Finding a new job is getting more complex, probably down to the rising use of online job boards, social networks and personalized search tools, today’s job seeker is dynamic and picky.
Coupled with that, the down turn has formed a new sub set of job applicants, who use new job search methods.
I have read a mass of new research that showed that the Internet is the number one channel for job search (no surprise there); with one report claiming 86% of job seekers looked for jobs online. Social media is also a vital tool for today’s job seeker—32% find jobs through networking which is moving online, with Linked In (45%) and Face book (24%) considered the most effective social networks for job search. These sites are converging with online job sites to bring traditional networking online.
So where are the popular sources for jobs?
Internet: 86%
Networking 32%
Newspaper 39%
Outplacement agency 10%
Recruiter 52%
Professional organizations 19%
College career center 9%
This table was published by permission of:
Tuesday, November 16, 2010
Thursday, October 8, 2009
AIFM directive estimated to cost the fund industry £1bn
A survey has estimated the draft European alternative investment fund managers directive would cost the industry well over £1bn.
The survey of hedge fund managers and private equity managers by think tank Open Europe found most UK-based hedge fund managers estimated the one-off restructuring cost for implementing the directive at around £423 (EU488). That figure rose to £508 (EU586) for managers elsewhere in Europe.
Hedge fund managers also said there would be annual recurring costs of between £150 and £184 once the directive was implemented.
A total of 121 hedge funds and fund of hedge fund (FoHF) managers from across the world contributed to the survey, representing EU342 billion assets under management (AUM).
Though the directive aims to benefit investors and regulate the industry more tightly, only 2 of fund managers said their clients had viewed the draft favourably.
Almost half (46%) said clients were not in favour, with the same number saying clients were indifferent.
An overwhelming majority of hedge fund managers (over 82%) said they thought the directive would not reduce risk and market volatility.
Meanwhile less than a quarter (23%) of respondents said the directive would prompt them to move their funds onshore.
A larger proportion (27%) said they would be less likely to move onshore.
Nearly three-quarters (73%) of EU-based managers thought it would be difficult to launch UCITS-regulated funds.
Open Europe said implementation of the directive without substantial changes could cost Europe billions of euros in tax revenues each year.
It recommended that the directive should differentiate between types of funds, bring its organisation requirements in line with existing EU law, free up investor choice by dropping clauses such as the requirement for reciprocal agreements with non-EU countries, and scrap restrictions on specific investment policies.
The directive is currently being scrutinised by a European parliament economic and monetary affairs committee working group.
Swiss Banks storm east
Swiss wealth managers are hoping that Asia can breathe life into an industry that has been battered by recent asset erosion and tax-evasion scandals. The flow of offshore assets, especially from the United States, is dwindling away, but offshore banks are well positioned to take advantage of the fastest growing wealth market in the world.
The Swiss private banking industry had already begun to shift its focus to onshore activities in prosperous regions before it had felt the full force of the US and European assault on tax havens.
UBS pulled out of offshore banking from the US after losing a lawsuit brought by the Internal Revenue Service (IRS) while other Swiss banks have either followed suit or reduced their activities.
But UBS chief executive Oswald Grübel recently told the Wall Street Journal that lost revenues "can be made up over time through emerging markets, in Asia and the Middle East."
Despite having lost its mantle as the world's leading wealth manager, according to researchers, UBS is dominantly placed in Asia, head and shoulders over its rivals. Singapore-based fund manager Calamander Group estimates that UBS holds $100 billion (SFr104 billion) of the $640 billion in wealth managed by private banks in the Asia Pacific region. Credit Suisse comes fourth in the list with $50 billion in assets.
And there appears to be plenty more wealth on the horizon despite assets taking a huge hit in the recent financial crisis. The Boston Consulting Group believes the region will generate 9.5 per cent per annum growth for the next five years compared to a global wealth creation average of four per cent.
An annual report by Merrill Lynch bank together with consultancy group Capgemini predicts that Asian millionaires will hold more wealth than their European counterparts by 2012. Asia has advantages over wealth rivals such as Russia, the Middle East and Brazil, according to Calamander Group chairman Roman Scott.
"Asia-Pacific has a much larger demographic base and a more diversified wealth base than commodities," he said. "This has been the place to be for the last six years. You must be looking at 50 to 60 per cent of future growth of the market situated in the region."
Observers also predict that much of the wealth currently managed in Europe or the US will return to Asia as assets pass to the next generation and locally based banks gain in stature. The financial hubs of Singapore and Hong Kong are the likely beneficiaries of this trend. Bankers in the region are keen to refute fears that the region will also attract illicit funds from tax dodgers who have been flushed out of other havens.
Singapore has been busy negotiating new tax treaties with other countries and expects to be removed from the Organisation for Economic Cooperation and Development (OECD) grey list by the end of the year. Hong Kong has so far proved more reticent to bow to the international tax crusade. But local bankers hope the Chinese territory will soon reform.
Recovery 'in evidence in financial services'
The UK's financial services sector is starting to show signs of recovery, a new report has concluded.
According to the Confederation of British Industry (CBI), the industry witnessed an expansion of business volumes during the quarter to early September.
This followed declines for nearly two years and the increased activity is "concrete evidence" of improvement, although business levels are still "below normal".
"Signs of a brighter outlook are appearing in the financial services sector," CBI chief economic adviser Ian McCafferty remarked.
However, he stressed that levels still remain well down and future demand is an ongoing concern.
The CBI study was conducted in association with PricewaterhouseCoopers and found that 32 per cent of enterprises polled saw business activity increase over the three months in question, compared with 24 per cent seeing a decline.
Friday, September 18, 2009
Expats flee the City
Sep 09 The days when Great Britain was an attractive nation for finance professionals have perhaps departed; no longer is the City of London a draw for high earning bankers, and no longer is the UK a good place for families from abroad to bring up their children and earn a decent salary.
The high taxes and charges levied against so-called non-doms are sending foreign workers home or elsewhere offshore, as they repeatedly point out that there is nothing attractive to them about living and working in Britain anymore.
In a recent report from Bloomberg, the plight of thousands of American expatriate families in the UK is brought to light. It seems they are either returning to the States or moving to live and work and contribute elsewhere, particularly amongst the offshore finance jurisdictions
The number of US citizens in Britain fell almost 4% to just 126,000 in the 12 months to this month according to the Office for National Statistics. The Americans’ situation is a reflection of that across all international communities in the UK where there are well educated, top performing professionals and executives employed in senior financial roles in accounting, banking, insurance and fund sectors
These people are finding that all of a sudden Great Britain is a more difficult country to live in; where high taxes levied against foreign workers makes it abundantly clear that the UK no longer wants overseas workers.
What’s more, in industries such as banking and finance, jobs have been lost; with the Confederation of British Industry estimating that the UK’s financial industry will have lost about 45,000 jobs in the first nine months of 2009.
Now, we’re not talking about a class of immigrants who have arrived in the UK seeking work or even support from the state who are fleeing these shores, we’re talking about the top end of professional society who have been head-hunted and invited to Britain who are being forced to pay a fee to live in the UK and retain their non-domicile status and who will now be subject to a 50% tax charge if they earn over £150,000 a year.
One case highlighted by Bloomberg shows an American who is leaving the UK has seen his commissions fall away and excessive taxation erode the rest of his salary so that he is now earning 75% less than he was when he moved to Britain!
Sunday, September 13, 2009
Subscribe to:
Posts (Atom)
Posts
