Booming job market UK 2013
Employment opportunities have increased at the fastest pace in August 2013 since the economic crisis of 2007 raising hope of economic recovery in this post-recession era.The rise in permanent job vacancies eased a bit from July’s 40 months peak, but at the same time a rise in temporary and contract jobs is noted at its fastest pace since 1998, as reported by the Recruitment and Employment Confederation (REC) and KPMG after conducting a survey including 400 accounting and finance recruitment agencies across the UK.
Accounting and Finance Jobs Soars by 16%
According to the Association of Professional Staffing Companies (APSCo), employment market demand for professionals with good accounting and finance skills has increased considerably, with job vacancies last month up 7.5% than a year ago.
A recent labour market report claims a rise of 16% in the accounting and finance job sector of the country; the report analyzed the job data advertised between the 2nd and the 3rd quarter of the current year.
The 16% rise is an important surge on the 5% jump in employment between the 1st and 2nd quarter of the present year, revealing that both sectors are witnessing recovery at a faster pace, which in turn is benefiting the economy of the country as well.
Undoubtedly, the capital city London is leading the economic growth of the country with the highest vacancies across all sectors; and accounting and finance industry isn’t an exception! London alone has seen a 6% quarterly increase in the 3rd quarter job vacancies.
You may be surprised to know that even the regions outside the urban areas showcased a rise of 61% in the accounting and finance job market in 2013. Retail and professional services top the list of most actively hiring sectors, and accounts with good technical or transactional experience are most sought-after candidates in the arena; if you have a commercial mindset and passion to take the business to the next level, you are bound to get the best job and a great salary!
“The employment market trend marks down a healthy level of hiring activity in banking and financial sectors, where the index records an increase of 20% in advertised job vacancies”, says a report published by Reuters UK.
While the recruitment graph of London is showing an upward curve, it is essential to know that companies in other regions of the country too are hiring accounting and finance professional at a fast pace.
Key trends driving job market growth in the accounting and finance sector
Employment market improves with the economic recovery across the countryCompanies are getting into the regional market, generating employment opportunities in the Midlands and North regionB2B partnerships and commerciality prove to be key drivers to obtain successWages in key areas increase as the demand of professionals with the most sought-after skill sets have increased; regulatory reporting, product control and statutory accounting are key areas for recruitment processSME financial services firms UKare actively hiringInvestment management firms too are set to hire new employees in the next year
Shortage of qualified candidates
According to Kevin Green, chief executive of the REC, “The major issue now is the worrying lack of candidates to fill the jobs being advertised. In August, the number of vacancies increased at the sharpest rate in over six years but the availability of staff keeps declining.”
Ann Swain, chief executive of APSCo, says “The skills shortages have always been there but as the recovery gains pace and employers have more confidence to hire; we could be facing a real problem.”
“We were very optimistic that strong economic recovery would feed through into recruitment process in the final quarter of 2013”, says HakanEnver, operations director at Morgan McKinley Financial Services in the UK.
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