Trading software maker Trayport has changed its recruitment
policy because the slow process meant it was missing out on
recruitment targets.
Despite the turmoil in the financial services market, the
company said competition to recruit developers is high.
The company, which makes
software that allows traders and investors to trade from their
terminals, has about 100 developers in the UK. Itsaid it islosing
candidates to competitors during the selection process.
The company recruits developers that use C++ on a Windows
platform, testers with knowledge of SQL and TCP/IP, and support
staff withknowledge ofSQL Server, TCP/IP and Windows.
"We started to notice that a lot of the candidates we were
interviewingwere starting to have increased interview activity
outside of our own process, and in turn began to see a number of
the very best candidates still receiving other offers while
undertaking interviews with us," said Simon Masters, head of
recruitment at Trayport.
The firm looked at some of the statistics behind this a for six
month period. "We were not wholly surprised to find that after an
initial screening in what is traditionally a three step interview
process we were losingcandidates to other offers."
In software development the firm lost five candidates from 19
interviews after the first of what is normally a three interview
process. In testing it lost seven out of 33, while in technical
support from 28 interviews it lost 14 candidates.
In reaction to this trend Trayport reduced the number of
interviews per candidate from threeto twoand reduced the time
between the interviews.
Earlier this
month,
research from the Recruitment & Employment Confederation and
KPMG UK found that software programmers are in demand despite
there being the lowest number of total job vacancies ever recorded.
It said UK businesses needed more permanent staff with .net, C#,
and PHP, while temporary staff with CNC programming skills are in
high demand.
Chris Skinner, CEO at financial services think-tank Balatro,
said the right technology skills are always in demand. "Traders and
investors that are not performing will always be cut, whereas
people with specific technology skills are always in demand."
He cited the recent
launch of a PhD course focussed on financial services computing
skills as an example of how people with the right IT skills will
find job opportunities.
Masters, at Trayport, added, “Last year many companies were
holding fire on the running of new IT projects in such an unstable
market. As a result these companies were stalling their recruitment
plans. However at the start of 2009, stalling these projects can
no longer be an effective strategy and to stand totally still will
merely see a company left behind, while others move forward.
"As a result we are beginning to see some liquidity within the
technology recruitment market as a small increase in available jobs
will inevitably create a more competitive market in 2009 to search
out the very best talent."