UK financial services sector shakes off Covid blows as vacancies surge
Vacancies in the financial services sector are well on their way to recovery after a sharp slump at the start of the pandemic, according to new APSCo data.
Research from the Association of Professional Staffing Companies (APSCo) showed hiring fell 58 per cent in the second quarter of 2020 as Covid battered employment prospects.
However, numbers improved towards the end of year, with recruitment levels up 15.2 per cent year-on-year in December 2020.
Insurance sector holds firm
The insurance sector dominated hiring within financial services in 2020, accounting for almost a third of the total vacancies.
In contrast, the hardest-hit sector, consumer finance, saw jobs plummet 43 per cent year-on-year.
Fintech was the least impacted division, as roles dipped only 12.6 per cent compared to the same period in 2019.
IT specialists in demand
APSCo’s data also revealed that IT specialists were the most in demand across the financial services sector, whose total vacancies share rose from 30 per cent in 2019 to 33 per cent in 2020.
This reflected the ongoing need for tech expects to manage remote working practices throughout the pandemic.
Accountants were the least impacted of all financial professionals, while recruitment marketing was hit the hardest – down 41 per cent compared to 2019.
Ann Swain, CEO at APSCo, said she was unsurprised at the drop in vacancies but believes the rise in recruitment activity shows the sector is on the road to recovery.
“While January saw a marginal reduction in hiring levels, we expect the recovery seen at the end of last year to continue as the unlocking of lockdown gains pace and we return to some level of normality,” she said.