Finance professionals react to market boom and snap up bigger pay packets
New data from CV-Library, the UK’s leading independent job board, reveals that finance professionals are reacting positively to the industry’s latest job market boom, with applications for new roles rising by 3.8% in April 2019.
The findings compared job market data from April 2019 with the same period last year and shows that a huge driving factor behind this hike is likely the fact that average salaries for new finance jobs were up by 2.8% year-on-year, reaching an average of £35,166.
Meanwhile, the amount of job vacancies on offer grew by a smaller 1.9%, suggesting that the industry’s employers are being more cautious around their hiring efforts.
Lee Biggins, founder and CEO of CV-Library, comments: “Pay packets are the first part of a job advert that professionals look at. So, it makes sense that there’s a correlation between salaries and applications rising. As well as this, it’s interesting to note that wages increased at almost double the rate of job vacancies, suggesting that businesses have adopted a more focused approach to hiring.
“This ‘quality over quantity’ outlook may be the key to securing a greater number of candidate applications. It’s especially positive to see that job vacancies didn’t decrease as a result of this new trend. Vacancies and salaries have grown together, in a boom which we hope to see continue.”
As well as this, the amount of candidates in the accounting and finance industry registering their CVs online with CV-Library has increased by a staggering 27.2%, suggesting that more individuals are starting to consider looking for jobs.
Biggins continues: “The overall increase in salaries and job vacancies has certainly resulted in some healthy competition amongst finance professionals. To attract the best quality candidates, businesses need to ensure that they have effective hiring strategies in place. Consider the types of tools you’re using and remember that small changes go a long way when the job market is so tight.”