The latest job market data from CV-Library, the UK’s leading independent job board, reveals that employer confidence started to pick back up in the finance industry last month as lockdown restrictions eased, with job vacancies rising by 22% month-on-month.
The study looks at job market data throughout May and compares this with figures from the previous month (April 2020) and year (May 2019), to build an understanding of how the UK labour market is really fairing right now.
It reveals that applications for jobs in the finance sector also rose by 11.2%, while online CV registrations rose by 12.8%. Alongside this, when looking at year-on-year data, the findings show that the application to job ratio increased by a staggering 191.7% in the finance industry last month, suggesting that there’s more competition for the roles that are available.
Lee Biggins, founder and CEO of CV-Library, comments: “As lockdown restrictions begin to ease, the market is starting to show signs of recovery and it’s promising to see job numbers picking back up. However, there’s still a long way to go and we cannot expect figures to return to normal overnight, especially when businesses are under a lot of financial pressure.”
Alongside the above, CV-Library’s data shows that salaries for new finance jobs fell by 4.2% month-on-month, with average pay dropping by 23.1% across the UK as a whole during this period.
Biggins continues: “While applications may be down overall, the fact that there are less jobs being advertised than normal, and more professionals entering the job market, means competition for jobs is already beginning to intensify. This will put employers in a favourable position as the labour market continues to shift, but it’s important for companies across the industry to think seriously about their recruitment and retention efforts; especially when the furlough scheme does eventually come to an end.”