Economic Downturn Creates Positive Legacy

The economic crash of 2008 and subsequent double-dip recession has left a legacy for small and medium-sized businesses to capitalise on…

Whilst there were undoubtedly many homegrown casualties of the worldwide economic downturn, a London-based global recruiting services firm has seen that the dark cloud does actually have a silver lining.

Financial recruitment specialist Robert Half Financial Services has identified a number of benefits from the downturn;

First among the positives is a more efficient business and workforce. 62% of finance leaders have said that their teams now operate with increased efficiency.

Additionally some 67% of firms have boosted their recruitment by adding temporary or interim staff to their payroll and this has lead to greater efficiencies too. This has proved to be extremely cost-effective when compared to hiring full-time workers, particularly when required for projects and regulatory initiatives.

Another 56% of managers have acknowledged that they now work in a less risk-prone environment with many firms in the sector "playing it safe".

Change is also happening at a greater rate say the leaders with nearly half (49%) indicating that the speed of change has accelerated.

Finally, some 41% of those questioned by Robert Half have pointed out that their firms are either working with reduced competition in their sector or that they have managed to increase their market share.

Neil Owen, Global Practice Director at Robert Half Financial Services commented on the findings:

“The financial services industry has faced enormous change since the economic crisis began in 2008, including the need to comply with a flood of new regulation. Temporary and interim staff play a valuable role in bringing additional resources or missing skills to companies in the financial services industry, particularly when large projects such as regulatory initiatives are underway.”

Owen continued:

“The opportunities for interim professionals in the financial services industry are clearly on the rise in London as well as across the UK. Those professionals with experience of implementing initiatives around regulatory compliance, business process change and systems improvement are the most in demand and should remain so as companies continue to invest in these areas.”

Firms outside the financial sector might also be able to benefit from having a more dynamic workforce by adapting flexible working practices or working more efficiently by making marginal gains.

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