Slowly but surely the global economic crisis is hitting the labour markets both at home and abroad. Recently an article in MEED (Middle East Economic Digest; 26 Sept-2 Oct.2008) suggested that the project finance market in the Gulf, of all places, is in difficulties because of the aftermath of the failure of Lehman Brothers in the US. This situation contrasts hugely with reports in 2007 when banks interested in striking deals in the sector were literally falling over each other for business.
Recruitment companies are witnessing a downturn in employment opportunities globally but the home market is on a significant downturn.
Kevin Green, REC chief executive, said: "The deteriorating economy is now having the expected negative impact on the labour market. The demand for both permanent and temporary workers is weakening, although it must be remembered that this follows a period of unprecedented high demand for staff.”
Alan Nolan, director at KPMG, added: "The slide in the UK economy continues to hit the jobs market hard, with yet another sharp drop in recruitment.
"UK employers are continuing to control payroll costs through redundancies, and by refusing to take advantage of a growing, but increasingly unused, pool of skilled labour. These workers are starting to drift abroad in search of employment, and there is a risk that when the market turns the UK will be left behind by a skills shortage."
Hannah Ellis Murdock, director of the Really Good Recruitment Company, that deals in management and executive recruitment, said: “Sales, marketing and accountancy are still very buoyant. Construction is down – we’re getting a lot of CVs from people in the construction industry and few vacancies.”
Ed Jessamine, managing director of an arm of TLG specialising in the recruitment of IT professionals, reported a downturn in both the number of candidates and the number of vacancies.
“When there is movement in the market, people move around and we fill the gaps,” he said. “At the moment the market’s stagnant. People are watching to see what’s happening because they’re frightened of losing their jobs.
“Ironically, there is a skills shortage in the IT market worldwide. The change will probably come when the banks update their systems and start to recruit again. It happened after 9/11 and when the dot com bubble burst.”
Expat Network, a UK-based support organisation for expatriates has seen its ‘new membership’ business increase over the past few months while the demand for job advertising from companies employing expatriates has fallen slightly. Sheila Hare, Director of Expat Network and Editor of Nexus, the organisation’
“Whatever way the market turns we are best-placed to help those with the jobs abroad and those considering an expatriate solution for work.
“Our current members are discussing the imminent recession on our members forum, they are not yet feeling the pressure of it in their locations, which include, Saudi Arabia, the Gulf states, Eastern Europe, Africa and the Far East but are suffering a currency exchange rate discrepancy in their salaries”
Looking to leave home and work abroad can be a solution to the prospect of unemployment but where do you look for work, what kinds of people are being employed? Along with the very practical notion of a working life in another country there are so many personal issues to sort out – your family, your home, your finances to name a few. Joining an organisation such as Expat Network www.expatnetwork.com can be of immense value, especially in providing the necessary contacts for a constructive overseas job search. You can, of course take a DIY approach, there are plenty of websites offering advice, hundreds of forums online. Expat Network publish The Contact Directory, a book that lists hundreds of Recruitment companies who place engineers and professionals in overseas jobs.
Working overseas can be the best decision you’ll ever make, but the road is littered with sad stories and unscrupulous people who would do anything to get their hands on your first tax-free* salary, or take your last couple of hundred pounds with a promise to get you a job in paradise, make sure you do your homework before you board the plane.
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About Expat Network
Expat Network have been working with the expat community since 1989, they understand the unique nature of the expat way of life and the way the employment market for expats is cyclical. Through their extensive membership programme expats have a number of options for finding work abroad. The company is close to key recruiters who place engineers globally. The expats who make up the Expat Network membership help each other with job leads through the forums. Anyone interested in more information about Expat Network or working abroad can go to www.expatnetwork.com for further information.
You can contact Shona Farrell at Expat Network for further details and request a copy of Nexus – the expatriate magazine
