Job applications in finance sector grow by 58.6% in Q3 as end of Job Retention Scheme looms
According to the latest quarterly job market report from CV-Library, the UK’s leading independent job board, job applications in the finance sector grew by 58.6% in Q3 2020 and by 17.4% year-on-year.
The report looks at job market data throughout Q3 2020 and compares this with findings from the previous year. It reveals that the following industries saw the highest growth in applications quarter-on-quarter:
- Administration (up 90.2%)
- Recruitment (up 85.5%)
- Marketing (up 78.6%)
- Sales (up 77.7%)
- Telecoms (up 74.6%)
- Legal (up 61.5%)
- Finance (up 58.6%)
- Education (up 51.5%)
- Electronics (up 46.9%)
- Construction (up 44.5%)
Lee Biggins, founder and CEO of CV-Library comments: “It’s no surprise that there are more candidates on the market given the impact of the coronavirus pandemic on the state of our economy. While the circumstances around this influx of talent are unfortunate, it provides a great opportunity for businesses in the finance industry to snag top talent.”
The data also reveals that the number of job postings has increased by 93.9% between Q2 and Q3 2020. However, the number of roles advertised between July and September is still a massive 50.1% lower than at the start of the year.
What’s more, as vacancies continued to rise during Q3, the number of applications per vacancy dropped by 18.2%.
Biggins continues: “This data clearly shows that the finance industry has started to recover from the national lockdown in March, but it still has a long way to go. However, it’s likely that this new found confidence may be short lived.
“The uncertainty surrounding future government restrictions, as well as those put in place last week will force businesses to put a freeze on their hiring plans. Sadly, this will coincide with the end of the original Job Retention Scheme, which may spell bad news for professionals.
“That said, if you’re planning on hiring this quarter, you’re likely to have your pick of the best candidates on the market. However, be sure to approach your hiring process with sensitivity as this will be a particularly difficult time for job seekers.”
