Contract vacancies within financial services jump

by Susie Hughes at 09:50 30/08/16 (News on Business)

Following a steady increase in demand pre-Brexit, temporary and contract vacancies dipped across the professional staffing market in July, with opportunities softening by two per cent year-on-year, according to the latest data from agency group, APSCo.

The clear exception is the finance and accounting sector where vacancies increased by per centin July. Most likely due to a reluctance to bring on board talent on a permanent basis until there is greater clarity around what Britain’s relationship with Europe will look like post Article 50 – and how this will impact the operations of multi-national financial institutions moving forwards. Advertisement Ann Swain, Chief Executive of APSCo said: “Pre-Brexit, it was widely hypothesised that market confidence and the UK economy would spin into freefall if Britain was to leave the European Union. However, so far, these fears have proved unfounded. Data shows that both retail sales and the labour market performed strongly in July and August’s Purchasing Managers' Index (PMI) reported that Eurozone activity was at its highest for seven months. “It is interesting that demand for contractors within financial services remains strong despite widespread volatility in the sector. Lloyds Banking Group, for example, said in July it would axe 3,000 jobs and close 200 branches to cushion against a more testing economic environment caused by Britain's vote to quit the EU. "Similarly, European banks including HSBC and Deutsche Bank have also gone on record to say they may have to move people or activities to France and Germany if rules around passporting rights change post Article 50. It seems that an increasingly flexible workforce is being utilised to keep the wheels in motion until there is greater certainty around what the UK’s future relationship with the EU will look like. Until then, the professional recruitment sector will continue to provide talent to firms’ immediate and short-term needs.” 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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