UK financial sector struggles with staff shortage
The UK financial sector is struggling with the worst staff shortage. In the third quarter, the number of vacancies almost doubled from the same period last year. From July to September 2021, companies were looking for 8,343 new employees, while in the same period in 2020, they were seeking just 3,575. In September alone, 2,818 new workers were needed.
Jobs that entail certain risks and imply compliance with regulatory requirements should be taken first. They account for just 13% of the total number of vacancies.
The shortage of staff is a consequence of quarantine restrictions. During that time, banks were drastically reducing their staff. To date, measures to stop the spread of the virus have been significantly eased, so the companies need more staff. This gives candidates much more flexibility in their job selection. Under the circumstances, the companies have to make hiring decisions much faster. Previously, this was not common to them.
In August, the European Banking Authority reported a marked decline in the number of financiers in the United Kingdom. According to its data, nearly a hundred highly paid bankers left Britain ahead of its departure from the European Union. Financial services firms have shifted more than 7,000 employees from London to Europe.