United Kingdom – IT and financial services jobs continue to rise, but skills shortages persist

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20 December 2021

Job vacancies for IT professionals have increased dramatically in England and Wales throughout 2021, with an all-time high of 13,000 vacancies recorded in October alone, according to a new study by the Association of Professional Staffing Companies (APSCo) and Vacancysoft.

Data showed London continues to dominate the hiring landscape, with 56,800 job vacancies posted so far in 2021, marking a 105.6% year-over-year increase. The Southeast posted the second highest number of new IT jobs and is growing slightly faster than the capital with a 106.5% year-over-year increase. Conversely, the East of England experienced much slower growth with an increase of 53.6% over one year.

Broken down by industry, the media lead the fastest growing IT recruiting, with hiring levels up 112.2% year-over-year. This could be attributed to the record investment of £ 4bn that has been spent on television production over the past 12 months in an attempt to help the industry bounce back from the pandemic. Vacancies for IT insurance experts are the slowest to grow, increasing 33.5% year-over-year.

Ann Swain, CEO of APSCo, said: “With the pandemic forcing most businesses to work remotely or hybrid, it’s no surprise that IT professionals are increasingly in demand. However, these experts were already in short supply before the pandemic and this sharp increase is putting increased pressure on recruiters and hiring teams. What we expect to see is a continued increase in reliance on contingent IT workforce to meet resource needs throughout 2022. ”

Meanwhile, recruitment into the financial services sector in England and Wales reached record levels in 2021, with nearly 80,000 vacancies posted and continued growth expected for the remainder of the year.

Data showed London holds the majority of financial services vacancies, accounting for 57.5% of all vacancies, with a record 5,160 posted in October alone. However, the South East is growing faster, showing an increase of 0.8%, leading to a decline in London’s share of vacant homes by 1.6%. Meanwhile, the West Midlands experienced the slowest growth, with the region’s share of job vacancies falling by 0.9%.

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

“The increase in the number of 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,” Swain said. “However, it’s no secret that we face an industry-wide skills shortage with Covid-19, the Great Resignation and Brexit exacerbating this problem. If employers hope to fill these vacancies, addressing the current skills shortage in the UK is therefore crucial.

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