Despite a positive start to 2011 for the Belgian labour market, the troubled banking sectors across the Eurozone (particularly in Greece, Spain and Italy) resulted in a loss of client and candidate confidence and uncertainty prevailed for the remainder of the year.
This uncertainty resulted in lower recruitment volumes and slower decision-making processes for potential hires, with some global companies announcing hiring freezes and internal restructuring. However, organisations remain hopeful that further steps will be taken to solve the Eurozone crisis in quarter one and the financial market will stabilise as a result. Many employers are well positioned for growth but remain hesitant to implement definitive hiring plans while the future remains uncertain.
We do not expect to see salary increases in quarter one of 2012.However, there will be exceptions to this rule, specifically professionals with risk, cost accounting and Basel III expertise as demand for these roles continues and candidates with these skill sets remain in short supply.