The Evening Standard reports that Lehman Brothers, too, is gearing up on the recruitment front. Although the firm in out there in search of new talent, however, Lehman still seems to be reluctant to pay fees to recruiters.
According to the Evening Standard, the enterprising US firm is offering a 'bounty' of up to $10,000 to staff who successfully introduce a friend who makes it on to the payroll. The scheme is apparently in operation in a number of regions around the world. $10,000 appears to be top wack, but attractive financial rewards are said to be on offer even for more junior staff introductions.
Incentives of this kind are by no means new and other firms operate similar, although allegedly less generous, schemes. This news is just another example that recruitment in the financial markets is on the way up. At the early stages of a recovery, firms often seek to recruit but still remain cautious on costs. Bringing staff on to the payroll in a cost-effective way becomes the order of the day. During the later stages of a recovery, however, when more firms are in the market and revenues are stronger, things become a lot more competitive and employers often then push the boat out. They then turn to recruiters.
A spokesman for Lehman is quoted as saying: 'This is an important and growing component of our recruitment effort which will help us attract talented people from as wide a candidate pool as possible'.