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Securities companies short of staffs
As the stock market has recovered, stock companies have become thirsty for employees again, especially as many of them laid off a lot of workers in late 2008 and early 2009 when the market was lackluster.
Late 2008 was considered the ‘coolest’ moment of the labour market related to the securities sector, when the stock market fell, resulting in a series of securities companies falling half-dead.
Securities companies laid off workers as a final effort to struggle to survive the difficulties. A lot of companies dismissed most labourers and kept just one or two key persons for every division. Some securities companies even eliminated some divisions, merged divisions or forced departments to carry out multiple functions.
However, the market has unexpectedly recovered. Stock prices have been surging continuously in the last four months, attracting more securities investors and bringing back a need for staffs.
Head of the brokerage division of a big securities company complained that after the workforce of the brokerage division was cut down from nine to four employees, the demand for transactions increased sharply. He himself now has to be ready to receive calls from clients every day and enter clients’ orders into the system.
The only officer of a securities company said that his company is trying to recruit six analysts for the company after it dismissed all officers of the analysis division and kept only one.
However, it is not easy for securities companies to recruit workers right now. Deputy Director of a securities company on Lang Ha Road said that he has received a lot of applications, but he has just selected some candidates for some positions who will do simple tasks. Meanwhile, he still cannot find any suitable candidates for the post of deputy head of analysis or even analysis officer.
On vietnamworks.com, the most well-known job website in Vietnam, 40 pieces on recruiting workers for securities companies have been posted since early July. The number of pieces would be much higher if counting the pieces posted in June. Especially, the securities companies which have joined the market recently have announced the massive recruitment of staffs. Phu Hung Securities Company in HCM City, for example, is recruiting 40 brokers.
Meanwhile, big names, including Bao Viet Securities, SeaBank Securities and Asia-Pacific, have also been trying to restructure. Brokers and investment analysts are the two most-wanted positions. Meanwhile, some companies are seeking personnel for higher-ranking positions. Bao Viet Securities Company is seeking a deputy director for its HCM City branch, while others are looking for international relation officers, law officers, internal control officer and assistants to the boards of management.
A high-ranking official of a securities company, who has left the company, related that he has been invited to return to take his previous position and enjoy better pay. However, he is still debating about whether or not to return. Jobs at securities companies prove to be unstable: staffs are offered high pay when the market is hot, and they are threatened with dismissal when the market cools off.
Chairman of a big securities company in Hanoi said that the gloomy stock market gave securities companies the opportunity to restructure themselves and offered them opportunities to do things they could not do before. Restructuring the labour force is one of the jobs of the restructuring. However, he said, restructuring the workforce should aim at improving the quality of staffs, while it should not mean massive lay-offs.
VietNamNet, LD
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