The number of professionals applying for jobs in the financial services sector has decreased by a third year-on-year, widening the gap between supply and demand.
According to new research byAssociation of Professional Staffing Companies (APSCo)the trade association for the career recruiting industry, is exactly like that.
Broadbean Technologies, the world’s biggest network of job boards, indicated that job applications in the business declined 12.5% between November 2022 and January 2023. When comparing yearly comparisons, the fall was even steeper (down by over 30%). According to APSCo data, while vacancy percentages fluctuated during 2022, economic uncertainty impacted companies.
Employers are expected to struggle to locate the talents they want in an industry that already has acute skills shortages, since applications are dropping far faster than openings.
According to the data, intra-industry earnings in the UK have climbed by 6.5% in the last year, suggesting greater demand for talent and the resultant upward pressure on pay.
Salary rises indicate that businesses are investing in talent acquisition, but they do not guarantee talented personnel. A trained workforce is essential for the country to become a significant centre for financial institutions and individuals with the necessary abilities. This emphasises the importance of effective tactics in improving these talents.