Contract hiring rises pre-Brexit vote

by Susie Hughes at 13:36 08/07/16 (News on Business)

Temporary and contract vacancies increased across the professional staffing market with opportunities up by one per cent year-on-year in the run-up to the Brexit referendum.

Demand within finance and accounting was particularly strong, with vacancies increasing by 27 per cent, according to research from agency group, APSCo. This can most likely be attributed to a reluctance to hire on a permanent basis amid pre-Brexit uncertainty, juxtaposed with the extra workload in areas such as legislation and stress-testing created by future unpredictability. Advertisement However permanent vacancies showed no growth year-on-year. Ann Swain, Chief Executive of APSCo said: “The fact that permanent hiring has slowed consistently in the run up to the EU referendum means that this latest data is unsurprising. “However although there has been no increase in permanent roles year-on-year, vacancies for contractors rose marginally, a trend which we expect to continue amid the ongoing market uncertainty. “It is particularly noteworthy that demand for interims increased within financial services by 27 per cent in May. This is a sector which could arguably be disproportionately affected if the UK exits the single market – so it seems that interims are being drafted in to cover workload until long-term strategies are in place.“ Post-Brexit John Nurthen, Executive Director, Global Research for Staffing Industry Analysts, which compiles the report for APSCo, said: “The fact that our data showed a weaker professional staffing market in the run up to referendum is interesting but, given the dramatic outcome of the vote, it’s unclear how relevant this will be in understanding the post-Brexit prospects for professional staffing suppliers. "If the majority of economists are right, we are looking at less-optimistic economic prospects over the next few years, if not an outright recession. On the plus side, the staffing industry benefits from periods of uncertainty so, while permanent hiring might struggle, demand for temporary and contract supply may still prove buoyant. The one thing we can be certain about at the moment is that there will be uncertainty!” Tweet -- If you wish to comment on this article, please log in and use the Reply button below. Registering is free and easy - see 'Join Shout99'. - Susie Hughes © Shout99 2016

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