Financial services jobs continue to grow, as skills shortages continue

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Ann Swain, APSCo

December 22, 2021





Recruitment in the financial services sector in England and Wales hit record highs in 2021, with nearly 80,000 vacancies and continued growth expected for the rest of the year. It dependsnew research from the Association of Professional Staffing Companies (APSCo), the professional association for the staffing industry.

Data, provided by business intelligence specialist Vacancysoft, reveals that London holds the majority of financial services vacancies, accounting for 57.5% of all vacancies, with a record 5 160 released in October alone. However, the South East is growing faster, showing an increase of 0.8 percentage points, resulting in a 1.6 percentage point drop in the share of vacancies in London. Meanwhile, the West Midlands saw the slowest growth, with the region’s share of vacancies falling by 0.9 percentage points.

IT professionals dominate the financial services hiring landscape, accounting for 33% of all job vacancies with more than 26,400 posted this year so far. This is in line with widely documented IT skills shortages that are hampering employers’ ability to find talent. Banking specialists are the second most wanted, with a 96.9% increase over last year, while vacancies for consultants are growing the fastest, with current volumes exceeding totals by 30%. Last year.

Elsewhere, JPMorgan Chase is the most active recruiter in the industry, posting more than 3,700 jobs to date, resulting in a 101% year-over-year increase, which could be part of its commitment to achieve a full global recovery in 2022. NatWest saw the fastest growth, with hiring levels up 272.3% over 2020 data.

Ann Swain, CEO of APSCo, comments: “The increase in vacancies in the financial sector is a promising end to another difficult year and has certainly set the sector up for a good start in 2022. However, it is not a secret that we are dealing with an industry-wide skills shortage with Covid, the Great Resignation and Brexit exacerbating this problem. If employers hope to fill these vacancies, addressing the current skills shortage in the UK is crucial.

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