The State of Financial Recruitment

The State of Financial Recruitment

The State of Financial Recruitment

The vote to leave to remain within the EU in June has had a great deal of effect on many areas of life.  The uncertainty around the future of many industries has led to employers pausing in recruitment and hesitating to take on new staff.  But one area that the situation remains positive is in financial recruitment.  So, is now a good time to start working with accountancy recruitment consultants to find a new job?

Survey results

The State of Financial Recruitment

A number of accountancy recruitment agencies London based and around the country have conducted surveys of their financial customers to gain some insight into how the vote has changed their approach.  One of the most surprising results is that many employers in the financial sectors have a positive outlook for the long term future of their industry, despite the fears around Brexit.

88% of employers in one survey said they were planning to increase placements, versus a wider average of just 64% across the employment market as a whole.  According to these employers, the problems that they face aren’t concerns relating to Brexit or the state of the economy but rather a shortage of the skills that they require.

Drop in skilled individuals

Half of those spoken to said that their biggest industry challenge in the next two years is a shortage of skilled individuals, people who have the ability to work in jobs that accountancy recruitment agencies London and elsewhere have advertised.  This means that there are jobs available but the companies are struggling to find the right people to fill them.

accounting

Some believe that the growth of automated processes could lead to a drop in job requirements but again, studies by one accountancy recruitment agency found this wasn’t the case.  28% of employers spoken to said that the new technologies such as systems and automated tools represented the biggest opportunities for growth – but not resulting in a reduction of workforce.

Employee viewpoint

What about from the viewpoint of the employee working in the financial sector?  Around 25% said that they were considering leaving the sector in one study of around 800 people.  But this is a fairly standard figure in an industry where the changing nature of the job can often make people feel the urge to go elsewhere.

Three quarters of those spoken to said they were open to considering new jobs while the remaining 25% believed they would stay with their current employer for three years or more.  In terms of the jobs on offer, the peak numbers were around three years ago, but recruitment agencies confirmed they are currently at around 75% of this figure, showing that there is still high demand for the right employee and opportunities for change if required.

Looking ahead

The State of Financial Recruitment

The financial industry may be one that is changing rapidly but there is little doubt that it will still be present in five, ten or twenty years.  There are still plenty of reasons for candidates to undertake additional training to get into the industry and be certain there are plenty of quality roles to apply for once they are qualified.

Market views

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