Times are hard for recruitment companies specialising in the banking sector as international banks are freezing headcounts and laying people off in the wake of the global credit crunch.
It is a gloomy market and if Nicholas Neal had been able to see into the future, he may not have agreed four months ago to be managing director of a new recruitment company specialising in the United States investment banking sector.
But he is not despondent after launching the company, Optimum, last month. 'This isn't the ideal time. However, I genuinely believe if you've got the right methodology and the right people, you will still be able to run a profitable recruitment company. There is always a demand for high-quality employees, irrespective of the economic climate,' he said.
Mr Neal maintained that Optimum was well placed to ride out the difficult market because it did not cater for the mass recruitment models adopted by some recruiters in Hong Kong. It was focused on a bespoke service tailored to the individual requirements of the client, he said.
'The mainstream recruitment market has fallen behind the expectations of its clients and candidates. Some recruitment companies offer identical services that are off-the-shelf. They are not designed to a specific client's expectations. I wanted to bring something that is personalised to the clients, that recognises each different marketplace,' Mr Neal said.
To do this, Mr Neal relies on the expertise of his staff in specific areas of banking and commerce, and their ability to form long-term partnerships with clients.