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Financial crisis dries up jobs
Article appeared in: The Australian
Author: Jennifer Foreshew
Date: 23rd September 2008
The turmoil gripping global financial markets will increase uncertainty about jobs in Australia, as recruiters and analysts expect employers to soften technology hiring for 2009.
Large banking system core upgrades already budgeted for would probably proceed, but new projects would face close scrutiny.
The financial concerns in the US and Britain should force a slight downturn in Australia, predicted Alan Hansell, of analyst Intelligent Business Research Services.
“Organisations will be conservative in their budgets for the next 12 months,” Mr Hansell said. “I would think there would be hiring freezes and not as many graduates taken on.”
If organisations needed staff they would hire contractors rather than commit to a permanent person.
“The federal government has imposed hiring freezes in a lot of agencies and that has probably sent a message to everybody else to keep their heads low for the next 12 months.”
Hays IT regional director Peter Noblet said wealth management organisations with international exposure were struggling locally and not hiring.
“Because of the uncertainty we’re seeing a number of candidates approaching us to find them work in other areas outside of the financial services space,” he said.
In the past few months there had been a continuing slide in confidence in the financial services sector, Ambition Technology managing director Andrew Cross said. “It’s almost like we have gone to the next level of pessimism in the market at the moment.
“It was cautious optimism three to six months ago, and now it’s just cautious.”
The recruitment climate was unlikely to worsen in leading up to Christmas, he said. “We’re probably looking at the middle of 2009 before we start to see signs of a turnaround.”
Peoplebank chief operating officer Peter Acheson said the employment market through to the end of the year was expected to be patchy.
“There are some large IT projects that will continue, such as the core banking upgrades at the Commonwealth Bank and NAB,” he said.
“The national broadband network will happen and a number of government projects expected to kick off in early 2009 will shore things up.”