Gold Magazine April - May 2013, Issue 25 | Page 72

recruitment

{BUSINESS}

us Recruitment Index
The latest edition of the annual Cyprt Solutions shows a massive
published by GRS Global Recruitmen the Forex sector and growth in
increase in demand for personnel in
International Business.

D

ata from the latest Cyprus Recruitment
Index, released in February by GRS Global
Recruitment Solutions, shows a 190%
increase in job placements made by GRS
within the Forex & Binary Options sector
for 2012 compared to 2011, accounting for
33.45% of all GRS placements in 2012. Donna Stephenson,
GRS director and co-author of the Cyprus Recruitment Index,
says, “Over the last few years we have seen growth in the Forex
sector in Cyprus and we at GRS have channeled our energies
into this market. Cyprus continues to be an attractive destination for businesses that operate in the financial and investment
sectors and, in particular, Retail FX trading, with most recent
demand coming from binary option firms”.
The Corporate Services sector fell from first to second place,
registering the second highest activity in permanent recruitment

in 2012. However, whilst demand continued
and the corporate services sector accounted for
14.75% of GRS’s placements, demand actually fell by 39% on 2011.
GRS projected growth in the investment
services and finance and banking sectors,
confirming an increase of 12.24% and 125%
respectively for 2012.
The fund sector in Cyprus is growing with
94 ICIS Funds as of November 2012. “The
need for fund-related professionals is growing
as more funds are being registered in Cyprus
but there is a local shortage of experienced
talent available to this sector,” states Donna
Stephenson.
Other increases in demand were noted in
the oil and gas sector, while the legal services
sector was up 50% on 2011 for hiring.
The biggest falls in terms of permanent recruitment were in the Audit (60%), insurance
(60%) and IT (50%) sectors.
Despite the gloomy forecasts of global
markets, the Cyprus Recruitment Index figures
demonstrate that the international business
sector, which makes up a high percentage of
GRS clientele, is still driving the economy.
Although general unemployment increased,
GRS recorded a 3rd successive year of growth
in permanent and temporary hiring in 2012,
up by 15.8% on 2011 and 21.2% on 2009.
Overall, GRS registered a small decrease of
3.4% on permanent recruitment over 2012
compared to 2011, which did not mirror
the rise in unemployment across the Cyprus
economy as a whole.
Figures from the Cyprus Recruitment Index
reveal the quality as well as the quantity of
placements with a highly-educated workforce
(38.9% at Degree level and 28.7% at Masters
level).

72 Gold THE INTERNATIONAL INVESTMENT, FINANCE & PROFESSIONAL SERVICES MAGAZINE OF CYPRUS

business_latest recruitment.indd 72

09/04/2013 13:19