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June 3, 2020

Employer confidence slowly picks up in finance industry

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.”

June 2, 2020

Nurseries secure Lloyds Bank support to stay open

A South Tyneside nursery group has been able to safeguard more than 100 jobs and secure its future after receiving a new loan from Lloyds Bank.
South Shields-based Early Learning Partnership operates five nurseries across the town, with 650 children enrolled on either private or government-backed plans.

The business was forced to close its doors in March following the government’s shutdown of schools and nurseries, and subsequently had to furlough all but a handful of staff needed to continue communications with parents and carers.

With the group experiencing a significant fall in revenue and facing cashflow issues, managing director Eammon Gribben turned to long-time banking partner, Lloyds Bank, for support and was able to secure a £200,000-loan through the Coronavirus Business Interruption Loan Scheme (CBILS).

The funding meant he could pay 40% of the wages for his team of 110 – topping up the furlough grant so each person could continue to take home 80% of their salary – as well as covering other business costs.

Eamonn Gribben, managing director at Early Learning Partnership, said: “When the lockdown was announced, we immediately turned to Lloyds Bank for support and, together, we drew up plans that would help secure our business’ future.

“This new funding has helped to ease the strain on our cashflow.
“It’s also given us the confidence to look ahead to a time when we’ll be able to reopen safely. We’re really looking forward to the day when we can welcome the children back.”

Danielle Fraser, relationship manager at Lloyds Bank, said: “Covid-19 has forced many businesses to make extremely tough decisions at a time of unprecedented challenge.

“We’re doing everything we can to support businesses affected the pandemic, helping them to ride out the storm so they can continue their growth journey once some degree of normality returns.”

May 29, 2020

NatWest encourages young adults to Dream Bigger

NatWest has announced the launch of free online education sessions for 16-18 year olds, designed to help inspire the next generation of entrepreneurs, coinciding with research that predicts a growth in entrepreneurship in the UK throughout 2021.

The programme aims to encourage young people to develop awareness of entrepreneurship as a future career option, increase confidence and resilience, and prepare them for the future world of work.

The bank offers three one-hour modules conducted over Zoom, on Tuesday, Wednesday and Thursday of each week at 11.00am, with each session featuring students and teachers from a variety of different schools, as well as experts from each of the bank’s 12 UK accelerator hubs. Up to 500 students can register for each session, with every session supported by a variety of learning materials and follow up support.

The launch comes on the back of findings from a recent Board of Innovation report that predicts drastic growth in the number of entrepreneurs throughout the next 12-24 months, as growth in the job market stalls, and workers look to alternative options either as their main career choice, or as side hustles.

Alison Rose, CEO, NatWest said: “The ongoing pandemic has brought challenges to us all. The world of work is changing, and we want to support and encourage any young person choosing to start their own business; we know that entrepreneurs and small businesses are the lifeblood of the UK economy.

We have launched our Dream Bigger initiative, online and free of charge, because we want 16 to 18 year olds across the UK to consider entrepreneurship as a career option, or to take an entrepreneurial mindset into their career, inspiring a broader and more diverse demographic in the process.”

The launch of Dream Bigger builds on the bank’s wider Enterprise strategy to support entrepreneurship across the UK. NatWest has recently relaunched the vast majority of its support online in response to social distancing requirements as a result of the coronavirus pandemic. The bank has supported 4,500 entrepreneurs through its Accelerator programme to date, and conducted 600 remote one-to-one coaching sessions via video conferencing.

Interested schools and pupils can register for the sessions by visiting the Dream Bigger registration page.

May 28, 2020

New Aon report on gig working highlights employer blind spots

A new report from Aon, a leading global professional services firm providing a broad range of risk, retirement and health solutions (NYSE: AON), has examined the Gig Economy using new research from HR and gig workers from across Europe to help organisations better understand potential impacts.

The report, Gig Economy: Financial Security or Greater Control, highlights that 26% of European HR directors believe their workforces will have 51-75% of gig workers in five years’ time, while 18% of UK HRDs believe 75% or more of their workforce will be made up of contractors in 5 years’ time. Nearly all HRDs believe providing health and benefits packages would improve gig worker recruitment (94%), engagement (93%), productivity (88%) and retention (95%).

The report was developed from 500 interviews with three groups of people: 200 HR directors, 150 B2B/white collar gig workers and 150 B2C/blue collar gig workers. They were interviewed from across the UK, Netherlands, Spain, Germany and France.

The report concluded that:

  • Alongside the more traditional B2B gig workers, there is an emergence of B2C gig workers, who connect customers to products and services. Examples include Amazon, Deliveroo and Airbnb.
  • Gig working is not a simple win-win. There’s an increasing business reliance on gig workers to help to stay lean and responsive, yet 54% of gig workers are worried for their financial future, 67% would feel more positive towards the organisation if benefits were in place, while just 31% are offered benefits within their contract.
  • The tech sector has the most acute competition for gig workers; 68% of HR directors say competition is increasing.
  • Gig working is not a temporary solution, nearly 50% of all B2B and B2C gig workers have been so for three years or more, suggesting an active career choice (29% have worked as a contractor for 3-5 years and 18% have worked as a contractor for 6-10 years). Nine in 10 gig workers split their time between only one and three companies at a time.

Matthew Lawrence, chief broking officer, Health Solutions, EMEA, of Aon, said:

“The gig economy is not new, but events have been driving its growth over the past decade – including a global talent crunch, an ideological shift towards a greater work/life balance and the need for an on-demand workforce. Now, with the COVID-19 pandemic, it’s clear to see why the gig economy has disrupted traditional workforce models and will continue to transform future labour markets.

“In particular, the pandemic exposes a potential vulnerability of those working in the gig economy. Many people are curious to see if this crisis will accelerate potential legislation affording gig workers more labour rights and protections or whether the autonomy and flexibility it offers becomes less appealing for workers as the anticipated economic contraction takes effect.

”However, this way of working may become more appealing for employers looking to hire the talent needed to transform and innovate. It offers employers the ability to keep the workers they specifically need, at a specific time.”

The report details three particular issues making it necessary for businesses to prepare for changes:

  • Regulation is likely to get stronger because of gig working’s increasingly transactional nature. Vocal champions of workers’ rights from within governments, unions and from workers themselves are shining an increasingly intense light on HR practices.
  • Competition for highly technical and specialised talent is outstripping supply, particularly impacting small to medium enterprises that may not be able to offer top salaries or lucrative stock options.
  • Organisations may have knowledge gaps about an increasingly large part of their workforce. Having a clear understanding of people working for them helps drive performance outcomes and solve critical business challenges.

Matthew Lawrence added:

“Overall, HRDs are expecting a higher percentage of contractors to make up their workforce by 2025. HRDs in the UK and Netherlands are the most likely to think their workforces will comprise over 75% contractual workers; 18% of UK HRDs believe this and 30% in the Netherlands.

“The gig economy offers a unique opportunity for those who need to increase the scale of their operations quickly to innovate or who require staff on an on-demand basis. But levelling the playing field between traditional and gig workers should be a critical factor in future people management strategies.”

Access the full Gig Economy report here.

May 19, 2020

Majority of finance professionals are worried about losing their job

According to an exclusive new study from the UK’s leading independent job board, CV-Library, the majority (56.5%) of finance professionals are worried about losing their job during the coronavirus pandemic.

The study surveyed 1,408 professionals and found that 4.7% of finance professionals were on furlough, 53.5% were still working and 41.9% were unemployed. It reveals that a staggering 90% of finance professionals who are on furlough have expressed concerns that there may not be a job available for them once the scheme is over.

Lee Biggins, founder and CEO of CV-Library, comments: “We’re living in very strange times and this is impacting people at all levels. The government is doing its best to get the economy moving again, but this is going to take time and a lot of professionals are struggling with the uncertainty. Indeed, our data shows that the majority of people who are still working or on furlough are worried about job security.”

The study went on to ask respondents whether they believe the company they work for will suffer due to Covid-19, with 52% of finance professionals believing that it will. This was lower than the national average, where a smaller 54.5% of Brits felt this way.

Biggins continues: “A high volume of professionals in the finance industry don’t know whether their employer is even going to weather the storm and some organisations are going to suffer more than others. As a result, we’re expecting to see a real shift over the next 12 months in terms of what people want and need from their job; especially in the absence of pay rises and promotions. Following such an uncertain period, more professionals will want to work for employers that can offer some sense of job security, especially as the pandemic will have a long-lasting impact on the economy.”

May 13, 2020

4 in 5 young women are discounting careers in financial services to a lack of confidence

On National Numeracy Day, new research shows that young women are discounting careers in financial services, due to a lack of confidence with numbers, amongst other factors.

Some 78% of young British women, aged 18-21 have said they would not consider a career in financial services, with 43% citing a lack of confidence using numbers as a reason, according to new research carried out by YouGov and commissioned by TP ICAP, the global interdealer broker, to mark National Numeracy Day.

The study highlights this lack of confidence working with numbers amongst women born just after the turn of the century. Among the group, only 28% said they were very confident working out a numerical problem, which fell to 10% when it came to confidence making financial decisions.

Although Maths is the most popular A Level subject, Department for Education statistics have shown that there is a gender discrepancy in take up: only 19% of female students take it up, as opposed to 37% of male students. And, despite there being no requirement for degree level maths in financial services jobs, 78% of young women surveyed by YouGov said they would not consider working in the sector.

Other factors cited included a lack of interest in the sector, a belief that working in the industry would be “too stressful” and wouldn’t provide a good work-life balance.

As a strategic partner of the charity National Numeracy, TP ICAP is supporting National Numeracy Day on Wednesday 13 May. The company launched its ‘Everybody Counts’ numeracy campaign in mid-2018, and by working with National Numeracy, is aiming to engage 250,000 people in the UK to improve their numeracy skills and build their confidence with numbers by the end of 2021.

The research launched today builds on the findings of the report ‘Building a Numerate Nation: Confidence, Belief and Skills’, published jointly by TP ICAP and National Numeracy in November 2019. This report found that a lack of confidence with numbers is the main barrier to UK adults improving their skills, which was more prevalent in women than men.

This new research details the extent to which this is a particular issue for young women when choosing a career path and is a concern for sectors, such as financial services, which are actively trying to address gender imbalance.

Nicolas Breteau, Group CEO of TP ICAP plc said:

“This new research shows how some young women are ruling out a career in financial services due to a lack of confidence in working with numbers. As an industry, we need to help change that if we are to improve gender diversity.

Through TP ICAP’s partnership with the charity National Numeracy, we have seen how equipping people with core numbers skills can change lives for the better. This research will help inform our ongoing work to remove the barriers that prevent talented young people from entering the financial services sector.”

Belinda Vernon, chair, National Numeracy, said:

“This new research, which builds on our report into numeracy and confidence last year, demonstrates more clearly the relationship between numeracy confidence and financial careers choices. Working with partners such as TP ICAP enables us to reach more people and empower them to improve their numeracy skills and job prospects. Everyone can do this by taking the challenge, National Numeracy’s free online tool to help learners build their confidence and skills with numbers,”

April 30, 2020

WMCA funds new training to help local people maintain the country’s infrastructure

Local people are learning specialist skills for essential work to maintain the country’s infrastructure, thanks to new training funded by the West Midlands Combined Authority (WMCA).

Working in partnership with City of Wolverhampton College and employment agency Randstad, the WMCA is funding a bespoke training course on operating specialist on-site machinery.

As part of its region-wide response to the Covid-19 shutdown, the WMCA is equipping local people with the skills needed to gain jobs in sectors like infrastructure and construction that are considered to be key in driving the region’s economic recovery and future growth when the lockdown is lifted. Many of these sectors are recruiting new workers right now.

Learners on the WMCA-funded course

The course is funded through the WMCA’s Construction Gateway programme, which offers unemployed people free construction training and a guaranteed job interview at the end of the course.
Over the past month, 48 learners have already signed up to join the course, which is aimed at those who have previous experience in construction.

Mayor of the West Midlands Andy Street said: “When our region recovers from the Covid-19 shutdown, the construction sector and infrastructure projects will be crucial in driving the economy.

“I am therefore very pleased that we are gearing up for this by expanding our Construction Gateway training now.

“The aim of this new training course is that by learning how to use specialist equipment, local people will gain long-term employment and carry out essential work across the region, which will play a major part in our economic recovery from the Coronavirus pandemic.”

Having worked as a general labourer in the rail industry previously, 26-year-old Tom Clark seized the opportunity to learn new skills and improve his employment prospects by signing up for the course.

Tom, from Sutton Coldfield, said: “I’d heard lads I know talk about the training and I knew that if I developed industry-specific specialist skills, I’d be more employable and I’d also be able to earn more.

“I’ve just started working shifts, which is great, as in the current climate, without these new skills it’s likely I wouldn’t have found employment. I know that as I gain more experience and skills my confidence will grow even more.

“I’ve really enjoyed the course and, while some parts have been challenging, the trainers have been really supportive and helped me to progress.

Malcolm Cowgill, principal at City of Wolverhampton College, said: “We are delighted that City of Wolverhampton College has been able to continue training in the current conditions, helping to ensure that rail workers are upskilled and as a result able to gain valuable work on key infrastructure projects.”

David Carns, rail director for Randstad Construction, Property and Engineering Recruitment, said: “This is a great example of how we are working in partnership with the WMCA and City of Wolverhampton College to increase employment opportunities in critical work across the country’s infrastructure sector.”

Cllr Ian Brookfield, WMCA portfolio holder for economic growth and leader of City of Wolverhampton Council, said: “It’s fantastic to see new training taking place here in Wolverhampton, helping local people to find jobs in sectors that are looking for workers right now.”

Cllr George Duggins, WMCA portfolio holder for productivity and skills and leader of Coventry City Council, added: “Although the Covid-19 shutdown has had an immediate impact on the construction sector, there are new jobs that urgently need to be filled in other sectors, including infrastructure.

“We are working with training providers across the region to help employers recruit the workforce they need in these challenging times.”

To sign up for construction training, contact the National Careers Service West Midlands on 0121 296 5550, or you can find out more information about the National Careers Service via https://nationalcareersservice.direct.gov.uk/ or by calling 0800 100 900.

April 24, 2020

3 great ways to accomplish more professionally

Do you want to accomplish more in your professional life? Maybe you’re pretty proud of what you’ve done so far, but you know you’re only scratching the surface of your potential. Perhaps you’ve been moving in the wrong direction for a little while, and you’ve decided that now is the perfect time to turn things around. Whatever the reason, making the decision to push yourself further is the first step towards reaching your targets. You already have the attitude that you need in place to accomplish great things, now all you need to do is get to work. Here are some fantastic things that you can do to reach more of your professional targets this year.

Build your strengths and overcome your weaknesses

We all have things that we’re good at, and things that we struggle with. Even if you’re an expert in your field of accounting, and know how to work with numbers in seconds, you might struggle to master communication. Part of becoming a more accomplished version of yourself is learning how to recognise your strengths and weaknesses. Start by thinking about what you’re really good at. Your strengths are the things that help you to stand out in your industry, and really capture the eye of any recruiter or employer. If possible, you’ll want to keep building on those strengths so that you can continue to compete against other people in your field. At the same time, it’s important to be aware of your weaknesses so you can begin to overcome them. Once you can come to terms with what you’re not good at, you’ll know how to overcome those concerns.

Network more often

It’s not always what you know, but who you know that helps you to move to the next level in your career. Having the right connections to people in your field, whether it’s a manager in your space, or a thought leader in your industry, can benefit you in a range of different ways. The professional connections that you make could help you to learn more about how your industry works and what it takes to become successful. You could also find that networking with other professionals just like you also helps you to stand out when you’re applying for new roles in your space.

Commit to constant learning 

Finally, committing to constant learning is something that we should all do if we want to excel in any industry. Taking out a student loan to go back to school and borrow money to achieve your goals in the long run can be a great option if you need to earn new degrees and certifications for your resume. Other options can include taking on a mentor who can teach you new things or signing up to webinars and online courses. However you decide to expand your education, you should be approaching your industry with the attitude that you can always get better and do more. No expert is ever truly finished learning about their field. Be prepared to keep growing and improving.

April 23, 2020

Lockdown leads to massive leap in freelance numbers and demand

As the world’s economy and business ecosystem remain in a state of flux following the outbreak of Covid-19, the UK’s leading freelancing platform, PeoplePerHour, has reported an unprecedented rise in both freelancer signups and demand for talent in certain areas. During the first 26 days of March 2019, the platform gained 25,673 new signups. During the same period in 2020, signup numbers surged to a massive 96,123, signalling an almost four-fold increase year on year.

Although an increase in freelancer numbers may not come as a huge surprise at a time when businesses are scaling back, the new figures released by PeoplePerHour provide an interesting overview of how each region is being impacted by the pandemic in business terms.

While London has experienced a 485% increase in the number of people turning to freelancing, the number of freelancers in Leeds is only up 5%. In fact, the increase in London freelance signups is more than 7.5 times higher than any other city in the UK. Sheffield came next, with a 64% increase in freelance signups. While signup numbers in Edinburgh are up 63%. Strangely, as England’s ‘second’ and ‘third’ cities, Birmingham (16.22%) and Manchester (22.90%) are both towards the bottom of the list in regards to changing freelance numbers.

The full breakdown of PeoplePerHour’s signup increase by city can be seen below.

 

London485.37%
Sheffield64.29%
Edinburgh63.04%
Cardiff53.33%
Liverpool50.00%
Nottingham39.34%
Bristol32.53%
Leicester30.95%
Glasgow26.09%
Manchester22.90%
Birmingham16.22%
Leeds5.32%

While freelancer signups are up, a number of key business skills have also experienced an upturn in demand. Most notably, requests for enterprise resource planning experts leapt by 500.00% between February and March 2020. Demand for media planning is also up by 400%, and brand development by 200%. Other areas experiencing amplified demand include: SEO writing (158.33%), marketing management (140.00%), customer support (111.54%), logistics & shipping (100.00%), medical translation (100.00%), CRM (88.89%), and pay per click advertising (50.00%).

Xenios Thrasyvoulou, founder and CEO of PeoplePerHour, comments: ‘Six months ago, it would have been impossible to imagine a scenario that could lead to such a monumental shift in the global business infrastructure. But while the impact of Covid-19 has been devastating, it has also highlighted the incredible adaptability of the small business scene.

‘In financial terms, SMEs and entrepreneurs have been among the worst affected by the global pandemic, with millions of employees being laid off and governmental support and benefits being slow to materialise. Although various support packages are now in place, the delay has led to a huge number of people to take matters into their own hands with many individuals signing up to find freelance work using their skills base to carve out a freelance career. While SMEs have been turning to the growing freelance network to attain the talent they require to keep their businesses going at a time of social distancing.

‘I have little doubt that coronavirus will change the face of business for many years to come. The financial impact is already being felt. But it may also lead to some positive changes, with new working practises – including the integration of freelance talent – being embraced.’

 

April 22, 2020

Housemates secures GC Angels funding

Manchester-based student accommodation marketplace Housemates has secured £100,000 of pre-seed funding from GC Angels to support with plans to expand its platform across the UK and internationally.

Founded by entrepreneur Lydia Jones in 2019, Housemates is a mobile platform that automates the process of onboarding students into accommodation. The end to end marketplace removes the need for letting agents and the associated fees, providing landlords and tenants with the opportunity to transact without traditional challenges such as agreements and payments.

The platform, which is aimed at both private landlords and PBSA chains, requires no upfront cost and is free to sign up to for property owners. Housemates builds on the success of Jones’ ‘Hall Hang’ student accommodation app, designed to help international students find places at UK halls of residence.

The UK international student market remains extremely valuable, with nearly 500,000 overseas pupils moving to the UK to study every year – second only to the US. In total, the global market value for students is estimated at $180bn a year, presenting an enormous opportunity for innovative companies.

Based in Ancoats’ Pollard Yard, Housemates will use the funding to support the validation of the concept in Manchester as it looks to launch a web app later this year, as well as creating jobs across its design, marketing and software departments. This will support the business as it looks to expand its current offering to cover key milestones across the whole student journey.

Lydia Jones, founder and CEO at Housemates, said: “The student market is an area ripe for innovation and disruption. Given this is often the first significant move away from home, students need support and stability when it comes to finding accommodation and settling into independent life. Housemates was founded precisely to do that, and with this funding, I have real confidence in our growth potential in the coming years.

“As a younger founder and company, getting support to grow is essential. This is why we are so grateful to the Department for International Trade for their help in accessing international markets, as well as the financial backing of GC Angels. Having a strategic funder that understands the challenges you face is absolutely imperative, and from the start, GC Angels was very approachable, making the whole process easier.”

Jess Jackson, investment director at GC Angels, said: “We are always excited to see innovative ideas with positive outcomes for users at the heart of their ethos. Housemates has huge potential to make a difference to the lives of students and offer a better experience for landlords. Supporting female founders is important to us – Lydia is a fantastic and experienced founder, and we’re pleased to come on board to support Housemates in its growth.

“Such is the breadth of knowledge across our angel network, we have been able to pair her with a serial tech investor with experience in the graduate investor space, who will provide invaluable expertise to go alongside the financial support.”

Angel investor David Goadby acted as co-investor alongside GC Angels. A seasoned corporate executive, David has over 30 years’ experience in business leadership positions, with experience across the chemical, agricultural and mineral sectors in the UK, US and Brazil. He has considerable M&A expertise, having led in highly leveraged environments with private equity and IPOs.

David Goadby, angel investor and founder at Cogentix, said: “When we look for investments, we look for innovation through business model reengineering, a broader social purpose and a visionary leader focussed on delivery. Lydia and Housemates clearly met our criteria and we are very proud to be teaming up with GC Angels again as seed investors in this outstanding opportunity.”

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