According to Brian Groom, FT Business and Employment Editor , quoting research , by Astbury Marsden, the average number of qualified candidates for each new City job vacancy has halved from 5.7 a year ago to 2.7 in March   He believes the jump in demand could prompt a return to the aggressive poaching of talented personnel rife in the pre-credit-crunch era.   He reports Astbury Marsden as saying that, with the market tightening, employers would need to give extra priority to staff retention strategies, but that retaining staff was not just about throwing cash at them. They are right.

This is a clear case where the banks need to focus on creating great places to work by application of the ROTA principle, treating everyone with respect, openness, trust, and giving them autonomy in their work. This ‘soft’ approach may seem alien to the hard-driving City macho types, but it is the only way to keep their best people if they are to moderate the excessive pre-crunch bonus levels.