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News Release

About The Park Avenue Group


News Release

Stacy Ethun Stevens                                                                 407-629-2424 
President, Park Avenue Group                                       stacy@parkavegrp.com



Candidate-driven market adds urgency to hiring cycle

(Orlando) – With new job creation falling below expected levels and the unemployment rate refusing to budge, MRINetwork®, one of the world’s largest search and recruitment organizations, recently conducted a survey of its recruiters to determine the current status of hiring among the company’s clients. What they found was a more optimistic outlook for the managerial/professional sector of the workforce, where the unemployment rate is down to 4.4 percent.

Of 219 MRINetwork recruiters, 67 percent said they would characterize today’s talent market for the professional sector as candidate-driven, while 33 percent cited an employer-driven market. This represents a significant change from one year ago when only 54 percent cited a candidate-driven market – an increase of 13 points.

This may account for the significant decrease recruiters are seeing in the number of interviews employers require before making an offer to a candidate. A year ago 28 percent made an offer after one or two interviews; in the most recent survey that figure rose to 42 percent.

“Financial institutions are beginning to acknowledge that slowness to act can cost them the candidates they need, especially at a time when pent-up demand is growing more acute,” says Stacy Ethun Stevens, President/CEO of the Park Avenue Group, an affiliate of MRINetwork®, one of the world’s largest search and recruitment organizations. “As always, organizations that move quickly snap up the best talent.” The Park Avenue Group specializes in search and recruitment for the banking and finance industry.

Other encouraging findings include:

  • Time-to-hire has picked up. A year ago, only 17 percent of candidates received an offer within one-to-two weeks of their interview; this year that figure has risen to 23 percent.
  • Newly created positions were cited by 55 percent as the primary reason for the job openings, up from 49 percent just six months ago; 11 percent cited top grading the workforce as the spur to hiring; 27 percent attributed it to vacancies from resignation; and only 2 percent of the openings derived from retirements.
  • One-third of recruiters (up six points from last year) said employers are not returning to pre-recession staffing levels because hiring managers are having trouble getting authorization to fill open positions, despite rebounding sales.
  • Only 18 percent (down 10 percentage points from last year) feel that staffing levels have not rebounded because efficiencies found during the recession have allowed companies to do the same with fewer staff.
  • LinkedIn is one of the best ways for candidates to get in front of recruiters. Ninety percent of recruiters reported using the site to identify candidates and more than three quarters (77 percent) of recruiters say they proactively seek out candidates through LinkedIn groups.
  • Only 15 percent of recruiters say they post job listings to Facebook and 11 percent to Twitter.

“Among the executive-level and professional ranks in the banking and financial industry, demand for top candidates is being fueled by factors such as shortages of key talent, the desire to expand market share, and pent-up demand from years of running lean companies,” says Ethun Stevens. “The fact that vacancies are increasingly being created because of resignations also indicates that employees are feeling confident about changing jobs.

Ms. Ethun Stevens believes that some companies still mistakenly believe that with high unemployment, there are many qualified candidates available. “Unfortunately, that’s not the case in most searches for professional, managerial and executive positions where unemployment rates are much lower,” she cautions.

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About the MRINetwork Recruiter Sentiment Study

The MRINetwork Recruiter Sentiment Study (2012 2nd Half) is based on a web-based survey with a total of 219 recruiters responding. The survey has a 4.2 percent margin of error with an 80 percent confidence rating. The full report can be accessed from www.MRINetwork.com/RecruiterSentiment.

About Park Avenue GroupFounded in 1998, the Park Avenue Group is one of the nation's leading executive search firms specializing in Banking, Financial Services and Medical Device. As a strategic business partner for both clients and candidates, the Park Avenue Group is a valuable resource for companies in their quest to build solid organizations by attracting and recruiting top performing professionals.

About MRINetwork®:
Management Recruiters International, Inc., branded as MRINetwork®, is one of the largest executive search and recruitment organizations in the world. A subsidiary of CDI Corp. (NYSE:CDI), a global provider of engineering & information technology outsourcing solutions and professional staffing, the MRINetwork has approximately 800 offices in 35 countries. Visit MRINetwork at www.mrinetwork.com.

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