Current financial crisis offers rare opportunity for firms, job seekers
By Desmond Wong, Channel NewsAsia | Posted: 03 October 2008 2116 hrs

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SINGAPORE : Financial firms looking to hire cheap talent could benefit from the global economic downturn, even as it is causes havoc in markets around the world.

This is because investment banking is fast losing its allure as big-name banks continue to falter. This has reduced the competition for top talent entering the financial sector.

Such talent includes individuals leaving troubled financial institutions, and also top minds emerging from business schools.

Tim Hird, director, Robert Half International, said: "Companies have got a potentially wider selection of choice now, and where they are acquiring talent for the business critical positions within those firms, the competition is slightly less, in particular the investment banking sector."

Job seekers are also beginning to consider alternatives to the financial sector, even if they pay less.

Observers said the opportunity to work for organisations where there is lower risk may seem more attractive in the current climate of uncertainty.

John J Haley, CEO, Watson Wyatt Worldwide, said: "We might see more people going into the high-end strategy firms, (such as) McKinsey, Bain, BCG. We might see people turning more towards some entrepreneurial pursuits. We saw a lot of that in the late 1990s when we had the tech bubble."

In fact, Watson Wyatt itself is looking to target former investment bankers for its investment consulting division. - CNA/ms