As part of the roll-out of our new website we will be using this section to take a look at issues facing the financial services employment market – with a particular focus on the commodity sector.
In our first blog we take stock of the general climate for Financial Services jobs in the UK and provide our own view of how the market is looking this summer.
The Chartered Institute of Personnel and Development (CIPD) has recently published its quarterly review of the UK employment market in conjunction with the Adecco Group (Labour Market Outlook. Views from Employers Summer 2018). The analysis looks at the UK employment market as a whole, and paints a picture of the general outlook as we head towards the Autumn.
The good news is that the review finds that moving into Q3, the labour market will remain ‘robust’. Many of us have heard the headline news that the UK is currently experiencing its highest level of employment for a long time, and this is backed by the CIPD’s findings. Looking at a range of figures from a different sources together, the CIPD concluded that the number of unemployed people per vacancy is at a record low of 1.7 and the UK unemployment rate is also at a record low of 4.1%. This low level of unemployment had a direct effect on the Bank of England’s decision to raise interest rates in August.
The CIPD report indicated that Q2 seems to have tipped over into recruitment pressures for employers who are potentially finding it more difficult to find high calibre people with the right skills and experience. For finance and insurance positions specifically, 40% of employers reported that they were experiencing hard to fill vacancies. This is certainly a state of affairs that rings true to us at Matchpoint, where we continue to see demand for high quality candidates.
Despite this, all areas of financial services continue to be affected by the uncertainty hanging over the UK’s Brexit negotiations. The apparent lack of progress in the UK’s efforts to agree a deal for future business arrangements with the EU continues to impact all sectors. This has been exacerbated by last year’s general election which as we know, left the Conservatives with no overall majority, creating a parlous situation in parliament and casting doubt over there being consensus about the way forward. As we are all too aware, the UK Financial Services sector has a highly regulated relationship with European partners and is in a particularly delicate position when it comes to the future. Now more than ever firms are looking for people with solid experience and a proven track record.
At Matchpoint our expertise is in placing highly skilled and trained specialists, and there is always a demand for quality people in an industry where the competition for talent remains keen.
We feel that the current market is becoming increasingly candidate-driven, with employers offering increases in salaries and other benefits in an attempt to attract the best candidates. If you have the right skills and experience then there are some excellent opportunities available. Likewise for our clients, we understand that they want us to scour the market for the absolute best – which we continue to do.