While economies across the globe are slowly limping back from the massive credit crunch, the effects of the recession, however, are still haunting some sectors such as trusts and funds. A leading recruitment consultancy AP Group has expressed concern over the shortage of experienced administrators in the trust and fund sectors. This shortage is a direct result of the recession that hit the global economy in 2008.
AP Group has years of experience in recruiting professionals in the wealth management and commercial sectors.
Gina Le Prevost, CEO of AP Group, said: "Due to the lack of recruitment in trust and funds industries to employ and invest in junior staff caused by the downturn in 2008, this has now caused a shortage of experienced administrators. Since early 2015, we are noticing a recruitment upturn in the Channel Islands and other global locations which specialise in trust and fund professionals. However, companies specialising in these popular sectors are now struggling to find candidates qualified with the important 3 to 5 years' level of experience."
This is one such area where the global economic crisis has had a lingering effect. To cap the costs, most organisations, during the economic crisis, abstained from recruiting graduates and junior to mid-level administrators. This, in turn, has made it difficult for employers to find suitable candidates with the requisite level of skills and knowledge base. Had there been the recruitment of junior staff since 2008, they would now be qualified to take on the role of experienced administrators - which are in high demand at the moment.
The current 3 to 5 years experience requirement means the candidates should normally also hold the professional qualifications like STEP (Society of Trust and Estate Practitioners) and/or ICSA (Institute of Chartered Secretaries and Administrators). It takes up to three years to complete these types of qualifications.
To fill this acute shortage, employers may have to consider candidates who do not hold work permit or local qualifications for these jobs but meet the required professional qualification and length of experience criteria.
Gina Le Prevost continued: "Companies need support by the Guernsey and Jersey respective authorities to be able to employ non- locally qualified candidates if necessary, and strict work permits policies, which have been in place for so long now, should be more relaxed."
She concluded: "Without companies being given more leeway with bringing in non-locals and if the numbers of jobs in specialist areas continue to increase in the islands, it is inevitable that salaries will need to rise in these industries. In fact, job seekers moving to the islands because of work offers would also improve the Guernsey and Jersey sluggish housing markets, which both islands are currently experiencing."
However, for employees, it is an encouraging trend as the job market is becoming more buoyant particularly in wealth management industries.
She said: "We are now in an 'employees' job market which is going to become a 'fast track in gaining experience and professional qualifications' for job seekers looking to get into funds and trust."