Sick of those tiresome clients? Want a bit of in-house action? Here's some advice for big four accountants looking to move into the banking sector this year.
1) Pile on the qualifications
Since the financial crisis banks have raised their recruitment bar. “A few years ago you could leave accountancy firms after three years, and without a CPA, and go into a finance role at a bank. Today banks want the CPA at minimum and the CA is becoming more popular,” says Craig Brewer, director, banking and financial services, Hudson.
The requirement to have a professional qualification brings banks in Asia more inline with their counterparts in the west, he adds. Because banks prefer candidates with banking-sector experience, an accountant needs to stand out from the crowd. Having an MBA can therefore be an advantage, says Priscilla Slade, senior consultant, banking and financial services, Ambition.
2) Act early and don’t dismiss internal audit
As a rule, it’s best to join a bank early in your career. Banks like third or fourth-year big four accountants because they are qualified, have some team-leading experience, but are fairly inexpensive to hire. “They are also still very hands on. At manager level, they start to be hands off, but banks want people who can roll up their sleeves and get involved,” says Slade.
Although risk and compliance are hot job functions in Asia, it is often difficult for accountants to secure these roles applying straight from the big four. “A lot of candidates don’t realise that external audit within a chartered firm offers a good springboard into specialised middle-office jobs later in your career. A typical banking career path for a big four auditor may involve joining a bank's internal audit team before moving internally in a few years into risk or compliance,” says Brewer.
3) See if you have the soft skills
Externally auditing banks during your time at the big four is of course a prerequisite to landing a banking job, but it’s also helpful to have a passion for the sector. “More and more financial institutions are emphasising the importance for their professionals to understand the businesses they are operating in, and to engage in networking opportunities,” says Tim Hird, managing director, Robert Half Singapore.
Some accountants have the wrong sort of personality to work at a bank. “Generally the right type of person can embrace change and isn’t afraid to take risks: someone who is dynamic and confident, with the ability to both work on their own and be able to face off senior management. Someone who can understand numbers, but also has the ability to translate them into words for non-finance people,” says Slade.
Brewer thinks good communication is crucial. “Banks want people to ask questions and pose solutions, to respectfully question how the bank is running things. They need problem solvers, not ‘yes men’, who just sit at their desks. But big four auditors should have these skills from dealing with their firm’s clients.”
4) Move for the right reasons
Money should not be your only motivation to move into banking. “Your medium to long-term learning capacity is higher than in a chartered accountancy firm. It’s a more dynamic culture and the roles are less structured,” says Brewer.
Hird adds: “The appeal includes exposure to banking products, better compensation packages, as well as career development and skills-acquisition opportunities. In addition, despite the financial crisis, most banks are still attractive to job seekers because of their brand equity and reputation.”
Slade says there are also push factors away from the big four. “People leave because they are tired of working for multiple clients and skimming around the edges. They want in-house experience and to enhance their skills.”
Despite the potential difficulties, the number of accountants moving to banks this year may be higher than in 2010. “It wouldn’t be surprising if a large number of qualified accountants leave, especially after bonuses are paid as more attractive positions open within the financial sector. This is indeed a contrast with last year where many accountants continued to exercise prudence and stayed on at their audit firms for job security,” comments Hird
Source: Simon Mortlock, efinancialcareers
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Friday, January 28, 2011
Thursday, January 27, 2011
Does your Boss allow Flexitime? Between 30 - 50% of American firms do.
According to a raft of recent surveys, the so-called sandwich generation -- made up of people like you who are trying to care for children and parents at the same time -- is under more pressure than ever these days, partly due to ever-lengthening workdays brought on by the recession.
A whopping 89% of Americans say that balancing work and the rest of life is a problem, and more than a third (38%) say it has gotten worse because of the economic downturn, according to a new poll by research firm StrategyOne (www.strategyone.net).
More than 80% of Baby Boomers ages 45 to 54 are experiencing "high levels of stress" from juggling responsibilities at work and at home, says another survey, this one by the Hartford Financial Services Group and consulting firm ComPsych. Nearly half (46.6%) said that they were worried about how care giving is affecting their job performance.
The good news here is that many employers are aware of the struggle: About one-third of employees that responded to a recent global workforce study by the human resources consulting firm Towers Watson said that they were permitted to work from home either full-time or part-time, and an additional 50% said that they have the green light to do so "occasionally."
Moreover, new research by a nonprofit called WorldatWork suggests that -- partly in hopes of keeping their best people from quitting when hiring finally picks up again -- employers are showing more interest in offering their workers help with work-life balance, including flextime.
Elder care programs in particular are on the rise. Jamie Ladge, a management and organizational development professor at Northeastern University in Boston, notes that about 33% of large employers in the U.S. now offer elder care assistance of some kind, up from about 15% just 10 years ago.
Source: Anne Fisher, CNN
A whopping 89% of Americans say that balancing work and the rest of life is a problem, and more than a third (38%) say it has gotten worse because of the economic downturn, according to a new poll by research firm StrategyOne (www.strategyone.net).
More than 80% of Baby Boomers ages 45 to 54 are experiencing "high levels of stress" from juggling responsibilities at work and at home, says another survey, this one by the Hartford Financial Services Group and consulting firm ComPsych. Nearly half (46.6%) said that they were worried about how care giving is affecting their job performance.
The good news here is that many employers are aware of the struggle: About one-third of employees that responded to a recent global workforce study by the human resources consulting firm Towers Watson said that they were permitted to work from home either full-time or part-time, and an additional 50% said that they have the green light to do so "occasionally."
Moreover, new research by a nonprofit called WorldatWork suggests that -- partly in hopes of keeping their best people from quitting when hiring finally picks up again -- employers are showing more interest in offering their workers help with work-life balance, including flextime.
Elder care programs in particular are on the rise. Jamie Ladge, a management and organizational development professor at Northeastern University in Boston, notes that about 33% of large employers in the U.S. now offer elder care assistance of some kind, up from about 15% just 10 years ago.
Source: Anne Fisher, CNN
Wednesday, January 26, 2011
90% tax rate on bonuses for Bank employees in Ireland
Ireland's finance minister has done a U-turn on a decision not to tax bankers' bonuses at 90 per cent.
Brian Lenihan was forced to reintroduce the super-tax on the controversial bonuses after three independent TDs threatened to collapse the parliament today and force an immediate general election if he didn't change his plan.
Only 24 hours earlier, Lenihan had announced the "banks' bonus surcharge may be difficult to do" by Friday, the deadline for passage of the finance bill.
The attorney general advised the department of finance that the legislation needed to be bulletproof and they would need more time to ensure it was not open to legal challenge.
However Lenihan's Fianna Fail party and their erstwhile coalition partners, the Green Party, were desperate to get the finance bill passed to prove to Europe and the international markets that Ireland was not out of control.
Earlier today, the Irish Independent's leader said the latest government crisis made "Greece look like a haven of political stability".
The department of finance confirmed that the bankers' bonus tax would only apply to Irish banks "in receipt of government support".
Tax experts believe this is where the legal difficulty may lie as it could prove discriminatory under EU law.
The super-tax will not affect UK banks operating in Ireland such as Ulster Bank or international financial institutions who operate in Dublin's financial services centre.
The tax was announced in December following uproar over revelations that more than 2,000 executives at Allied Irish Bank were going to share bonuses of €40m.
These bonuses were effectively cancelled after Lenihan made the bank's €3.7bn bailout conditional on the payments not being made.
Several AIB staff have launched court actions arguing they are still entitled to them as they were due for work in 2008, before the country's banks collapsed.
Source: The Guardian UK
Brian Lenihan was forced to reintroduce the super-tax on the controversial bonuses after three independent TDs threatened to collapse the parliament today and force an immediate general election if he didn't change his plan.
Only 24 hours earlier, Lenihan had announced the "banks' bonus surcharge may be difficult to do" by Friday, the deadline for passage of the finance bill.
The attorney general advised the department of finance that the legislation needed to be bulletproof and they would need more time to ensure it was not open to legal challenge.
However Lenihan's Fianna Fail party and their erstwhile coalition partners, the Green Party, were desperate to get the finance bill passed to prove to Europe and the international markets that Ireland was not out of control.
Earlier today, the Irish Independent's leader said the latest government crisis made "Greece look like a haven of political stability".
The department of finance confirmed that the bankers' bonus tax would only apply to Irish banks "in receipt of government support".
Tax experts believe this is where the legal difficulty may lie as it could prove discriminatory under EU law.
The super-tax will not affect UK banks operating in Ireland such as Ulster Bank or international financial institutions who operate in Dublin's financial services centre.
The tax was announced in December following uproar over revelations that more than 2,000 executives at Allied Irish Bank were going to share bonuses of €40m.
These bonuses were effectively cancelled after Lenihan made the bank's €3.7bn bailout conditional on the payments not being made.
Several AIB staff have launched court actions arguing they are still entitled to them as they were due for work in 2008, before the country's banks collapsed.
Source: The Guardian UK
Tuesday, January 25, 2011
Recruitment a top priority for private sector
Companies in the private sector say that hiring staff and improving their recruitment procedures are their top priorities for the coming year, while the public sector's key focus is on cost savings and change management.
This is according to XpertHR's annual HR roles and responsibilities survey, which also found that the private sector is concentrating on boosting employee morale and engagement in the aftermath of job losses.
Not surprisingly, public sector organisations are more concerned with finding areas in which to make cost savings, including restructuring and redundancies.
Noelle Murphy, employment relations editor at XpertHR, commented: "We would expect some differences in terms of priorities for the coming year within different sectors, but this year the sectors are polar opposites.
"HR in the public sector is certainly geared up for a difficult year, with all of our respondents referring to change management, cost-cutting, restructuring and redundancies as priorities, while HR in the private sector appears to be concentrating once again on core issues such as organisational and leadership development."
The survey also found that HR was confident about its performance in 2010. Two organisations in three had measured the effectiveness of their HR function and, of these, 69% rated themselves as above average or higher, a similar rating to the previous year's figure of 72%.
The ninth XpertHR annual HR roles and responsibilities survey was based on research obtained from 380 HR practitioners in November 2010
Source: Check4jobs
This is according to XpertHR's annual HR roles and responsibilities survey, which also found that the private sector is concentrating on boosting employee morale and engagement in the aftermath of job losses.
Not surprisingly, public sector organisations are more concerned with finding areas in which to make cost savings, including restructuring and redundancies.
Noelle Murphy, employment relations editor at XpertHR, commented: "We would expect some differences in terms of priorities for the coming year within different sectors, but this year the sectors are polar opposites.
"HR in the public sector is certainly geared up for a difficult year, with all of our respondents referring to change management, cost-cutting, restructuring and redundancies as priorities, while HR in the private sector appears to be concentrating once again on core issues such as organisational and leadership development."
The survey also found that HR was confident about its performance in 2010. Two organisations in three had measured the effectiveness of their HR function and, of these, 69% rated themselves as above average or higher, a similar rating to the previous year's figure of 72%.
The ninth XpertHR annual HR roles and responsibilities survey was based on research obtained from 380 HR practitioners in November 2010
Source: Check4jobs
Monday, January 24, 2011
Standard Chartered to Hire 2,000 in Singapore
Standard Chartered, the British lender, plans to hire 2,000 staff for its Singapore office. The hiring will take place through the end of 2012.
The bank just moved to a new office in Singapore. It added 7,000 employees globally to its roster of more than 80,000 last year and will continue to hire in 2011.
The bank announced previously that it would add 4,000 staff in the region by 2013, signaling its commitment to the region. It's unclear whether the 2,000 number is part of that plan.
The firm has seen enormous growth in its Asia-Pacific operations and also announced plans to hire relationship managers, more than half of them to be based in China. It has also announced plans to increase the number of staff in its cash equities business in India, South Korea and Indonesia. The bank doubled the staff in its cash equities business to almost 200 people in 2010, and wants to increase that number by high double digits in 2011
Source: Reuters
The bank just moved to a new office in Singapore. It added 7,000 employees globally to its roster of more than 80,000 last year and will continue to hire in 2011.
The bank announced previously that it would add 4,000 staff in the region by 2013, signaling its commitment to the region. It's unclear whether the 2,000 number is part of that plan.
The firm has seen enormous growth in its Asia-Pacific operations and also announced plans to hire relationship managers, more than half of them to be based in China. It has also announced plans to increase the number of staff in its cash equities business in India, South Korea and Indonesia. The bank doubled the staff in its cash equities business to almost 200 people in 2010, and wants to increase that number by high double digits in 2011
Source: Reuters
Wednesday, January 19, 2011
Anna Wintour: 'Being fired? it was my lucky break'
With the economy still in dire straits and unemployment expected to rise by millions, those who find themselves unexpectedly out of work have been given some gung-ho career advice by the unlikely figure of Anna Wintour.
The famously truculent editor of Vogue magazine has revealed that she was once sacked while working for Harper's Bazaar, but says losing her job was one of the best things that had ever happened to her.
Speaking at a fashion industry conference in New York, she told the audience: "I worked for American Harper's Bazaar... they fired me. I recommend that you all get fired. It's a great learning experience."
While Wintour's suggestion might not be endorsed by many careers advisors, there is a surprisingly large body of evidence which lends weight to her theory. JK Rowling might still be working as a secretary had she not been sacked for writing when she should have been working.
And would Brian Clough have found the resolve to lead Nottingham Forest to two European Cup victories had he not been humiliatingly sacked by Leeds United after just 44 days? Other examples of those richer for the experience of having been dismissed include Larry King, who went on to become one of the USA's best-known talk show hosts.
He claims he was fired as a Miami Herald columnist in the 1970s for writing about too many of his friends.
King anchored CNN's nightly interview show for 25 years. He will step down in December to be replaced by another man who suffered the ignominy of a very public dismissal â ex-Daily Mirror editor Piers Morgan.
Although they probably did not realise it at the time, hindsight has convinced many people that being handed their P45 was positive.
Steve Jobs, sacked by Apple before returning to turn the company into one of the world's most ubiquitous brands, said recently: "I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again ...it freed me to enter one of my most creative periods."
In the notoriously controlling Ms Wintour's case, being fired also appears to have hardened her. It certainly led to her being the inspiration for the book The Devil Wears Prada, later turned into a film.
- Mark Hughes
The famously truculent editor of Vogue magazine has revealed that she was once sacked while working for Harper's Bazaar, but says losing her job was one of the best things that had ever happened to her.
Speaking at a fashion industry conference in New York, she told the audience: "I worked for American Harper's Bazaar... they fired me. I recommend that you all get fired. It's a great learning experience."
While Wintour's suggestion might not be endorsed by many careers advisors, there is a surprisingly large body of evidence which lends weight to her theory. JK Rowling might still be working as a secretary had she not been sacked for writing when she should have been working.
And would Brian Clough have found the resolve to lead Nottingham Forest to two European Cup victories had he not been humiliatingly sacked by Leeds United after just 44 days? Other examples of those richer for the experience of having been dismissed include Larry King, who went on to become one of the USA's best-known talk show hosts.
He claims he was fired as a Miami Herald columnist in the 1970s for writing about too many of his friends.
King anchored CNN's nightly interview show for 25 years. He will step down in December to be replaced by another man who suffered the ignominy of a very public dismissal â ex-Daily Mirror editor Piers Morgan.
Although they probably did not realise it at the time, hindsight has convinced many people that being handed their P45 was positive.
Steve Jobs, sacked by Apple before returning to turn the company into one of the world's most ubiquitous brands, said recently: "I didn't see it then, but it turned out that getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again ...it freed me to enter one of my most creative periods."
In the notoriously controlling Ms Wintour's case, being fired also appears to have hardened her. It certainly led to her being the inspiration for the book The Devil Wears Prada, later turned into a film.
- Mark Hughes
Tuesday, January 18, 2011
Three months until default retirement age is abolished
The Department for Business, Innovation and Skills has confirmed that the default retirement age will end this year.
From the 6 April, businesses will be prevented from making employees stop work through existing default retirement age procedures. Any notice issued before this date has until 1 October to be effected, but after this phasing out period no employees will be able to be retired by the employers without their consent.
Exceptions will be made for employers who can "objectively justify" compulsory retirement, such as in the police force or air traffic control.
Introducing the measure, the Minister for Employment Relations, Edward Davey (pictured), said: "Older workers bring with them a wealth of talent and experience as employees and entrepreneurs.
"They have a vital contribution to make to our economic recovery and long-term prosperity. If someone wants to stay in work they should have that choice, which is why today the Government is announcing it is signing the default retirement age to the history books."
Rachel Krys, campaign director of age campaigners the Employers Forum on Age (EFA) said:
"Some employers have been successfully managing without forced retirement for a number of years, proving that organisations can thrive without retirement and become leaders in their sectors.
"Business performance will improve when employees are used to their full potential, managed throughout their careers and not cast aside as they enter their 60s or encouraged to coast towards retirement.
The Chartered Institute of Professional Development welcomed the news, saying that age is not key determinant of capability.
The institute’s public policy adviser, Dianah Worman, said: "Much of the language deployed by some opponents of today’s announcement talks in derogatory terms about making it more difficult to ‘get rid of people’.
"This kind of corrosive language not only affects people at retirement – it can blight the careers of older employees filed by ineffective and poorly trained managers in the ‘retirement pending’ tray."
Jonathan Watts-Lay, director of financial education providers Wealth at Work, pointed to the fact that the introduction of the new system is only three months away.
"Employees must be in a position to consider the likely personal impact," Watts-Lay said. "To do so, they will require the support and guidance of their employer in seeking to make sense of the changes, so an assessment can be made in the context of the reduced annual and lifetime allowances".
Acas chief executive John Taylor said: "We stand ready to assist any employers who have been operating with a retirement age adapt to the change in the law."
Current Employment Equality (Age) Regulations have been in place since 1 October 2006.
The Department for Business, Innovation and Skills estimates that there are currently 850,000 workers over the age of 65.
Source: www.check4jobs.com
From the 6 April, businesses will be prevented from making employees stop work through existing default retirement age procedures. Any notice issued before this date has until 1 October to be effected, but after this phasing out period no employees will be able to be retired by the employers without their consent.
Exceptions will be made for employers who can "objectively justify" compulsory retirement, such as in the police force or air traffic control.
Introducing the measure, the Minister for Employment Relations, Edward Davey (pictured), said: "Older workers bring with them a wealth of talent and experience as employees and entrepreneurs.
"They have a vital contribution to make to our economic recovery and long-term prosperity. If someone wants to stay in work they should have that choice, which is why today the Government is announcing it is signing the default retirement age to the history books."
Rachel Krys, campaign director of age campaigners the Employers Forum on Age (EFA) said:
"Some employers have been successfully managing without forced retirement for a number of years, proving that organisations can thrive without retirement and become leaders in their sectors.
"Business performance will improve when employees are used to their full potential, managed throughout their careers and not cast aside as they enter their 60s or encouraged to coast towards retirement.
The Chartered Institute of Professional Development welcomed the news, saying that age is not key determinant of capability.
The institute’s public policy adviser, Dianah Worman, said: "Much of the language deployed by some opponents of today’s announcement talks in derogatory terms about making it more difficult to ‘get rid of people’.
"This kind of corrosive language not only affects people at retirement – it can blight the careers of older employees filed by ineffective and poorly trained managers in the ‘retirement pending’ tray."
Jonathan Watts-Lay, director of financial education providers Wealth at Work, pointed to the fact that the introduction of the new system is only three months away.
"Employees must be in a position to consider the likely personal impact," Watts-Lay said. "To do so, they will require the support and guidance of their employer in seeking to make sense of the changes, so an assessment can be made in the context of the reduced annual and lifetime allowances".
Acas chief executive John Taylor said: "We stand ready to assist any employers who have been operating with a retirement age adapt to the change in the law."
Current Employment Equality (Age) Regulations have been in place since 1 October 2006.
The Department for Business, Innovation and Skills estimates that there are currently 850,000 workers over the age of 65.
Source: www.check4jobs.com
Wednesday, January 12, 2011
Marketing yourself after 50. Ten things you need to know
If you are over 50 and were one of the people that fell victim to downsizing, early retirement or involuntary layoffs, use these guidelines to rediscover your potential.
The fact is: you are 50. And 50 is the new 30! You are on the brink of an entirely new and exciting life stage. Call it a second career or call it a second chance. Follow these simple guidelines, launch that second career and take advantage of the opportunities waiting for you.
Update your Resume and Get Online
Update (or create) your resume. Even if it’s been 10+ or 20+ years since you’ve even had a resume, get it done. If you feel capable and can do it yourself, go ahead and do it. There are online resources and templates that can guide you. Most charge a fee, so be careful if you’re going to spend your money. Use free templates first. Find one that suits your needs. Google “resume templates, free” to get started.
If you’re looking for a job in your locality, Google job sites in your area. You’ll be amazed at the number of sites available. Looking to relocate? Search job sites in other localities. If it’s part-time work you want, check out Snag A Job. There’s also Day Job Finder which is an excellent resource for help with searching for just about any type of job.
Network, Network, Network
Maintain contact with former colleagues. Let them know you are in the job market. Tell them exactly what type of work you are looking for. They won’t know if you’ve been in finance all your life and now you want to explore opportunities in health care or non-profits. Tell them. Be specific.
Network – in person and online. Search out networking opportunities in your area. There are breakfasts, seminars and business association meetings. Find people who share your interests. Get to know them. Make sure they know you and why you are attending these functions. Online, set up an account on Linked In. It’s free (there’s an option to upgrade for a fee) and it keeps you connected with everyone you’ve ever worked with. Also try Facebook and Twitter.
Organization is Key
Organize your finances. There are several online sources that can help. Visit Mint or Money Center Yodlee and review the sites to see which one best fits your needs. It may take a couple of hours to enter in your information, but it is easy to track everything.
Determine the type of work you are looking for. Are you looking to get back into the same old grind you just left? Did you absolutely love the work you did? There is no better time than now to explore options.
Decide what fits into your plan – full-time or part-time? Work from home or consulting? Making these types of decisions is critical, because it helps you focus.
Stick to a schedule. Maintain a daily schedule immediately. Write it out and front-load it, so all of the important things are done first each day.
Discuss your plans with your spouse or partner. Knowledge is power and including them in the loop is the smart thing to do. Ask their advice, but remember, it’s your next career so you need to be at peace with your decisions.
Even if you've been away from job searching for a couple of decades, take the next step. View this as an open window and not a closed door. Use these steps as a guide to getting started. Get your resume completed, network with as many people as you can, use available (and free) online resources, and create a plan and stick to it. Don’t despair because 50 is here and it’s all good.
By Joann Sardo
The fact is: you are 50. And 50 is the new 30! You are on the brink of an entirely new and exciting life stage. Call it a second career or call it a second chance. Follow these simple guidelines, launch that second career and take advantage of the opportunities waiting for you.
Update your Resume and Get Online
Update (or create) your resume. Even if it’s been 10+ or 20+ years since you’ve even had a resume, get it done. If you feel capable and can do it yourself, go ahead and do it. There are online resources and templates that can guide you. Most charge a fee, so be careful if you’re going to spend your money. Use free templates first. Find one that suits your needs. Google “resume templates, free” to get started.
If you’re looking for a job in your locality, Google job sites in your area. You’ll be amazed at the number of sites available. Looking to relocate? Search job sites in other localities. If it’s part-time work you want, check out Snag A Job. There’s also Day Job Finder which is an excellent resource for help with searching for just about any type of job.
Network, Network, Network
Maintain contact with former colleagues. Let them know you are in the job market. Tell them exactly what type of work you are looking for. They won’t know if you’ve been in finance all your life and now you want to explore opportunities in health care or non-profits. Tell them. Be specific.
Network – in person and online. Search out networking opportunities in your area. There are breakfasts, seminars and business association meetings. Find people who share your interests. Get to know them. Make sure they know you and why you are attending these functions. Online, set up an account on Linked In. It’s free (there’s an option to upgrade for a fee) and it keeps you connected with everyone you’ve ever worked with. Also try Facebook and Twitter.
Organization is Key
Organize your finances. There are several online sources that can help. Visit Mint or Money Center Yodlee and review the sites to see which one best fits your needs. It may take a couple of hours to enter in your information, but it is easy to track everything.
Determine the type of work you are looking for. Are you looking to get back into the same old grind you just left? Did you absolutely love the work you did? There is no better time than now to explore options.
Decide what fits into your plan – full-time or part-time? Work from home or consulting? Making these types of decisions is critical, because it helps you focus.
Stick to a schedule. Maintain a daily schedule immediately. Write it out and front-load it, so all of the important things are done first each day.
Discuss your plans with your spouse or partner. Knowledge is power and including them in the loop is the smart thing to do. Ask their advice, but remember, it’s your next career so you need to be at peace with your decisions.
Even if you've been away from job searching for a couple of decades, take the next step. View this as an open window and not a closed door. Use these steps as a guide to getting started. Get your resume completed, network with as many people as you can, use available (and free) online resources, and create a plan and stick to it. Don’t despair because 50 is here and it’s all good.
By Joann Sardo
Tuesday, January 11, 2011
How to handle those surprising, annoying problem-solving questions at job interviews
The interview is ticking along nicely, then wham: your interviewer hits you with an unexpected and seemingly irrelevant problem-solving question.
So what to do when the focus suddenly switches from your skills and experience to being asked how many ping-pong balls there are in China?
First of all, don’t panic, says Melissa Kuwahara, practice leader for the financial services team at CDS. You aren’t expected to know the exact answer, the question is designed to test how well you think and articulate yourself under pressure.
“The key here is not to get stressed by it. The interviewers are not looking for the right answer, but rather your logic for getting to an answer, as well as your ability to remain calm, clear and to acknowledge and make assumptions as you go through the answer. They are also looking for creativity, so if you think of some assumptions that others didn't, that can be a positive,” says Kuwahara.
Guy Howard, a recruitment manager, says these types of questions are quite common in interviews. He thinks interviewers want to see how you handle being put under pressure, your thought processes, and how clearly you can explain your conclusion.
“The answer is almost irrelevant. You can give an answer that’s completely wrong, but still come out well by showing your logic and explaining yourself clearly,” he says.
And even if you do find yourself struggling, it’s probably not the end of the world, says Kuwahara.
“This question is rarely a deal breaker for the interviewer and if you are not super innovative, just be calm, clear, logical and concise. Don't ramble and you will make it through,” she adds.
by Rob Goss
So what to do when the focus suddenly switches from your skills and experience to being asked how many ping-pong balls there are in China?
First of all, don’t panic, says Melissa Kuwahara, practice leader for the financial services team at CDS. You aren’t expected to know the exact answer, the question is designed to test how well you think and articulate yourself under pressure.
“The key here is not to get stressed by it. The interviewers are not looking for the right answer, but rather your logic for getting to an answer, as well as your ability to remain calm, clear and to acknowledge and make assumptions as you go through the answer. They are also looking for creativity, so if you think of some assumptions that others didn't, that can be a positive,” says Kuwahara.
Guy Howard, a recruitment manager, says these types of questions are quite common in interviews. He thinks interviewers want to see how you handle being put under pressure, your thought processes, and how clearly you can explain your conclusion.
“The answer is almost irrelevant. You can give an answer that’s completely wrong, but still come out well by showing your logic and explaining yourself clearly,” he says.
And even if you do find yourself struggling, it’s probably not the end of the world, says Kuwahara.
“This question is rarely a deal breaker for the interviewer and if you are not super innovative, just be calm, clear, logical and concise. Don't ramble and you will make it through,” she adds.
by Rob Goss
Monday, January 10, 2011
UK Employment growth rises to 3-month high
Employment for both permanent and temporary staff in Britain grew at its fastest pace in three months in November, though pay growth remained weak, the Recruitment and Employment Confederation said on Wednesday.
The survey, which measures the activity of the recruitment agencies that make up the REC, showed a modest recovery in hiring after a sharp slowdown in recent months.
The permanent placements index rose to 55.2 in November from 52.6 in October, hitting its highest since August. November's temporary staff billings index also hit a three-month high, increasing to 53.5 from 51.6. Readings above 50 indicate expansion, and those below mean contraction.
"This is very encouraging news, with the data suggesting that a turning point for the UK jobs market may have been reached as employers across the board are recruiting more people," said Bernard Brown, a partner at accountants KPMG, who sponsor the survey.
The REC said there were shortages of chefs, truck drivers, engineers and IT workers.
"Whilst government cuts are yet to bite hard in the public sector, the private sector shows resilience," Brown said. "It remains to be seen whether this trend will continue -- but if it does, it would suggest that some of the large scale unemployment worries may not materialise."
British unemployment rose less than in many other countries during the recession, and in October benefit claims unexpectedly fell.
Reporting by David Milliken
The survey, which measures the activity of the recruitment agencies that make up the REC, showed a modest recovery in hiring after a sharp slowdown in recent months.
The permanent placements index rose to 55.2 in November from 52.6 in October, hitting its highest since August. November's temporary staff billings index also hit a three-month high, increasing to 53.5 from 51.6. Readings above 50 indicate expansion, and those below mean contraction.
"This is very encouraging news, with the data suggesting that a turning point for the UK jobs market may have been reached as employers across the board are recruiting more people," said Bernard Brown, a partner at accountants KPMG, who sponsor the survey.
The REC said there were shortages of chefs, truck drivers, engineers and IT workers.
"Whilst government cuts are yet to bite hard in the public sector, the private sector shows resilience," Brown said. "It remains to be seen whether this trend will continue -- but if it does, it would suggest that some of the large scale unemployment worries may not materialise."
British unemployment rose less than in many other countries during the recession, and in October benefit claims unexpectedly fell.
Reporting by David Milliken
Friday, January 7, 2011
Getting your perfect position in Singapore in 2011: Where we see the opportunities
Java developers
“With many banks choosing to invest in growth-enabling technologies, we have begun to experience an acute talent gap for developers, in particular those with Java skills. They are required to undertake migrations and upgrades, and provide new solutions to increase efficiency in the front office. As demand increases, Java developers in Hong Kong are becoming few and far between, and we need to look outside normal recruitment avenues,” says Vicky Liu, consultant, Astbury Marsden.
UK and Australia-based developers typically earn high contract day-rates and are not interested in Hong Kong roles which are rarely as lucrative. “But candidates from India are still popular, particularly when vendors such as Wipro and Headstrong continue to grow and develop staff. Singapore also offers strong people, especially product-focussed technologists,” adds Liu.
She thinks the more “surprising” talent pool this year will come from Continental European countries, including the Netherlands, Russia, France and Germany. “Candidates in these locations tend to work on a permanent basis so once they have relocated, they are not only able to offer strong product knowledge and leadership, but they are more loyal than serial contractors.”
Operational risk
Operational risk candidates came into increased demand during the GFC and their importance is highlighted whenever a bank suffers from a high profile operational failure, such as an IT outage. “The pressure will be on financial institutions this year to identify and attract high calibre senior candidates with experience in implementing and developing contingency plans,” says Ben Batten, head of Kelly Selection Singapore.
However, because the growth of operational risk is relatively recent, there is a talent shortage and no ideal short-term solution to solving it. Banks are therefore considering candidates from internal audit and traditional risk backgrounds, according to Batten. “The challenge for most organisations is there simply isn’t a model that outlines how they are effectively managing this risk, and they are therefore struggling to come to terms with how to manage the myriad of variables.”
Business finance partners
There was increased demand for senior business finance partners at director and MD-level last year in Singapore, says Neil Dyball, manager, finance & risk, Robert Walters. These professionals deal directly with the front-office on strategic growth and capital management issues in order to reduce costs and maximise revenue-generation opportunities.
“We expect this trend to continue into 2011 as the market continues to evolve. This is an exciting time for the Singapore finance community as more opportunities are created within the front office, and having a lower cost base provides a greater opportunity to improve firms’ profitability. Singapore will continue to attract senior talent from around the world for business finance partnering roles,” he adds.
Do you agree that these sectors will be sought after? Will you be struggling or thriving on the job market this year? Let us know your thoughts below.
By Simon Mortlock
“With many banks choosing to invest in growth-enabling technologies, we have begun to experience an acute talent gap for developers, in particular those with Java skills. They are required to undertake migrations and upgrades, and provide new solutions to increase efficiency in the front office. As demand increases, Java developers in Hong Kong are becoming few and far between, and we need to look outside normal recruitment avenues,” says Vicky Liu, consultant, Astbury Marsden.
UK and Australia-based developers typically earn high contract day-rates and are not interested in Hong Kong roles which are rarely as lucrative. “But candidates from India are still popular, particularly when vendors such as Wipro and Headstrong continue to grow and develop staff. Singapore also offers strong people, especially product-focussed technologists,” adds Liu.
She thinks the more “surprising” talent pool this year will come from Continental European countries, including the Netherlands, Russia, France and Germany. “Candidates in these locations tend to work on a permanent basis so once they have relocated, they are not only able to offer strong product knowledge and leadership, but they are more loyal than serial contractors.”
Operational risk
Operational risk candidates came into increased demand during the GFC and their importance is highlighted whenever a bank suffers from a high profile operational failure, such as an IT outage. “The pressure will be on financial institutions this year to identify and attract high calibre senior candidates with experience in implementing and developing contingency plans,” says Ben Batten, head of Kelly Selection Singapore.
However, because the growth of operational risk is relatively recent, there is a talent shortage and no ideal short-term solution to solving it. Banks are therefore considering candidates from internal audit and traditional risk backgrounds, according to Batten. “The challenge for most organisations is there simply isn’t a model that outlines how they are effectively managing this risk, and they are therefore struggling to come to terms with how to manage the myriad of variables.”
Business finance partners
There was increased demand for senior business finance partners at director and MD-level last year in Singapore, says Neil Dyball, manager, finance & risk, Robert Walters. These professionals deal directly with the front-office on strategic growth and capital management issues in order to reduce costs and maximise revenue-generation opportunities.
“We expect this trend to continue into 2011 as the market continues to evolve. This is an exciting time for the Singapore finance community as more opportunities are created within the front office, and having a lower cost base provides a greater opportunity to improve firms’ profitability. Singapore will continue to attract senior talent from around the world for business finance partnering roles,” he adds.
Do you agree that these sectors will be sought after? Will you be struggling or thriving on the job market this year? Let us know your thoughts below.
By Simon Mortlock
Thursday, January 6, 2011
IDA-backed multinationals created 1,350 net new jobs in Ireland in 2010
The Irish Times reports that IDA-backed multinationals created 1,350 net new jobs in Ireland in 2010. The IDA’s interim statement for 2010 shows that multinationals supported by the government agency created 10,897 new jobs last year. Chief Executive Barry O’Leary said that about 9,545 jobs were lost in multinationals last year. He said some of the job losses were the result of closures announced in 2009, including that of PC maker Dell. The IDA said it hopes to bring in projects that will lead to the creation of 10,000 new jobs in 2011. It also hopes to bring in investments that will create 62,000 new jobs by 2014.
Source: the Irish Times
Source: the Irish Times
Wednesday, January 5, 2011
National UK minimum wage amendment in place from January 1
The UK Government has finalised the National Minimum Wage (Amendment) (No. 2) Regulations 2010, which amend the National Minimum Wage Regulations 1999 and come into force on 1 January 2011.
Schemes that operate at the moment allow part of employees’ pay, which would normally be subject to tax and NIC, to be replaced with expenses payments for travel The amendment means that expenses for travel to a temporary workplace and related subsistence costs can no longer form part of employees’ pay for national minimum wage purposes.
The amendment does not apply in relation to any pay reference period beginning before 1st January 2011.
Temporary workers paid at or near the National Minimum Wage (NMW) can participate in travel and subsistence schemes, operated by some employment businesses and umbrella companies. These are designed to provide tax and NICs savings while complying with NMW rules.
According to the Government, many of these schemes are "exploitative as the employer retains most of the financial benefits and the workers have little or no knowledge of how these schemes work".
The Government also says that "participation may adversely affect workers’ access to earnings-related social security benefits. Those businesses not wishing to operate these schemes for NMW workers suffer a competitive disadvantage, leading to market distortion."
The Government says the amendment will address the issue of exploitation and the potential adverse impact on workers’ access to social security benefits and will create a level playing field for employment businesses.
Source check4jobs.com
Schemes that operate at the moment allow part of employees’ pay, which would normally be subject to tax and NIC, to be replaced with expenses payments for travel The amendment means that expenses for travel to a temporary workplace and related subsistence costs can no longer form part of employees’ pay for national minimum wage purposes.
The amendment does not apply in relation to any pay reference period beginning before 1st January 2011.
Temporary workers paid at or near the National Minimum Wage (NMW) can participate in travel and subsistence schemes, operated by some employment businesses and umbrella companies. These are designed to provide tax and NICs savings while complying with NMW rules.
According to the Government, many of these schemes are "exploitative as the employer retains most of the financial benefits and the workers have little or no knowledge of how these schemes work".
The Government also says that "participation may adversely affect workers’ access to earnings-related social security benefits. Those businesses not wishing to operate these schemes for NMW workers suffer a competitive disadvantage, leading to market distortion."
The Government says the amendment will address the issue of exploitation and the potential adverse impact on workers’ access to social security benefits and will create a level playing field for employment businesses.
Source check4jobs.com
Tuesday, January 4, 2011
Data boost for economy at start of tough 2011 for UK
Factory activity in the UK grew at its fastest pace in 16 years at the end of 2010 and mortgage approvals rose, data showed on Tuesday, but tax rises and public spending cuts will provide stiff headwinds in 2011.
The Markit/CIPS manufacturing Purchasing Managers' Index rose to 58.3 in December from November's 57.0, well above expectations and its best reading since September 1994.
Separate figures from the Bank of England showed mortgage approvals rose in November to their highest since July, easing fears of further steep declines in house prices.
The figures will be welcomed by the government which is hoping the private sector will be able to expand to fill some of the space left by its pruning of the state sector -- the biggest budget cutbacks in a generation.
However, some of the detail was less encouraging. Consumer lending and money supply growth both weakened in November, and the robust expansion in the manufacturing sector was coupled with an unprecedented rise in firms' costs -- the latter a particular worry when inflation is already well above target.
"It is vitally important that the UK economy is on as firm a footing as possible as the fiscal tightening really starts to bite from early-2011, beginning with the VAT hike," said Howard Archer at IHS Global Insight.
"The only real blot on the (purchasing) survey was the record rise in input prices."
INFLATION A WORRY
The coalition, which took office last May, plans to cut the budgets of most government departments by just under a fifth over the next four years.
It is hoping it's tough fiscal stance will be offset by loose monetary policy. But the recent strength of inflation has fanned debate about how long the Bank can keep interest rates at a record 0.5 percent without losing credibility.
Inflation rose to a six-month high of 3.3 percent in November and may rise above 4 percent in the first few months of this year, double the Bank's 2 target.
Adding to upward price pressure will be the rise in VAT sales tax -- from 17.5 percent to 20 percent -- which came into force on Tuesday.
Chancellor George Osborne said increasing VAT posed less of a risk to the broader economy than increasing income tax or other payroll taxes. However, calculations from the government's own fiscal watchdog show the measure alone will shave 0.3 percent off economic output in 2011/2012.
"Clearly there will have been some shuffling of consumer spending into December last year and away from the early months of 2011 as consumers tried to beat the hike," said David Tinsley, UK economist at National Australia Bank.
The Markit/CIPS manufacturing Purchasing Managers' Index rose to 58.3 in December from November's 57.0, well above expectations and its best reading since September 1994.
Separate figures from the Bank of England showed mortgage approvals rose in November to their highest since July, easing fears of further steep declines in house prices.
The figures will be welcomed by the government which is hoping the private sector will be able to expand to fill some of the space left by its pruning of the state sector -- the biggest budget cutbacks in a generation.
However, some of the detail was less encouraging. Consumer lending and money supply growth both weakened in November, and the robust expansion in the manufacturing sector was coupled with an unprecedented rise in firms' costs -- the latter a particular worry when inflation is already well above target.
"It is vitally important that the UK economy is on as firm a footing as possible as the fiscal tightening really starts to bite from early-2011, beginning with the VAT hike," said Howard Archer at IHS Global Insight.
"The only real blot on the (purchasing) survey was the record rise in input prices."
INFLATION A WORRY
The coalition, which took office last May, plans to cut the budgets of most government departments by just under a fifth over the next four years.
It is hoping it's tough fiscal stance will be offset by loose monetary policy. But the recent strength of inflation has fanned debate about how long the Bank can keep interest rates at a record 0.5 percent without losing credibility.
Inflation rose to a six-month high of 3.3 percent in November and may rise above 4 percent in the first few months of this year, double the Bank's 2 target.
Adding to upward price pressure will be the rise in VAT sales tax -- from 17.5 percent to 20 percent -- which came into force on Tuesday.
Chancellor George Osborne said increasing VAT posed less of a risk to the broader economy than increasing income tax or other payroll taxes. However, calculations from the government's own fiscal watchdog show the measure alone will shave 0.3 percent off economic output in 2011/2012.
"Clearly there will have been some shuffling of consumer spending into December last year and away from the early months of 2011 as consumers tried to beat the hike," said David Tinsley, UK economist at National Australia Bank.
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