Financial Services Job Vacancies Rise After Coronavirus Crash

October 28, 2020

There is good news for the financial services sector with the announcement that the number of jobs now available in London’s finance sector increased during the third quarter, thanks in part to confidence increasing as lockdown measures were eased.

According to the recruitment agency Morgan McKinley, in the three months to the end of September 2020, the number of financial services vacancies in the capital increased by an impressive 53%, when compared to the previous financial quarter.

Earnings Increase

Plus, for those workers in the capital who changed jobs, there was an average increase in earnings of 17%, which has undoubtedly been a welcome high point in a year filled with lows.

Meanwhile, a government report states the UK urgently requires a new body that is dedicated to filling those financial services skills that are in short supply as tech companies lure away talent, while the pandemic and Brexit increases uncertainty in the sector.

The UK Finance Ministry report states that the UK will continue to lose skilled workers to other financial hubs and economic sectors, if there is no remedial action taken soon to train a more diverse and highly skilled workforce.

In addition to which, the report also highlighted the need to regain the public’s trust in the finance sector in order to attract more skilled staff.

Skills Commission

The report also attacked the industry’s lack of an overarching vision, focus and coordination to weather the changes and trends that are currently altering global business in light of the recent pandemic situation.

Their solution is the setting up of a Financial Services Skills Commission that would be managed and funded by employers, and which could lead to a fundamental change in the way the financial sector hires its employees.

Such a commission, the report states, would help employers to identify the skills needed, whilst at the same time allow them to increase training for existing and new employees, as well as championing the financial sector as a fantastic place to work.

With the financial sector facing its biggest challenges in decades, it has never been more vital to attract employees with the right skillset to help the financial sector to ride out the Covid-19 storm.