The average time taken to make appointments within the financial services sector has doubled to six weeks since last September, according to a survey by Joslin Rowe. 

The survey of 3,100 placements confirms that financial services has been particularly affected by the downturn, which hit the sector with a vengeance after the collapse of Lehman Brothers.

Philip Marks, director finance and banking at generalist and financial recruiter Huntress, agrees that placements are taking longer.

Marks told Recruiter: “Companies are looking directly. When they discover they can’t necessarily fill them they look for candidates from agencies.”

Marks says another reason is that sign off on appointments is taking longer.  “This especially the case for US companies who have to get sign off from their head offices, especially for strategic positions.” 

Tara Ricks, managing director at Joslin Rowe, says: “At the height of market conditions in 2007 we would sometimes place candidates in a role on the same day it was released - a 24-hour turnaround. Now a week is more common.  If temporary recruiting speeds up it’s a strong indication the market is on the turn.”

Jeanette Robinson, managing director of Cavill Robinson Financial Recruitment, told Recruiter: “Companies are not under pressure to take people on quickly because they know there are lots of good candidates out there who are unemployed.”