UK finance vacancies drop 60% in second quarter – data

LONDON (Reuters) – The volume of job vacancies in Britain’s financial sector fell 60% in the quarter ended at the end of June, according to data released on Wednesday, as the COVID-19 pandemic inflicted further injuries on a labor market already reeling from restructuring and Brexit.

The latest Morgan McKinley Spring London Employment Monitor, which details hiring trends in the UK financial sector, showed that the number of job seekers fell by almost a third in the three-month period from April, with available jobs plunging 72% year-on-year. during that month only.

The latest figures follow a rapid slowdown in hiring seen in March, when the number of available jobs fell 38% from February.

The first part of the April-June quarter was dominated by government-imposed lockdowns to stem the novel coronavirus outbreak and there were tentative signs of a resumption of activity in the labor market towards the end of the quarter. period.

But financial services, which historically contributed around 10% of the UK’s total economic output and employs 1 in 14 people in Britain, was already in the midst of critical change before the virus outbreak. bring down the global economy.

Large banks including HSBC HSBA.L have now resumed plans to cut jobs after postponing layoffs during the height of the pandemic.

Hakan Enver, managing director of Morgan McKinley UK, said some professionals are taking advantage of more relaxed work-from-home environments to assess career opportunities, especially after a rebound in average wages as they move from one job to another.

In April, the average wage change plunged to an all-time high of 6%, after the government lockdown on March 23 crushed productivity and sparked an immediate cost-cutting campaign in the sector.

That figure fell to 22% in May, after the workforce settled into work-from-home routines and confidence began to rebound amid the falling infection rate and government action without. precedent to support both businesses and consumers.

The average pay rise for those moving from job to job ended the quarter at 13%, compared to an average over the past 18 months of 16.9%, Morgan McKinley UK said.

A further sign of optimism, the number of available vacancies rose 72% in June, as employers showed willingness to invest in talent to spur their recovery and future growth.

“The ability to pivot and adapt to major infrastructure changes is a hopeful sign of the potential for survival,” Envers said.

“It probably won’t be possible without finding and retaining talent. Companies with an eye for strategic goals in these areas may want to take advantage of a buyer’s market.

Reporting by Sinead Cruise; Editing by Toby Chopra

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