A new piece of research has revealed that despite ongoing uncertainty over Brexit, many of the UK’s financial organisations are looking to continue recruiting in 2018.
The recruitment firm Hays conducted a survey of more than 900 employers working in the financial and banking industry, as well as people working within finance as employees. Despite concerns over how the UK leaving the EU will affect sectors such as finance and banking, the results of the research were very positive. Over two-thirds of employers said they were planning to hire new staff in the New Year, and recruiting permanent staff was very much on the agenda.
The company’s managing director Mark Staniland commented on the research, saying:
“It’s promising that despite market uncertainty, financial organisations are continuing to hire as regulatory changes come into play and digital advancements are creating the need for organisations to constantly adapt and remain up-to-date.
“However, competition for talent is strong and persistent skills shortages have the potential to limit productivity, growth and innovation – all of which could harm the City’s ability to remain competitive on a global scale.”
GDPR and other regulatory changes driving recruitment
As for why the 2018 forecast for finance recruitment is looking so strong despite Brexit fears, one of the main drivers appears to be new regulatory changes that will affect finance businesses in the new year. For example, the new General Data Protection Changes (GDPR) come into effect in May 2018, representing a major change and update to data protection legislation in the UK. Financial institutions, particularly larger and multi-national ones, are likely to be particularly affected by GDPR as they are data processors and controllers holding more information about customers than most other sectors.
Cyber security is another concern that ensures that demand for IT and digital professionals, particularly those with experience in the high-stakes finance industry, will remain high in 2018. Other key skills and expertise in demand according to the research were IT infrastructure and data analytics.
Skills shortages still a concern
Another finding of the research was that many organisations are still concerned about a shortage of necessary skills, for business growth, IT security and to tackle the regulatory changes up ahead. Around 61% of those surveyed said that their organisation had experienced a moderate to extreme shortage of skills this year, while over half reported that skills shortages were having a negative effect on productivity. Other detrimental effects included limiting growth within the business, lowering employee morale and putting a dampener on innovation.
Recruiting or job hunting in the new year?
If your organisation is planning a recruitment drive in 2018, or you are looking for a new career in finance, IT, tech or digital – SOLOS Consultants can help. We specialise in recruitment and talent acquisition in these sectors, supplying skilled and highly qualified candidates across the breadth of each industry. Please get in touch to find out more or to start your search.
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