Forex, ser­vices sec­tors still driv­ing em­ploy­ment op­por­tu­ni­ties

Financial Mirror (Cyprus) - - FRONT PAGE -

The gov­ern­ment statis­tics of­fice Cy­s­tat said that the num­ber of reg­is­tered unemployed fell to 38,365 in Septem­ber, record­ing a monthly drop of 6.4% and -11% yearon-year, while the sea­son­ally ad­justed fig­ure for unemployed fell 1.5% and an an­nual 10%.

The lion’s share of job­less fig­ures is still in the con­struc­tion sec­tor, fol­lowed by the re­tail and com­mer­cial sec­tor, manufacturing, financial ser­vices and ed­u­ca­tion. How­ever, an­a­lysts sug­gest th­ese fig­ures may be skewed as the re­tail sec­tor has the high­est turnover rate of lay­offs and re-hir­ings, spurred by the gov­ern­ment’s in­cen­tives for unemployed grad­u­ates ea­ger to gain work ex­pe­ri­ence. On the other hand, sea­sonal jobs, such as in the ho­tel and cater­ing sec­tors, are af­fected as tourism fig­ures go down, while the ed­u­ca­tion sec­tor will smooth out once fi­nal place­ments are made in pub­lic and pri­vate schools that re-opened in Septem­ber.

On the other hand, the chief ex­ec­u­tives of two ma­jor re­cruit­ment firms sug­gest that de­spite the news of forex com­pa­nies col­laps­ing un­der the bur­den of losses from the Chi­nese and Rus­sian mar­kets, oth­ers are hir­ing.

“The en­vi­ron­ment and in­fras­truc­ture of Cyprus for th­ese bro­kers re­mains pos­i­tive even if the view is that reg­u­la­tor CySEC is get­ting stricter, while the bi­nary sec­tor, too, is boom­ing. Many of the li­censed bi­nary com­pa­nies have built call cen­tres in Cyprus,” said Donna Stephen­son, co-founder of Li­mas­sol-based Global Re­cruit­ment So­lu­tions (GRS Group) www.grsre­cruit­ment.com .

She sug­gests that new ar­eas, pri­mar­ily in the ser­vices sec­tors are com­pen­sat­ing for the lack of sig­nif­i­cant move­ment in the en­ergy sec­tor, that will only kick off once the ma­jor oil and gas finds in Egyp­tian shores have been eval­u­ated and ex­plo­ration com­pa­nies de­ter­mine their next moves in Cyprus wa­ters.

“We have seen an in­crease in the de­mand for hires from clients and in­ter­me­di­aries as a re­sult of the de-au­tho­ri­sa­tion leg­is­la­tion that re­quires com­pa­nies to build sub­stance in their struc­tures by hav­ing an of­fice with em­ploy­ees op­er­at­ing in Cyprus rather than a name plate and no sub­stance. The job cre­ation is very wel­come as th­ese clients are hir­ing pro­fes­sion­ally qual­i­fied can­di­dates in ac­count­ing, le­gal and fi­nance as well as ad­min­is­tra­tive sup­port staff. Th­ese com­pa­nies are also rent­ing of­fice space, pur­chas­ing or rent­ing houses and apart­ments for their em­ploy­ees and di­rec­tors, which is also good for the econ­omy,” said Stephen­son.

She gave the ex­am­ple that GRS re­cently as­sisted a Rus­sian com­pany hire a team of 15 ac­count­ing em­ploy­ees for their new of­fice in Cyprus.

“Of course the leg­is­la­tion would have forced some to re­think their struc­tures and look at al­ter­na­tive ju­ris­dic­tions, but for those that are here there are many ad­van­tages for com­pa­nies to cre­ate sub­stance in Cyprus. Th­ese in­ter­na­tional de­vel­op­ments and leg­isla­tive changes have, there­fore, cre­ated op­por­tu­nity for job cre­ation in Cyprus.”

Stephen­son said that de­spite the Se­cu­ri­ties and Ex­change Com­mis­sion (CySEC) get­ting stricter with forex and in­vest­ment com­pa­nies, “var­i­ous reg­u­la­tions also cre­ated em­ploy­ment op­por­tu­ni­ties for hires in com­pli­ance, knowyour-cus­tomer (KYC) and anti-money laun­der­ing (AML). The sec­tor as­so­ci­a­tions are im­prov­ing ac­cess to learn­ing and de­vel­op­ing skills for the tal­ent avail­able in Cyprus, as was seen re­cently with the Cyrus In­vest­ment Funds As­so­ci­a­tion (CIFA) run­ning a one-day sem­i­nar www.cyprus­fundssum­mit.com aimed at the in­vest­ment fund industry.”

As re­gards other qual­i­fi­ca­tions, Donna Stephen­son said that the CySEC ex­am­i­na­tions have been pop­u­lar, but it is still a dif­fi­cult task for the own­ers of ap­proved in­vest­ment com­pa­nies (CIFs) to source the right fit an ap­pli­cant who holds the com­pul­sory CySEC cer­ti­fi­ca­tions/qual­i­fi­ca­tions to meet with the reg­u­la­tor’s con­di­tions for the op­er­at­ing li­cense. “Es­sen­tially, this is cre­at­ing a de­mand and sup­ply prob­lem.”

As re­gards

forex

com­pa­nies,

the Chi­nese

econ­omy

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