WCOOC Symposium Forum 30th Nov 23
As 2023 draws to an end, the current geopolitical climate, marked by uncertainties such as the Israel/Gaza and Russia/Ukraine conflicts, is having a significant impact on career landscapes, particularly in the Financial Services sector, which is highly sensitive to these shifts.
The record number of democratic elections scheduled for 2024 contributes to this atmosphere of unpredictability. Professionals in this sector must prepare for potential layoffs and restructuring as companies grapple with budgetary concerns towards year-end.
Long tenure in an organisation is not a failsafe against the risk of job loss. Understanding that employment is often subject to the ebb and flow of economic cycles is crucial. The banking sector, known for its susceptibility to market fluctuations, frequently experiences phases of hiring booms and layoffs.
Professionals in this industry must recognise this as a part of the sector’s nature, rather than an unexpected anomaly. By doing so, they can better prepare for and adapt to these changes.
The challenges posed by this volatility necessitate continued ongoing commitment to preparedness for employment fluctuations, and there are many strategies that can be adopted to accomplish this. Networking emerges as a powerful tool in this context. Establishing and nurturing relationships with mentors and sponsors within and outside one’s current organisation can provide critical support and guidance.