Demand for permanent and contract staff in the financial services sector is up

According to a report from the Association of Professional Staffing Companies (ASPCo), there has been a 10 percent year-on-year increase in permanent job placements across a number of sectors. The ASPCo study was published on 26 February and looked at demand for permanent and temporary roles in a number of sectors, including finance, social work, IT, engineering, and marketing. The demand for permanent financial services professionals showed the largest increase, with a year-on-year jump of 16 percent. The financial sector was also the only industry to record a rise in roles of a non-permanent nature.


ASPCo’s professional recruitment trends report


Overall, the ASPCo report showed that year-on-year permanent vacancies grew by 0.3 percent, while there was a dip of 9 percent overall in contractor vacancies. The most significant sector to show a drop in contractor vacancies was marketing, where non-permanent recruiting dropped by 21 percent. Contractor roles in the IT sector dropped by 8 percent, and the engineering sector saw a decline of 5 percent in contractor roles.


In contrast, demand for contractors in the financial sector was up by 2 percent year on year. Although there were differences in duration of contractor hires, the total average salaries dropped by 1.2 percent year on year. The report found massive fluctuations between sectors, however, with the finance sector contractors enjoying salary uplifts amounting to 1.8 percent and the engineering sector enjoying uplifts of 2.4 percent.


These figures from ASPCo are suggestive of a much larger overall drop than was revealed in figures from the Office for National Statistics (ONS). ONS data published in December 2017 showed average weekly earnings in 2017 dropped 0.2 percent (including bonuses), when adjusted for inflation, with a drop of 0.4 percent, excluding bonuses. These 2017 earning figures were compared with figures for 2016 and, if the adjustment for inflation is discounted, then weekly earnings with bonuses would have seen increases of 2.5 percent.


What about Brexit?


These positive figures for the financial sector are forecast to continue into the future as recent research has also highlighted that the financial services sector is unlikely to be impacted greatly by Brexit.


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