A new study reveals that banks, insurers, and asset managers in the United Kingdom have no plans to stop hiring in 2018, despite the looming uncertainty that is surrounding Brexit.
A survey that was conducted by Hays, a recruitment firm, of more than 900 employees and employers that are working in banking and finance, discovered that more than two-thirds of employers plan to recruit more employees over the next 12 months, with the majority of employers hoping to hire permanent staff.
The survey revealed that employers are aiming to hire regardless of economic and political factors that are surrounding the decision to withdraw from the European Union. Hays said that recruitment is being driven by the necessity to undertake regulatory changes. Various new pieces of market and data regulation are set to be imposed 2018.
Particularly in demand, are professionals with knowledge of data and analytics as well as expertise on cyber security and IT infrastructure.
Regulatory changes and the demand to plan for the future implies that competition for talent is intensifying, with 61 percent of companies reporting moderate to extreme skills shortages this year.
More than half of firms questioned that the said skills shortages were producing an effect on the productivity of their organisation, as well as having an impact on employee morale, innovation, growth and profit.
A managing director at Hays, Mark Staniland, stated: “It’s promising that despite market uncertainty, financial organisations are continuing to hire as regulatory changes come into play and digital advancements are creating the need for organisations to constantly adapt and remain up-to-date.
“However, competition for talent is strong and persistent skills shortages have the potential to limit productivity, growth and innovation – all of which could harm the City’s ability to remain competitive on a global scale.”
Meanwhile, more than a third of employers in the City said that innovation within their organisations was being hindered as a result of shortages of skills.
Hays warned that employers need to make sure that the salary and benefits that they offer to employees are competitive in order to attract the talent that they need as the industry adapts to change.
Staniland stated: “Given how critical innovation is to financial institutions, this should set alarm bells ringing and prompt employers to take action.”