Hiring Trends Show Mixed Fortunes For Cyprus

By ExpatBriefing.com Editorial 24 February, 2012

Figures from a Cyprus recruitment agency indicate that while the banking and finance sectors enjoyed mixed fortunes last year, hiring overall was up 11% last year.

The latest edition of the annual Cyprus Recruitment Index from GRS Recruitment showed particularly strong growth in the professional services sector including audit/accounting, legal, trust and corporate services, with demand growing despite increased competition from other jurisdictions such as Malta and Luxembourg. The largest increase was in the corporate services sector, where staffing levels increased by 20% compared with 2010.

The report noted strong growth in the forex (FX) trading sector in 2011 as more FX companies opened new offices in Cyprus, continuing a trend seen in previous years. This increased the demand for candidates with strong language skills both from within and outside the European Union.

Overall just 4% of GRS’s recruiting activity was concentrated in the banking sector, demonstrating job uncertainty for those engaged in the sector with banks globally announcing significant layoffs. During 2011, one international bank in Cyprus, BNP Paribas, ceased operations after trading for 25 years in Cyprus, resulting in over 30 redundancies. A main proportion of hires in the finance sector related to companies looking to fill roles related to risk, regulation and compliance.

Tags: Expatriates | Tax | Investment | Law | Accounting | Banking | International Financial Centres (IFC) | Offshore | Professionals | Offshore Banking | Cyprus | Services |


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