While the distribution of opportunities across the financial sector may not be particularly even at the moment, it’s good to see some firms bucking trends and stepping out into the brave world of employment, pay rises and promotions, at a time when these are generally only whispered words.
PricewaterhouseCoopers (PwC) is one such firm, and as The Times reported this week, has made a bold plan to go “all out” and look for growth at a time when many are looking to consolidate. In terms of recruitment, the professional services firm with a strong financial steer, plans to create a further 600 new posts on top of the 1,200 graduate recruits that are coming through the doors this year.
On top of that, PwC has vowed to boost staff pay packets at the firm and also take a fresh look at bonuses with a view to bump up packets to existing employees. And, while it would be easy to ask why other companies aren’t taking a similar route without for a second contemplating the sheer size and spending power that a Big Four company has, it is refreshing to see a firm with a clear eye on growth and success, despite the stormy weather.
There will always be companies that look to grow and develop whatever the circumstances, some businesses even thrive on the lack of ‘obvious’ options, embrace troubling times and see them as a golden opportunity to actually do things differently.
We’re seeing the financial sector look for new opportunities outside of the City, which is working for many of them. Globally, Asia is a powerhouse and the speed at which we have built relationships from our Singapore office is testament to that, though banks are going far closer to home in order to prosper and grow once again. Manchester, Newcastle and the Midlands are all seeing more of the financial action these days, as banks have decided to open offices away from the City. From a glance, they seem to be better for it.
Banking is going through a period of change, and change is a natural part of any business and industry cycle. It will be interesting to see which banks and firms cope the best, and see this as an opportunity as opposed to a trap.
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