UK faces worst shortage of qualified workers on record
The UK is experiencing a shortage of highly qualified personnel, especially in the financial sector. According to the latest data from the Department of Labor, the number of vacancies in this sector more than doubled in the third quarter compared to the same period last year.
It has always been a hard task for employers to hire competent financial experts. Yet, in the UK, this problem has turned into a full-blown crisis. There were 8,343 new listings for financial services positions between July and September, a report released by recruitment consultancy Morgan McKinley and data provider Vacancysoft showed. Notably, there were 3,575 vacancies in the same quarter last year. In September alone, companies posted 2,818 new jobs, logging the busiest month since at least January 2014. First of all, firms are mainly looking for employees for positions related to jobs in risk and compliance. These vacancies account for 13% of all banking vacancies.
"This has been caused by the easing of government lockdown measures, and in turn with banks initially having made cuts to their staff, they now need people to join their teams again. The recruitment market has turned to become a candidate-led market with candidates having multiple different options on the go, which requires institutions to move quickly when hiring," Ben Harris, the head of governance at Morgan McKinley, said.
The European Banking Authority noted in its study that nearly a hundred highly paid bankers left Britain before Brexit. Many financial firms had relocated over 7,000 employees from London to the bloc to ensure that customers had full access to the EU financial market.