Well, almost. Bankers may be licking their lips at the prospect of bigger bonuses in 2005, but recruitment and search consultants are positively salivating about the commissions they stand to earn next year. All the signs indicate that the war for talent will become more fierce in 2006, as firms use some of their record profits to invest in increased headcount.
Manpower, the world's largest recruitment group, is predicting that the City job market will be at its hottest for 5 years in the coming 12 months. More staff are thought likely to be moving jobs than at any time since the first quarter 2001. And many staff will be off as soon as they have bagged this year's bonus. Some already have offers in their pockets, and are ready to hand in their notices as soon as this year's bonus cheque hits the bank account. Across the pond, too, recruiters should do well. Firms operating in the financial markets are bullish about headcount as well.
Salaries have increased significantly this year, as the demand for quality staff is already outstripping supply. It will only get worse in 2006. According to the Office for National Statistics, the average pay in London's Docklands area increased 21.5% this year, to in excess of £100,000.
And firms are also expected to step up their efforts to hire graduates with high potential. In a market which is not exactly overflowing with quality staff, it's often easier to grow your own.
So, although this year has been a good one on the recruitment front, 2006 is likely to turn out even better. And the good times look like they are here to stay - at least for the next couple of years.
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