Financial Services professionals within the risk technology space are hot property at the moment due to the potential implementation of ‘living wills’ –the Government’s answer to the avoidance of another Lehman’s crisis.

The  banks are setting up new project teams to focus on the development of recovery and resolution plans which can wind up banks and dissolve toxic assets in a matter of days, rather than the long, drawn out Lehman administration process ( which is still going on).

In hiring terms this is reminiscent of MiFid but on a much larger scale and the project teams are looking at plans to meet both current and anticipated regulatory requirements. While the detail is still not finalised, it is clear that there will be some regulation around resolution planning – and that needs to be pre-empted.  We are already seeing very strong demand for project and programme managers at VP/Director level and once the department heads are in place there will be a trickle-down effect on demand lower down the ranks. Anyone with experience of diagnostics, project planning and implementation around regulatory directives such as  MiFid, SOX, Basel or regulations around liquidity management can consider themselves fairly hot property currently.

Ed Ekins is Managing Consultant within the technology division of Twenty Financial Services

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In our latest recruitment update of the year, we took a broader view of market trends. What is strikingly clear from our statistics (a 62% fall of IT hiring requirements between Q2 2010 and Q4 2011) is that there is a direct correlation between the overall economic trends within the financial markets over the last three years and technology hiring. But there is light at the end of the tunnel!

Currently we are seeing a strong demand for technology to support enhanced risk and compliance systems which is understandable given the focus on the risk reduction and planned legislation changes affecting the financial services sector.

While there is no doubt that financial institutions are struggling to reconcile headcount budgets, they are also facing pressure from the FSA to ensure that their risk and compliance functions are both resourced and effective as they gear up for new regulatory directives such as Basel 3. Consequently, while in 2010 the emphasis was on permanent headcount, today the focus has switched and the contract market within the risk arena is very busy. This is particularly true in the insurance market where regulatory directives such as The Retail Distribution Review are driving the need for contractors.

 Against a backdrop of a more regulated and risk averse business environment there is definitely underlying momentum for technology to deliver the business simplification and efficiency necessary for financial institutions to achieve their ROI goals. Consequently there is every chance that IT may ultimately be an indirect beneficiary of the current downturn.

The compliance advisory market is very competitive with institutions fighting hard to retain their talent. Many contractors have been transitioned across into permanent roles. This has created a lack of churn in the market, which has been compounded by the ‘wait and see attitude’ as we approach bonus season, so we expect to see a flurry of activity in the New Year.

Laurie Boyall is Managing Director of McGregor Boyall the  financial services recruitment specialist for *Change &Transformation*Compliance*Executive Recruitment*IT*Marketing*Product Control &Valuations*Risk

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I’ve seen a lot of blog posts in recent weeks detailing the downsides to social media in recruitment. Candidates falling foul of employer contracts by posting derogatory comments on sites such as Facebook and Twitter, or job seekers appearing cautious of LinkedIn in case an existing manager thinks they are looking elsewhere.  So what are the positive aspects, and what are the best platforms for those looking to expand their network, or perhaps find a new position?

The candidates we deal with will often remain with us on a series of contract positions over a period of months or years. And whilst we place these job seekers, the importance of social media for increasing an individual’s network of contacts should not be underestimated.  LinkedIn, in particular is a brilliant tool, and with over 100 million users globally, the ability to quickly make and maintain relationships is perfect for a professional throughout their whole career.

If you are on LinkedIn, make sure you have optimised your profile – use the available fields to add all your skills and experiences so if a potential hiring manager or recruiter finds your profile they will have your online CV instantly.  It’s also advisable to think about the key words that a recruiter might use to search on LinkedIn and add these to your summary. For example, if you are an interim head of compliance put this in but also add other keywords such as ‘compliance professional’ , ‘experience in investment banking’ or similar.

Secondly, and even more important for contractors, connect with past and present colleagues and clients. By adding more people to your network you will not only be more visible when recruiters are searching for you, but you will begin to build up a strong network of liked minded professionals who you might want to contact in the future  for potential job opportunities.  Finally, when using LinkedIn use the recommendations option to ask past employers to give you a reference. This will allow potential hirers to see what it is like to work with you, and can sometimes provide more details than a straightforward HR reference you may obtain which will purely detail the dates of employment.

Aside from LinkedIn, Twitter is also a great platform to connect with like minded professionals, potential employers and recruiters. Organisations and recruitment consultancies are increasingly looking to Twitter to advertise the positions they are working on, and often these jobs will appear on Twitter quicker than they would elsewhere. It is perhaps wise to have a look at the recruiters you are working with and companies you are interested in, and start following their tweets to both interact with them, but also see opportunities. 

The use of social media by hirers and candidates is certainly here to stay -so embrace it! Whilst you hear horror stories of job seekers ruining their career by posting comments that mention their employer in a bad light, those that are wise enough to use social media in the correct way can certainly improve their employment chances in a relatively short space of time.

Robert McLeod

Robert is Financial Services Director at Venn Group, the specialist provider of temporary and interim staff across the UK. Robert has over twelve years’ experience of managing recruitment teams within the financial services sector

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Philip Landau – Employement Lawyer – says: In this financial climate when emotions are running high, you may find yourself tempted to make disparaging remarks about your employer. But if you do, you could face disciplinary action- and in some cases dismissal.

Yet many people are still unaware that whilst you may grumble about work to your colleagues, it is the growth of social networking sites such as Facebook and Twitter that really creates the danger. It is now increasingly easy for people to vent their spleen online.

It is surprising how often people adopt a false sense of security and believe that their comments about their boss or work colleagues are being made in private on their home pages or twitter accounts. And they believe that because their comments are being made outside of work hours or on the home computer, this makes a difference. Well, it doesn’t. If the comments are disparaging and bring your employer into disrepute, you can be held to account just as easily as if you had made them at work. This includes comments made about your work colleagues which could be considered to be harassment or discriminatory.

Many employers now check blogs and social networking sites to keep an eye on their staff.  Your work colleagues or even your boss could be among your online friends or followers. All it takes is for your derogatory remarks to come to the attention of your boss and you could be out of a job. Even if the comments you make are anonymous, it may not be difficult for your boss to work out who posted it.

There are many cases of employees being dismissed for making inappropriate comments on social networking sites. In one case, a female employee wrote “OMG I hate my job!!” on Facebook and went on to be overtly rude about her manager. However, she forgot that her manager was one of her Faceboook friends and she was promptly dismissed, via Facebook.

You should be sensitive to your industry. If you are in the sales industry, for example, avoid writing about your company’s products, sales targets or other confidential information.

Many companies operate an Internet and email policy governing use of the Internet in the workplace- and outside and this will include a social media policy. You are likely to be in a stronger position if you operate within the policy or if there is no policy at all, rather than being in breach.

And finally, don’t forget that if you use Facebook, Twitter or Linkedin as a networking tool, it won’t make a good impression on potential employers if you are seen to be insulting your current employer or conducting yourself inappropriately. It is well-known that recruiters will often screen your social media profile during the application process where possible, to find the “real personality” behind the CV. So make sure your profile does not contain evidence of excessive alcohol use, rude language, extreme views or inappropriate photos. After all, you don’t want to lose your new job before it’s even offered to you.

CityJobs.com have partnered with specialist employment law solicitor Philip Landau, to bring you expert advice on your rights in all key areas of your working life. As a CityJobs.com user you are also entitled to receive a free initial consultation on all employment law issues from Philip. Philip can help with a number of legal problems; perhaps you feel your employer isn’t following their legal responsibilities, you believe you have been dismissed unfairly or you are unsure about clauses in your contract. Once he knows your specific situation he can let you know what your rights are and what action you can take. To get in touch with Philip, click here, fill in the form quoting ‘Cityjobs’, and he will contact you to discuss. Alternatively call Philip on 020 7357 9494 or email him at pl@lzwlaw.co.uk.

Philip Landau is a partner, specialising in employment law, in the London legal firm Landau Zeffertt Weir.

Disclaimer. The information and commentary on the law on this website is provided free of charge for information purposes only. Every reasonable effort is made to make the information and commentary accurate and up to date, but no responsibility for its accuracy and correctness, or for any consequences of relying upon it, it is assumed by either CityJobs.com or Landau Zeffert Weir. The information and commentary does not, and is not intended to, amount to legal advice to any person on a specific case or matter. You are strongly advised to obtain specific, personal advice from a solicitor about your case or matter and not to rely on the information or comments on this site.

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Office Bullying is on the rise, but what can you do about it? Philip Landau – Employment Lawyer – says:

Bullying on the Rise

I have seen a rise in office bullying over the last few years and The City is no exception. This may in part be down to the present financial climate where employers are driving their workforce much harder to achieve results. This has lead to a breed of macho style managers who are often not trained how to properly deal with their staff and may be prepared to sacrifice others to save their own skin.

Some of the classic signs of bullying includes being frozen out of meetings which the individual would normally be expected to attend, having people who would normally report to them taken away, not being asked to pub lunches or other office get togethers, being put on unwarranted performance appraisals, being overly critical in emails and verbal communications, and being generally unpleasant and belittling.

What about the “banter” excuse?

Many will use the “banter” excuse as a defence to an allegation of  bullying especially in industries where banter is commonplace such as the finance and banking sector. Banter is all well and good and an employee cannot complain whilst they are a party to it. It is a different matter however, where someone crosses the line and makes it personal to the obvious distress of the recipient of the banter. In those circumstances, the banter can turn into a case of bullying and harassment. It is not always clear where the line is drawn, but if the employee makes it clear that the other person has gone too far- that is a sensible starting point as to whether that banter has then crossed the line.

So what should you do if you are being bullied?

If you are being bullied at work, first consider whether the situation can be resolved informally, for example, by discussing your concerns with your line manager, an HR representative, union official, or even the person who is bullying you (they may not realise they are doing it and most bullies do not like to be confronted). Generally speaking, the more people who know, the more difficult it is for the bullying to continue. It may even be the case that other colleagues are experiencing a similar treatment so it can also be helpful confide in certain colleagues as to what is going on.

It is advisable to keep a diary record of every event in which you feel bullied, as well as any emails and other written communications which demonstrate the bullying. This documentation will not only be useful when you are required to recall instances of bullying, but can also show that a series of isolated instances (which can often appear ‘trivial’) are actually part of a more serious campaign against you.

If you need to take matters further on a formal basis, you should first lodge a written grievance against your employer. Your grievance will be heard by someone above the person who is bullying you (unless you work for a small company in which case it may have to be heard by the actual bully). If the bullying still continues, you have the right to resign and claim constructive dismissal – this being a breach of the implied duty of trust and confidence  by your employer making it untenable for you to continue being employed. In some cases, where the matter is so serious and you simply cannot confront the bully under the grievance procedure or otherwise,  then you may have to resign and claim constructive dismissal without having first lodged a grievance- although professional advice should always be sought before doing so.

You would generally need to be employed for 1 year to make a constructive dismissal claim although there are certain exceptions such as where discrimination is being alleged. A claim must be brought to the Employment Tribunal within 3 months of the termination of your employment.

In a small company, you may have to lodge a grievance against the individual (s) who are causing you grief, because there is no other higher person to complain to. In larger companies, there will always be a higher line of management for you to lodge your grievance with.

What if you are too frightened to leave your job in the current climate?

Unless the matter is so serious as to make any ongoing relationship untenable, most will not want to leave without having first secured another job. I have found, however, that many people will decide that they are too stressed to go into work on a day to day basis because of the bullying and they ask their GP to sign them off work due to stress and anxiety. Most GP’s will do this when asked, assuming it is a genuine case. If I am advising a person who has been signed off in this way, many will never want to return to work.

It is often possible in these circumstances, to negotiate an exit for the employee with a suitable lump sum, which is a sensible option for both employer and employee. Any settlement will include the employee’s notice and will usually also provide for a further tax free enhanced payment, together with a job reference. The individual who is on stress leave will simply never return to the workplace where such a settlement is reached-although invariably a “compromise agreement” will need to be entered into to prevent the employee from later making any legal claim.

Take Professional Advice

It is always a good idea to take professional advice from an employment lawyer where you are being bullied, especially as you will be feeling vulnerable. And with the greatest of respect to your employers- they are not going to advise you themselves of your employment law rights!

CityJobs.com have partnered with specialist employment law solicitor Philip Landau, to bring you expert advice on your rights in all key areas of your working life. As a CityJobs.com user you are also entitled to receive a free initial consultation on all employment law issues from Philip. Philip can help with a number of legal problems; perhaps you feel your employer isn’t following their legal responsibilities, you believe you have been dismissed unfairly or you are unsure about clauses in your contract. Once he knows your specific situation he can let you know what your rights are and what action you can take. To get in touch with Philip, click here, fill in the form quoting ‘Cityjobs’, and he will contact you to discuss. Alternatively call Philip on 020 7357 9494 or email him at pl@lzwlaw.co.uk.

Philip Landau is a partner, specialising in employment law, in the London legal firm Landau Zeffertt Weir.

Disclaimer. The information and commentary on the law on this website is provided free of charge for information purposes only. Every reasonable effort is made to make the information and commentary accurate and up to date, but no responsibility for its accuracy and correctness, or for any consequences of relying upon it, it is assumed by either CityJobs.com or Landau Zeffert Weir. The information and commentary does not, and is not intended to, amount to legal advice to any person on a specific case or matter. You are strongly advised to obtain specific, personal advice from a solicitor about your case or matter and not to rely on the information or comments on this site.

 

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