The Financial Recruitment Sector Bounces Back
Since the onset of the Coronavirus pandemic, recruitment rates suffered. Six months into the pandemic, the UK experienced nearly the same rate of unemployment since the 1980s (The Independent).
The retail sector was affected the most. It unfortunately saw a sizeable amount of permanent closures, including all the Debenhams stores (The Guardian).
The good news is, all sectors have bounced back with hard work and determination. The UK unemployment rate has decreased since 2020, and there are even more job vacancies than there were before the pandemic:
The jobs market has been showing signs of recovery since December 2020; currently, there are 32 million people employed in the UK, an increase of 25,000 on the quarter.
– Sky News, 15th July, 2021.
The BBC also announced the increase in the rate of paid employees in the UK. There was a huge dip at the start of the pandemic, but by June 2021, there were 28.9 million workers on payroll. This is an increase of 356,000. Payroll workers are still below pre-pandemic levels, but vacancies have increased to above this level, especially in accommodation and food services sectors. This means there are skill shortages, perhaps due to the slight decrease in EU-born workers from 2.43 to 2.3 million, but more so due to the pandemic and related lockdowns.
The financial sector in particular has seen a significant increase in recruitment rates. New roles are being created due to organisations adapting to a post-pandemic world (SF Magazine).
Sarah Butcher of eFinancialCareers reported an analysis of how the finance sector has faired recently. Pulling from JPMorgan’s statistics, it’s clear that hiring figures have increased. The decrease in headcount across the different divisions over the last eight years, has proved to be a challenge. Nevertheless, the requirement for larger workforces now mean that recruiters are experiencing positive growth this year.
Market Talent are happy to announce that we have achieved the following:
- Rebranded in November 2020
- Hiring rates continue to increase since January 2021
- 21 new vacancies created by clients since March 2021 and increasing daily.
We are continuing to be optimistic about our future and the increased demand of our services within the financial recruitment sector.
Market Talent is a leading London Based recruitment consultancy specialising in Banking, Financial Services, Fintech and others. Well known for our high levels of mandate execution we offer the very best resourcing solutions through fully understanding, communicating and exceeding the expectations of our clients, candidates and colleagues.