13 Jul, 2012

Rising Financial Services

13 Jul, 2012

Despite the turbulent economy, a number of sectors continue to make positive progress in regards to their income, seeing increased business growth and more job opportunities as a result. Now, the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) have said that the financial services sector saw significant growth for the quarter to June, offering the chance for recruitment agencies to take advantage of a plethora of new job opportunities.

New results from a poll conducted by the two organisations showed that 59% of firms had seen an increase in business for the three months to June. In addition, whilst employment options have been falling moderately, financial services companies will need new members of staff to deal with the increased workloads being noted.

Talking of the increased activity being seen, Ian McCafferty, the chief economic advisor at the CBI, said that the financial services sector was enjoying “robust growth” for the middle of the year; however, he warned that employer optimism was not as high as it had been previously, saying: “Businesses are less optimistic than in the previous survey, have reduced headcount and are reappraising investment plans. Regulatory compliance is an increasing factor shaping investment, activity and intentions.”

Earlier in June, it was discovered by Morgan McKinley that the financial services sector in London was seeing a 17% month-on-month rise in the number of job vacancies on the market. Combined with the latest figures for business growth, all indications are that recruiters will see an increase in vacancies in this sector over the next few months.

Geoff Newman from web recruitment company RecruitmentGenius.com believes financial services will help lead the UK out of recession.

“Financial services represents a significant proportion of GDP in the UK. Therefore any growth in this sector has exponential effects on our economy, effects that everyone will benefit from. Whilst the sectors has a much-maligned image, this was a minority in the industry and now is a time to campion the contribution it makes. Therefore I broadly welcome this good news and the inevitable jobs it will create.”

Credit: onrec.com