More than 75% of the respondents to a survey undertaken by NationStaff, Inc., a New York-based financial services IT search firm, felt the job hemorrhaging in financial services will end in the third quarter of 2003 and not in 2004 as many anticipated.
Interestingly, the poll of IT managers, business managers, and senior human resource managers at major brokerage houses and investment firms in the tri-state New York region, also found that business groups are now assuming the hiring responsibility from the IT managers.
“In short, centralized IT managers are losing their power,” Ed Guy, managing partner of NationStaff, said in a statement. “In a profit-stressed environment, the business lines that are making money are using their clout to take the lion’s share of IT resources both in terms of human and technical capital. We saw that business lines are demanding to become more involved and more centrally involved.”
Other survey findings:
- Fixed income as a business line will get more capital to build advanced platforms to the detriment of equity, risk and derivative products
- Some 60% felt bonuses would be flat or up less than 10% this year.
- Benefits are being pared, with educational allowances and stock options taking the greatest hits.
- Most respondents (60%) did not see the need for an advanced degree; 40% felt otherwise and were evenly divided between an MBA and MS degree.
The NationStaff poll was conducted via the Internet and by telephone from May 20 to June 4. A pool of 300 was identified and 75 questionnaires returned, representing a 25% response rate.