be a short term remedy to ease pressure on under resourced HR departments with demand for analytical, compensation and benefits professionals hitting a high to meet the year end requirements.
“Whilst the job flow does lie heavily within temporary and contract recruitment, this increase is extremely positive in a market that has been relatively stagnant for the majority of 2009”, said Tara Ricks, Managing Director of Joslin Rowe. “While talk of a market turn becomes more commonplace, employers are awaiting clearer signs that we’re beginning to leave the recession, so they can plan for growth in 2010.”
Yet while demand for HR professionals is on the rise, there has been a drop in salaries. On the permanent side average earnings have fallen by 14% over the last 6 months. While decreases have also taken place on the temporary side, the scale of the drop hasn’t been mirrored, with an average cut of only 1.2%.
Whilst salaries have taken a dip, the outlook is a positive one. If the demand for HR temps and contractors continues, this should have a knock on effect on permanent recruitment and with an increase in job flow, along with an expected boost in salaries. Joslin Rowe has already started seeing a rise in permanent mid level positions.