Applications to finance jobs drop by 5.8% in August
According to the latest job market data from the UK’s leading independent job board, CV-Library reveals that applications to finance jobs fell by 5.8% in August, despite the amount of jobs being advertised increasing by a steady 2.8% month-on-month.
The job board analysed data from its site throughout the month of August and compared the findings with data from August 2019 and July 2020, to build an understanding of how the UK job market is fairing right now.
The findings show that job numbers are still significantly lower than in 2019; with finance roles dropping by a staggering 54.7% year-on-year. However, the amount of job applications made in August was 11% higher than it was a year ago; with the application to job ratio increasing by 145.1% year-on-year.
Lee Biggins, founder and CEO of CV-Library comments: “It’s surprising that applications have dropped so significantly; especially given that the government’s Job Retention Scheme is coming to an end in a matter of weeks now. However, it’s important to remember that August is typically a slower month for hiring – even during a pandemic. It’s vital that employers don’t lose faith in the job market. While applications have dropped on the previous month, businesses should continue with their hiring efforts throughout September, and we should see some improvement in the coming weeks.”
Alongside this, the findings show that average salaries for new finance roles have risen by 11.3% year-on-year; but dropped by 0.5% month-on-month.
Biggins continues: “Whatever people’s age or circumstance, September tends to come with a ‘back to school’ feeling, where many job seekers will refocus their efforts on finding a new role. If you’re hiring this month, you can expect to see application figures jump back up. However, as salaries have also dropped on the previous month, you may find that you need to offer candidates a little more in order to pique their interest. While you may not be able to provide a higher wage, be sure to publicise any benefits or perks that your business can offer instead, such as flexible or remote working.”