CYPRUS recruitment index

Reviewing the Cyprus Job Market

According to the Labour Force Survey the unemployment rate dropped to 5.8% in the third quarter of 2010, compared with 6.4% in the second. However, it was still higher than in the same period of 2009, when a rate of 5.4% was recorded. The Labour Force Survey is carried out in accordance with EU rules and counts all people looking for employment, not only those who are registered. The total number of unemployed was reported as 23,591 (males 12,779 and females 10,812), compared with a registered unemployment of 20,671 at the end of September.

Employment in Cyprus
%

Issue I | 2011 | grsrecruitment.com | +357 25 342 720

Cyprus Labour Force Survey for 3rd Quarter of 2010 shows stability compared to the 2009 Total Cyprus Employed and Unemployed % 52% Employed Males

Across the globe, each and every aspect of each and every company is being studied and assessed to see how it can run more smoothly, more efficiently, and more profitably. Of course, in running a business be it local or international one factor is key: people. For success, especially in these turbulent times, its vital that you have the right people and have the correct partner to assist you hiring the people you need. As a result, the role of the professional recruitment agency has become similarly important, and this system of matching the perfect candidate with the perfect job has been given new impetus thanks to the wonders of the web. It should come as no surprise that the internet is also fast changing the face of the job market in Cyprus. With nearly half of the islands population now logging on, Cyprus-based Global Recruitment Solutions - the largest consultancy of its kind on the island - has found that more than 90% of its applicants now prefer to respond to online job adverts, choosing the speed, ease and geographic flexibility that the internet offers them. The internet is proving a key tool in attracting candidates to a country which, according to GRS Managing Director Steve Slocombe, is becoming a global hub for business. The job market is really beginning to reflect this. Our own website traffic supports these findings, with 45% of visits coming from outside of Cyprus. While just over 60% of our registered employees are of Cypriot nationality, the remaining 40% come from a whole range of countries, including Russia and the UK. This increasingly diverse workforce reflects the large volumes of international business that passes through Cyprus, where the relatively modest size of the local population has often meant that there is a skills shortage in finding the best candidates for certain sectors. As a result, our website is an online tool that helps us to attract the very best individuals for our clients needs from a wider pool of candidates than traditionally possible. In defiance of the global economic downturn, GRS has observed an increase in permanent recruitment of 41% in 2010. Says Slocombe: Compared to countries like the UK, Cyprus is doing comparatively well due to the fact that previously reg-

Finding the Perfect Match

www.grsrecruitment.com

Having the right people working for the company is key

istered companies still require Administering and Auditing to comply with the statutory regulations of the Cyprus Registrar of Companies. So this still continues to generate a large requirement for occupations such as Accountants, Lawyers, Bookkeepers and Administrators in the Corporate Services and Audit professions. The advent of online job search facilities such as those provided by GRS is proving hugely popular with candidates and employers alike, enabling candidates to look for positions within specific job sectors and locations. Its a lot more immediate and convenient than sifting through the jobs section of your local newspaper or trade publications, even if existing employers might be less than thrilled to discover just how easily staff can job search from their desk! There remains, in some businesses, a reluctance to work with a recruitment agency. Either through misconceptions about possible costs involved, or simply because This is the way weve always done it..! But in the increasingly cut and thrust world of modern business, there are any number of reasons to turn to a recruitment agency. Many businesses have very specific requirements for their potential candidates, regardless of how junior or senior the position. A good recruitment agency will have lists of suitably qualified candidates, which means that the applicants for the position are already pre-screened saving time and potentially money. Positions can usually be filled more quickly by speedily linking the right candidate with the right job. This can also be a useful and convenient way of sourcing staff to fill temporary or short-term contract positions, due to maternity leave, etc. Plus, an international recruitment agency is able to not only draw on expertise from the local market, but also from overseas thus broadening the pool of talent available to an employer. For employers and opportunity seekers alike, the speed, convenience and international scope offered by recruitment agencies are proving major benefits in an ever more competitive business climate. Sean Chrysanthou, Apollo Executive Review

The unemployment rate was thus reported at 5.8% of the labour force (males 5.7% and females 5.9%). The unemployment rate for young persons aged 15-24 was much higher, at 13.0% of the labour force of the same age group but recorded a decrease compared with both the previous quarter (18.6%) and the corresponding quarter of 2009 (15.8%). While unemployment rose compared with the year earlier, so did total employment. The total number of employed in the third quarter of 2010 was 385,993 (males 212,385 and females 173,608), compared with 382,085 in the same period of 2009. This is explained by the fact that the labour force expanded in the same period, by 5,544 people, to 409,584, from 404,040 in the third quarter of 2009. The employment rate for people aged 20-64 was 75.7% (males 83.1% and females 68.3%)the same level as the previous quarter and the corresponding quarter of 2009. Fiona Mullen of Sapienta Economics From the Financial Mirror

5.9% Unemployed Females

42% Employed Females

5.7% Unemployed Males

There have been conflicting views regarding the fragile global recovery. Some commentators reported it had gone into reverse towards the end of 2010 with investment and business confidence suffering a serious setback, according to the latest survey of finance professionals by ACCA (the Association of Chartered Certified Accountants). Nearly half (49%) of the 1,895 professional accountants surveyed by ACCA believe that conditions are stagnating or deteriorating, and for the first time in the surveys two years, ACCAs key economic and business confidence indicators have not pointed towards improving conditions. However respondents in Cyprus were very optimistic by European standards, with nearly half believing that the recovery was either imminent or already underway. This is a strong improvement from the last quarter and is accompanied by stabilising business confidence. Despite their rosy outlook, the 58 members in Cyprus who responded reported very challenging conditions on the ground, with some of the worst incidences of poor access to finance (on the rise in the past three months), falling demand and late payment in any of the major ACCA markets. Association of Chartered Certified Accountants

Cyprus Bucks Global Trend

Sometimes a client wishes to hire an employee (full-time or parttime, long-term or short-term) but does not wish to include that employee on their payroll. This can happen when the clients payroll size is limited by their corporate directive, or when the client simply wishes to avoid the complexities of adding temporary, hourly-paid employees to their in-house payroll. GRS as the leading recruitment agency in Cyprus provides a unique payroll service solution. Typically the client will recruit and supervise the employee, GRS insures the employee, and is responsible for payroll processing on a weekly or monthly basis, including processing all relevant payments to the Social Insurance (Employees & Employers statutory contributions) and Inland Revenue (Income Tax). GRS submits data for each employee at year end i.e. preparation and submission of the IR63 (Certificate of

Outsourced Payroll Solutions

Employers and Employees
Emoluments). GRS can also administer health insurance and other benefits on behalf of the client. Temporary or Contract solutions With a temporary or contract placement, GRS performs the recruitment and selection in addition to payrolling the individual. GRS payrolling services are not limited to recruitment areas (i.e. administration, accounting, finance), for example, between 2006 and 2009 GRS were the main recruitment partner for Bouygues Btiment International and their subcontractors for the new airport construction projects in Cyprus (Larnaca and Paphos). Over the duration of the projects, GRS supplied and payrolled over 250 personnel on a temporary and contract basis including workers in the light and heavy industrial/engineering category. GRS billing rates for payrolling are set at a percentage mark-up over the employees pay rate. This markup includes all employer costs such as Social Insurance, Employment Insurance, Holiday Pay, and GRSs administrative costs of payroll. Rates also differ based on payment terms i.e. 7 days vs 30 days. It is important to note that some companies have found it more cost-effective to payroll employees through GRS than to add them to their own payroll. GRS currently carries out payroll services for small, medium and large organisations including Oracle, Sony, UK Government Defence Estate (at the British Sovereign Bases, Cyprus), EU Commission (Cyprus), CocaCola 3E, Thomson Reuters. For further information please contact Donna Stephenson, Director of Global Recruitment Solutions. Donna Stephenson +357 25 342 720 donna@grsrecruitment.com

Preparation is the first essential step towards conducting a successful interview. The better prepared you are, the more confident youll be.

Interview Preparation:

Before the interview ensure that you know the following things:

Preparing For The Perfect Job Interview

The exact time and location of the interview, route, parking etc and how long it will take to get there.

The global financial crisis of 20072010 is considered by many economists to be the worst financial crisis since the Great Depression of the 1930s. It contributed to the failure of key businesses, declines in consumer wealth estimated in the trillions of U.S. dollars, substantial financial commitments incurred by governments, and a significant decline in economic activity. In the global economy that we now live in it is understandable that the repercussions of these events are felt by everyone including by employers and employees in Cyprus. During the last few years we have seen a number of business cut back their staffing levels and also leave Cyprus altogether for a number of economic reasons. When this happens there are inevitably redundancies of employees which can be very stressful and can produce very negative reactions. Employers nowdays are looking at ways of reducing the impact of these stressful events by providing their employees with an Outplacement Service in order to help get them back to work as soon as possible. An Outplacement Service can help ease the stress of layoffs for both management and the affected employee, reducing the risk of negative action and helping your departing employees find their next jobs as quickly as possible, while saving on unemployment costs associated with downsizing. At GRS we have been offering Outplacement Services since 2005 and have provided the service to a number of multi-nationals that have for various reasons either downsized or left Cyprus. The Outplacement Service offered by GRS is a flexible solution that allows employers to help ease the shock that retrenchment often brings to their employees. It is flexible as each Outplacement Service can be tailored to the employers requirements for their employees

Employee Retrenchment
Getting Back To Work With An Outplacement Solution
and for the budget of the employer. At GRS we usually propose to employers a four-stage Outplacement Campaign in order to facilitate getting their employees back into full-time employment as soon as possible. The programme starts through an initial a career counselling session with an initial one-toone meeting with each Employee to understand their response and reaction to their situation. The aim will be to ensure that they regain their confidence and retain a positive attitude towards finding a new

The interviewers correct title and pronunciation of his or her full name.

Prepare some questions to ask the interviewer. Remember that an interview is a two way street. Arrive on time or a few minutes early. Late arrival for a job interview is never excusable. Switch your mobile phone off before you enter the building.

full. And if possible research the interviewer Google, Linked In or Facebook can be useful places to find out about your interviewer.

Specific facts about the company its history, financial position, competitors, products and services. Research the companys website in

Be polite and courteous at Reception as your interview starts as soon as you enter the building. Make sure that your good points come across to the interviewer in a concise, factual and sincere manner.

During The Interview:

Shake hands firmly and smile.

Wait until you are offered a chair before sitting. Sit upright in your chair and look alert and interested at all times. Be as charismatic as possible; it is very important that you demonstrate your interpersonal skills during the interview. Maintain good eye contact throughout the interview. Follow the interviewers leads. Try, however, to obtain a full description of the position and duties it incorporates at an early stage so that you can relay your appropriate background and skills accordingly. What were your responsibilities? Be a good listener as well as a good talker.

An outplacement programme essentially helps smooth over that stressful time for both management and employees by offering a service to help get people back to work
Steve Slocombe GRS Director

With an agreed Plan of Action during our fourth session we will ensure that each individuals CV is sent out into the market place to the Managers and Human Resources professionals who are the decision makers and recruiters. We will then follow with each individual as to where the CV has been sent and what interviews we have arranged for them. GRS has a client database in Cyprus alone of 2000 international and local companies and each employee will have access to these potential employers.

Always conduct yourself as if you are determined to get the job you are discussing. Never close the door on an opportunity. It is better to be in a position where you can choose from a number of offers. Avoid answering questions with a simple yes or no. Explain yourself whenever possible. Describe those things about yourself that relate to the position on offer. Dont make derogatory remarks about your present or former employers or colleagues.

Example Interview Questions:

What major challenges and problems did you face? How did you handle them? What was the biggest accomplishment / failure in this position? What interests you about this job? Why do you want this job? What do you know about our company? What challenges are you looking for in a position? How do you plan to achieve those goals? What are your goals for the next five years / ten years? What are you looking for in your next job? What is important to you?

job and where necessary begin gathering information to put together their CV. During the second stage of the programme we will produce for each individual a CV that employers and recruiters will want to read that is effectively a Marketing document that will project and present them in a positive and high impact way. This session will include making a target list of companies to approach on the employees behalf to ensure that they are covering every job opportunity in the market. The third stage with the Employee will focus on giving them the tools to compete in the current employment market, ensuring they are being marketed and presented effectively to maximize every opportunity within the employment market. This will include interview role play and tips and recommendations on presentation and interview styles.

The benefits to Companies in offering an Outplacement Programme to their employees are many but essentially it helps smooth over that stressful time for both Management and employees by offering a service that helps get people back into work as soon as possible. This not only prevents negative action by employees that are being retrenched but also helps retain any existing employees that you are keeping as it demonstrates your commitment to the well being of your staff both former and present. If you would like a confidential discussion about the Outplacement Service offered by GRS please call Steve Slocombe, Director of GRS, all enquiries are treated in the strictest confidence. Steve Slocombe +357 25 342 720 steve@grsrecruitment.com

What are your salary requirements both short-term and long-term?

Closing the Interview:

If you are interested in the position enquire about the next interview stage. If the interviewer offers the position to you and you want it, accept on the spot.

Lastly, and most importantly, call your recruitment consultant immediately after the interview to discuss your thoughts on the interview. The consultant will want to speak with you before the interviewer calls.

After the Interview:

Dont be too discouraged if no definite offer is made nor a specific salary discussed. The interviewer will probably want to consult colleagues or interview other candidates (or both) before making a decision.

If you get the impression that the interview is not going very well and you have already been rejected, dont let your discouragement show. Once in a while an interviewer who is genuinely interested in your possibilities may intend to discourage you in order to test your reaction.

Thank the interviewer for the time spent with you.

You can find further information on www.grsrecruitment.com

The below statistics are based on permanent job placements made by GRS in Cyprus during 2010.

The GRS Job Index 2010

Sectors

Cyprus Recruitment Index

* These statistics dont necessarily reflect a complete overview of the Cyprus recruitment and labour market.

Salaries
50% 50%

40% 40%

30%

30%

20%

20%

10%

10%

Positions
20%

At GRS, 2010 was an excellent year for recruitment in Cyprus with the company recording a 41% increase in permanent hiring on 2009. This increase was attributable to both local and international companies returning to the recruitment market with an especially strong presence from the professional services sector including Audit, Legal, Trust and Corporate Services. The demand for their services has increased substantially as other economies that utilize Cyprus as a low tax jurisdiction begin to emerge from the global slow down that has effected recruitment and begin the process of re-hiring. During 2010 we experienced a lot of recruitment activity in the Forex Trading sector as a number of new FX operations were established in Cyprus with both existing international FX players and start up FX companies opening new offices in Cyprus. This produced a large amount of job vacancies and opened up a number of different opportunities, especially for candidates with language skills for positions such as Customer Services, Dealers, Affiliate Managers, Retention Managers, Social Marketing Specialists and IT professionals. We also saw an upturn in the Banking and Finance sector where a number of International Banks increased their headcounts and expand their operations across Cyprus. There was an increase in demand for front office revenue generation roles such as Traders, Relationship Managers and Account Executives. This was also mirrored by an increase in the number of transaction processing roles within this sector

Recruitment Review 2010

with many positions arising in Back Office Operations, Settlements, AntiMoney Laundering and Compliance. This increase was due to a number of International Financial Services organisations choosing to locate their middle and back office functions in Cyprus. During 2010 there was an increased demand for personnel in the Renewable Energy sectors with the opening and development of new Wind Farms, De-Salination Plants and Solar Power Plants. Demand in these areas was particularly strong for Technical and Engineering candidates. In spite of the growth in a number of sectors, some areas still remained slow, including the Construction and Property sectors where there was very little increase in headcount compared with 2009. Several companies in finance and on-line gaming relocated their operations to other jurisdictions namely Malta and Dubai. This was due in part to regulatory requirements and global consolidation. All in all 2010 was a very good year for permanent recruitment in Cyprus with companies having much more of a confident and positive outlook on hiring than in 2009. We noticed a particular upturn in recruitment in Quarter 3 and 4 and the feedback from our clients suggest that this will continue in 2011. We have also continued to receive enquires from International organisations looking to open offices in Cyprus, which indicates that Cyprus is still a very attractive jurisdiction internationally and we believe makes for a very positive outlook for the Cyprus economy in 2011.

Qualifications

20%

15%

15%

10%

10%

Nationalities

5%

5%

More news and information can be downloaded as PDF files from our website www.grsrecruitment.com

The year 2010 continued to demonstrate that despite the global instability, the Cyprus job market is continuing to offer an attractive place for talented individuals to work. This is reflected in what we see on a daily basis at GRS, where were continuing to place professional Greek, English and Russianspeaking candidates into a range of different roles, having seen an increase in permanent recruitment of around 41% in 2010 on 2009. Since accession to the European Union in 2004, Cyprus favourable tax conditions, for both companies and individuals, has led to a rapid growth in the demand for professional services, particularly in the fields of Company Registration, Company Administration, Taxation, Accounting, Auditing and Legal Services. Whats more, with Cyprus uniquely placed as a

Why a job in Cyprus can really pay off

Islands largest recruitment company represents Cyprus in Europes most competitive business awards competition
one of ten Country Representatives for Cyprus. The European Business Awards, now in its forth successful year has identified some of Europes brightest businesses based on their ability to demonstrate the three core prinfinancial hub and its low-tax jurisdiction, employers are increasingly having to offer competitive salaries to attract the best candidates in these fields. At GRS we saw an upward trend in salaries in 2010 as the demand for professional services in Cyprus continued to grow. Recent placements have seen experienced Accountants commanding salaries of up to 80,000 and some newlyqualified positions providing salaries in excess of 30,000. Accountants with between one and two years of post-qualified experience have been achieving salaries of up to 50,000. The situation has also been mirrored in the Legal and Corporate Services professions where candidates with five years post qualification experience are being placed on salaries of between 60,000 and 80,000. Cyprus has one of the most highly-educated work forces in the world and our statistics support this with over two-thirds of our candidates having obtained graduate and post-graduate qualifications. Over half of our candidates have more than five years work experience in their professional field and, as such, GRS is uniquely placed to meet the demand for professional services staff. With the benefits the country offers in terms of taxation, security and climate coupled with a highlyeducated English speaking workforce, Cyprus continues to attract business and candidates from all over the world and the job market is really beginning to reflect this. At GRS, 40% of our candidates come from countries other than Cyprus, a testimony to just how international the islands business has become.

The Company

Inside GRS

Steve Slocombe and Donna Stephenson Joint Managing Directors of Global Recruitment Solutions

Global Recruitment Solutions was established in 2005 with a goal to replicate UK recruitment agency standards. Joint Directors Donna Stephenson and Steve Slocombe have a combined recruitment experience of over 26 years, 13 of those being within Cyprus. GRS are the largest recruitment agency in Cyprus with a database of over 20,000 candidates and 20 staff with offices in Nicosia and Limassol. Georgia Michaelides holds a MBA degree from the City University of New York (Baruch College). In 2005 she joined GRS as Branch Manager of the Limassol office. In addition to her management responsibilities she continues to concentrate on recruitment, specialising in both junior and senior level positions in the areas of Accounting, Banking/Finance, Corporate Services and Law. She also specialises in assisting and advising new start up international companies with their Cyprus office recruitment and their employment policies and regulation needs.

Georgia Michaelides
Branch Manager, Limassol

The European Business Awards sponsored by HSBC announced in July 2010 that GRS Global Recruitment Solutions is to represent Cyprus in the prestigious 2010 Awards programme. GRS beat off stiff competition to be selected as

ciples at the heart of the Awards programme: innovation, business excellence and sustainability. Donna Stephenson, joint Director at GRS says, Were absolutely thrilled to be selected to represent Cyprus. Weve been operating for over 5 years in the Cyprus recruitment industry and its an honour to be recognised as one of the leading organisations in our country and in our field. The European Business Awards is widely recognised as the showcase for Europes most dynamic companies. Adrian Tripp, CEO of the European Business Awards says, Over the past 4 years weve received an incredibly high standard of entries from organisations who are passionate about their business. However, very few get the chance to fly the flag for their country and compete across Europe to be recognised as one of the EUs leading companies. European Business Awards

Chris Moore
Branch Manager, Nicosia

Chris Moore manages the GRS offices in Nicosia. He is a UK University Graduate in Business and started his career in the City of London in the area of IT Recruitment, specialising in the provision of staff to the financial services sector. Chris joined GRS in June 2008 as a Consultant focusing on IT recruitment in the Middle East and Cyprus before gaining promotion to Nicosia Office Manager in September 2009. Chris believes that 2011 will represent a year of growth for the Cypriot economy with both local and international companies continuing to expand at steady rates. Sandra Pavlou joined GRS as a Senior Recruitment Consultant in 2008 and recruits junior though to executive level positions predominantly in the Financial Services, Accountancy, FX, Legal and Corporate Services sectors. Prior to joining GRS, Sandra worked for Michael Page International in London for 10 years where she specialised in the Investment Banking division in the City both for permanent and temporary positions. Sandra has a BA (Hons) degree in Business Studies and previously worked for a leading international investment bank on the trading floor.

Sandra Pavlou
Senior Consultant, Limassol

Weve been operating for over 5 years in the Cyprus recruitment industry and its an honour to be recognised as one of the leading organisations in our country
Donna Stephenson, GRS Director
2011 Global Recruitment Solutions Address: Corner Kanniggos & Griva Digeni Avenue 4th Floor, Office 401, 3035 Limassol, Cyprus Head Office (Limassol): +357 25 342 720 Nicosia Office: +357 22 769 369 www.grsrecruitment.com Sophie Aristodemou
Senior Consultant, Nicosia

Published by: Global Recruitment Solutions Design: www.honeystone.co (0242/01/11)

Sophie Aristodemou is currently a Senior Recruitment Consultant at GRS. After completing a degree in business, Sophie broadened her international work experience by working within the NHS in the UK. Sophie returned to Cyprus in 2007 and was one of the first recruits to the new office in Nicosia. Sophie was given the unique opportunity in assisting with the growth of the office and was promoted to Senior Recruitment Consultant in 2008. Sophie specialises in the recruitment of candidates at all levels to the Corporate and Financial Services sectors in Cyprus.