Growth for financial sector, services jobs in Cyprus

Data from the latest Cyprus Recruitment Index (CRI) released this week by GRS Global Recruitment Solutions, shows a substantial increase in placements within the corporate services sector for 2011 and projected growth in the financial and investment services sectors for 2012.
Despite the gloomy forecasts of global markets, the CRI figures suggest that the international business sector, which makes up a high percentage of GRS clientele, is still driving the economy. Although overall recruitment is down, the activity from international businesses settling or holding in Cyprus has pushed recruitment in corporate services and associated professions up by 20% on 2010.
“International businesses are keen to take advantage of the benefits offered by Cyprus as a low tax jurisdiction in which to do business … they need a team of lawyers, auditors, company directors and accountants,” said Donna Stephenson, GRS director and co-author of the CRI.
“As recruiters we have seen the development of skills to answer the needs of this sector, with corporate administrators and newly qualified accountants, now available and filling 30.9% of positions in this sector. However a skills gap is expanding at lawyer level, where experienced corporate lawyers are now in high demand.”
CRI figures show an influx of skilled professionals, 38.8% at degree level and 31.4% at Masters level.
Arno Bijl, managing director of Intertrust Group, is interviewed in the Index and confirms the high calibre of new staff his company has received from GRS. “All were well qualified. The candidates that have lived and worked abroad combine local knowledge, cultural sensitivity and service mentality towards foreign clients and partners. They have learnt customer orientation and responsiveness.”
The requirement for languages has drawn applicants from Cyprus 41.4%, Europe 20.2%, Russia 11.5%, Britain 8.3% and Cypriots from abroad 13.9%. Steve Slocombe, GRS director, explained that Cypriots returning from overseas have excellent language skills and they also bring international banking and trust experience.
The Index indicates a rosy future for the fund and asset management sectors, as Ioannis Gaiganis, expert professional in investment management, points out in his Index article ‘Cyprus Fund Review’: “New regulations like the arrival of UCITS IV and the Alternative Investment Fund Managers Directive are spurring job creation and are very likely to act as driving forces for further development of the industry.”
GRS data shows that 17.8% of positions are in investment firms at director/partner level, however, George Rologis, managing director of Alter Domus, funds administration and corporate service provider, issues a challenge: “Cyprus should continue to develop its legislation in relation to funds to ensure that we remain more, or at least equally attractive, than other competing jurisdictions.”
Moving to overall recruitment, the sales and customer service roles came top at 14.9%. Donna Stephenson aligned this figure to the growth in FX players: “Forex needs talented individuals with languages such as Spanish, German, Italian, French and Arabic to service clients abroad. This sector is looking for candidates with customer service ethic, graduates with finance understanding.”
GRS has also launched the Special Projects Division that deals with resourcing and payrolling large projects. It was initiated by the Larnaca and Paphos airports project and is now servicing desalination and energy generation projects. Steve Slocombe explained: “Many clients use our service for one-off contracts such as maternity cover, staff absence, a special project that needs additional staff or a global company looking for a presence in Cyprus.”
The Cyprus Recruitment Index is available as a free download on line at www.grsrecruitment.com