January job market boom
According to the latest data from the UK’s leading independent job board, CV-Library, the finance sector’s job market boomed in the first month of 2020, with vacancies and applications both rising year-on-year.
The study, which explores job market data from January 2020 and compares this with findings from the same period in 2019, reveals that businesses in the industry have regained confidence in the UK economy, as job numbers grew by 2.4% year-on-year.
What’s more, the data reveals that finance professionals responded well to this, as applications also rose by 15.6% year-on-year; almost three times higher than the national average of 5.7%.
Lee Biggins, CEO and founder of CV-Library comments: “Our data clearly shows that the looming Brexit deadline didn’t prevent businesses from growing their workforce in January. While it’s typically a busy month for hiring, the continued year-on-year growth of both job vacancies and applications suggests that the finance industry is in a very healthy position. As such, it’s imperative that organisations continue to make the most of this increased talent pool; and double down on their hiring efforts throughout the rest of 2020.”
Alongside this, the data reveals that salaries rose by 1.1% in the sector; which could have contributed to the surge in applications in January.
Biggins continues: “While the increase in pay may have encouraged some applications for finance roles, it doesn’t mean that businesses in the sector can rest on their laurels when it comes to hiring. As our departure from the EU is finalised over the coming months, many companies will feel more comfortable expanding their workforce; therefore increasing the competition for top candidates.
“In order to prepare, employers should focus on refining their entire hiring process. So, take the time to improve your job postings, invest in the best hiring tools and start the search for your next hire, now.”