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Not all divisions within financial services were equally struck by the crisis. The most affected were investment management and brokerage houses that are dependent on market growth. Quite a few smaller companies on the market went through different organisational transformations (mergers, restructuring, etc) in their struggle to adapt and survive, and some inevitably failed. The impact of the crisis in the banking and insurance sectors, meanwhile, was cushioned a bit due to the nature of the business. Nevertheless even companies in those sectors could not entirely escape various cost-cutting approaches.

Over the last 10 years foreign banks have undoubtedly become better at goal determination and management strategy, which has helped them to maintain (or develop) long-term orientation towards market trends, internal organisation and employees. Slovenian banks, on the other hand, have done little to adapt their management or ownership philosophy. In addition they have been open to political influence, which has mostly been reflected in their support to major companies, sometimes against economic logic.

The crisis revealed not only poor investment decisions but also inefficient management. A general overview of the finance sector shows that "crisis" has wrought the most damage in companies where the executive recruitment policy was based on nepotism rather than on professional competency. In the past a lot of recruitments in the finance sector were oriented in specialist positions only. Lately executive recruitments are more frequent, showing that the mentality is changing and top-down approach is actually being implemented also at the top level.

But in these times good candidates are not always willing to make quick changes in their career just to climb one step higher. For that reason, the value of a mediator, alias head-hunter, in this process could be much valued. The candidates need to be approached professionally, discretely and also assessed thoroughly to ensure their adequacy both professionally and personally.

We should not forget that when an organisation is trying to evolve in changing economic conditions, it is good that it stops for a moment and takes a look in the mirror in order to impartially assess present capabilities related to organisational efficiency and people development.
Should you have any questions related to your future management challenges or changes, we will gladly take the time to support you in your quest.