Global General

Special

Newsmaker

Asia Pacific

America

Middle East

Europe

Africa

Even in a recession, some companies are hiring

(Agencies)
Updated: 2009-03-10 13:51

Help wanted: pharmacists, engineers and nurses. Believe it or not, even some banks are hiring, at least for their technology teams. While the recession has claimed 4.4 million jobs, the economy has created others, many of them for highly trained and specialized professionals. More than 2 million jobs openings now exist across a range of industries, according to government data.

Job seekers attend the National Career Fairs job fair in Anaheim, Calif., Wednesday, March 4, 2009. [Agencies]

Job seekers beware, though. An average of nearly five people are competing for each opening. That's up sharply from a ratio of less than 2-to-1 in December 2007, when the recession was just starting and nearly 4 million openings existed.

Related readings:  Recession on track to be longest in postwar period  Recession in Japan worst since WWII  US recession worst ever in three decades  UK minister: recession 'most serious in 100 years'

Human resources executives say companies that are hiring are benefiting from a top-notch talent pool as applications pour in from a larger base of job seekers. The number of unemployed Americans has soared, to 12.5 million last month, from 7 million when the recession began. professionals.

Broadly, jobs are being added in education, health care and the federal government, the Labor Department said, with the government adding 9,000 new jobs last month alone.

But beyond those areas, jobs can be found in a variety of sectors. Some places that are hiring, such as companies that make nuclear power equipment, haven't been hit that hard by the recession. Others, such as discount retailers, are actually benefiting from the downturn as shoppers turn thriftier.

Even some businesses at the center of the economic meltdown are managing to add a few employees. Banks involved in recent mergers, for example, are hiring information technology specialists to help integrate companies, said Tig Gilliam, chief executive of the Adecco Group North America, a human resources firm.

Some mortgage lending companies, notably those never involved in subprime or other exotic loans, are actually growing and hiring as larger competitors have folded.

"We've been busy," said Terry Schmidt, chief financial officer of Guild Mortgage Co. in California, whose company has doubled in size, from around 450 to close to 900 employees, in the past year and a half.

The new hires originate home loans and process them, among other duties.

"We're finding that the talent pool - the level of talent and experience - is much better than we've ever had," Schmidt said.

Mortgage servicing companies - those that collect payments for the lenders that originated them - are also hiring as lower mortgage rates fuel mortgage refinance applications.

Marina Walsh, associate vice president of industry analysis at the Mortgage Bankers Association, said servicers "are just scrambling for workers."

   Previous page 1 2 Next Page  

   Previous page 1 2 Next Page