Daily Management Review

Employees In UK’s UK Finance Sector Seeking Job Change In Q1 Rose By 43%


Employees In UK’s UK Finance Sector Seeking Job Change In Q1 Rose By 43%
According to official that was released in the United Kingdom on Monday, during the first quarter of the current year, the number of finance professionals in the country who are currently looking out for new jobs has increased by a whopping 40 per cent compared to the last three months of 2019.
The situation has been made precarious because employers have been forced to halt all processes of new hiring and have been forced to slash salary offers by 37 per cent because of the novel coronavirus pandemic sweeping across the world including the UK. 
In March, there was a rapid slowdown in hiring in the financial services industry of the UK according to the latest Morgan McKinley London Employment Monitor. This was contrary to the sharp rebound in such jobs in January after the national elections when there was a 97 per cent increase in the number of available roles in the sector in the country compared to the number in December of 2019.
In March, there was a 38 per cent month on month drop in the number of available in the sector in the UK.
“Out of the frying pan and into the fire: we barely got to take a breath between Brexit and this new global crisis,” said Hakan Enver, managing director of Morgan McKinley UK. “Thankfully, City employers are doing all they can to enable remote working to ensure the safety of employees as well as business continuity.”
The economic impact of the novel coronavirus pandemic is ravaging the global markets and many companies have either cut down on staff or slashed salaries. However those banks in the UK that have promised not to cut any jobs in 2020 do that the financial worries of its staff is lessened amid the pandemic include HSBC, Barclays, Lloyds and Standard Chartered.
Job offers that had been made prior to the outbreak are being honoured by employers, Enver said. he described this phenomenon to an industry wide effort to prevent the potentially “dire circumstances” that were faced by the UK after its decision to exit the European Union.
Companies have however put on hold new projects and have slowed down hiring for most job profiles excluding those for software engineers, IT auditors, cyber security experts and data and analytics professionals. Job offers for these categories are still in high demand.
 “Institutions continue to recruit business critical vacancies, whilst at the same time ramping up their remote team systems and practice,” said Enver. “Those working in IT and Fintech are going to continue to enjoy a robust job market.”
In March, there was also a drop in the average salary change offered to a new employee moving from one company to another at an average increase in salary of 12 per cent. This growth in salary for change in office was the lowest that has been reported in two years because companies now need to create strategies for adapting to the uncertain economic environment.  The average increase in salaries for changing jobs in the sector in the UK was 19 per cent in the previous 11 months.