Although so many conversations over recent years have revolved around market consolidation, the fact remains that there is still plenty of movement in the job market, particularly at the top end of the scale in bank terms. There is an adage which suggests that if a trader or salesperson has not resumed employment within six months of leaving his or her last job, the prospects of re-employment get much tougher. Equally, it is often stated that it is easier to get a job whilst you are in a job.
Michael Williams and Associates (MWA), a retained search firm in London, have made moves to widen their potential net of candidates by adding a new feature to their Website which allows candidates to register with the company without the need to provide a full CV.
Neil Price of MWA points out that the candidates are not committing to a change of employer, but are registering interest should the right role emerge. “The system allows people to put forward information about themselves in a discreet manner,” he says. “We then incorporate it into our database, which widens our knowledge of people in the industry – for over 10 years we have been in contact with numerous people, but you cannot claim to know everybody in such a vast market – and adds to our regular sourcing methods.”
Price stresses that any information is for internal use only. “Effectively it forms part of the initial phase of a search in sourcing candidates”, he says, adding that rather than be a shop window for potential job seekers, the service allows MWA to inform the candidates of roles available in the market which would be suited to them. “In effect, it allows market professionals to keep track of events in the job market relating to their particular discipline,” he says.
One of the advantages of the new service is, says Price, that it is less formal than a CV. “Typically, unless they are actively seeking employment, market professionals do not have the time or inclination to draft a full CV, this way they can offer as much – or as little – detail as they wish, without obligation on either party.” The data stored is then periodically searched and individuals flagged should their details match certain parameters associated with the post.
Price says the service is a “small add-on” to MWA’s regular processes, but makes the point that a changing market requires changing processes. There is also the unspoken advantage from the fact that subconsciously the prospective candidates are not concerned with selling themselves, therefore the data received is likely to be “raw”.
“This whole process can be quicker and more flexible,” says Price, “It also offers comfort for candidates that they are dealing with professionals at the right level of the market. Our clients are within the top 15-20 banks, therefore we will be presenting jobs within the leading market participants.”
Early indications are, continues Price, that the service has been well received; he speaks of an “excellent response” to the launch. He also expects it to help widen the geographical net for MWA, especially given what he perceives as an increasing interest in London-based jobs from dealing professionals outside of the more recognised financial centres.