Recruitment for finance roles slows down
As the UK gears up for its fourth general election since 2010, increased economic uncertainty has led to a significant drop in job advertisements across the finance industry. In fact, according to data from the UK’s leading job board, CV-Library, the number of advertisements fell by 8.3% month-on-month.
What’s more, the findings, which explore job market data from November 2019 and compare this with the previous month, also reveal that despite the dip in vacancies, salaries for new roles have risen by a steady 1.6% since October. In fact, average pay currently sits at £34,637 per annum.
Lee Biggins, CEO and founder of CV-Library, comments: “In the face of such extraordinary political uncertainty, companies have no choice but to hold back on hiring new talent and this isn’t unusual at this time of year. At the same time, the UK is set to make a monumental decision in less than a fortnight and the fate of Brexit is hanging in the balance.
“While this data is alarming we know that many organisations will be waiting for the dust to settle before moving forward with their hiring campaigns. And, as we approach a typically busier period for recruitment, we hope to gain some clarity on how we will navigate through these tumultuous times.”
Interestingly, it isn’t just employers putting on the brakes this month. In fact, job applications to finance roles also fell by 10.7% month-on-month.
Lee Biggins continues: “It’s important to remember that while these numbers are certainly exacerbated by the current political climate, this time of year is usually quieter for recruitment across the board. Because of this, it’s a good time to take stock of where your company is currently at and start thinking about your future hiring needs. In doing so, you’ll ensure that you’re ready to recruit when the dust has settled after the general election and when many candidates will be looking for a change after the Christmas period.”