Last post I wrote about how in the midst of this economic recovery companies are adding and keeping temporary workers and consultants in lieu of making direct hires. Within the financial services sector I suspect that this trend will continue well into the recovery.
Before the economy crashed, we had a client who had a particularly interesting philosophy of hiring. The principals of this small fund realized that they needed a significant amount of flexibility with their business and therefore their employees. If they needed to change their investment strategy they wanted to be able to do so and quickly bring on employees who had experience in implementing the new strategy. Out of 7 employees, 2 were the Fund’s principals and the rest were Wall Street Services employees. On at least one occasion they were able to make significant staff changes and be up and running in under two weeks complete with analysts and accounting professionals who had the specific expertise to meet their new objectives.