Roles Within Finance Set to Increase in 2016

Roles Within Finance Set to Increase in 2016

Rise in Finance Roles 2016

Not only are there a record number of people in work in the UK, but the employment rate – the proportion of the working age population that are in work – rose to 74% in January 2016, the highest since this measure began to be recorded in 1971.

The number of roles on offer in the finance sector is increasing for a number of reasons:

  • There is an increased focus on compliance and regulation amongst banks – many large financial institutions have received huge fines in recent months for previous regulatory failings and are anxious that this does not occur again
  • More firms have recently become subject to additional regulation, including smaller lenders, debt management firms and peer-to-peer lending companies
  • Additional regulatory pressures are on the way for banks and other large firms, including the Senior Managers & Certification Regime and Part II of the Markets in Financial Instruments Directive, and additional staff are needed to ensure they understand and comply with their new obligations
  • Firms in all sectors are becoming increasingly aware of the need to protect against cyber crime – and the large accountancy firms have taken on a large number of new staff as they extend their services to include providing advice in this area
  • The general economic climate continues to improve
  • Recent corporation tax cuts have reduced costs for firms
  • The highest calibre graduates are increasingly pursuing careers outside the finance sector, in areas such as information technology

Many firms know that they will need to recruit additional staff, but have concerns over whether they can find people with the right skills, experience and qualifications. This means that individuals who can offer the right range of skills and experience could be much in demand this year.

Research by finance recruitment consultancy Savant shows that 75% of finance firms expect difficulties in recruiting suitably skilled and qualified accountancy, finance, risk or compliance staff in 2016. 50% of respondents believe that recruiting staff of the right calibre will be more difficult in 2016 than it was last year, and only 5% expect it to be easier. When we look solely at risk, compliance and governance recruitment, 80% of respondents think that it will be harder to find the right people this year.

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