The financial services sector is witnessing a recruitment revival following the difficulties of 2023.
- New data shows a 7% increase in job openings in January compared to November 2023.
- The upturn comes after a substantial 38% decline in job listings throughout 2023.
- Organisations are increasing salaries to attract talent amid a skills shortage.
- Regulatory challenges were a major factor in last year’s hiring downturn.
The financial services industry is seeing a promising recovery in recruitment activity after enduring a difficult hiring climate in 2023. New research from the Association of Professional Staffing Companies (APSCo) highlights the improvement, with January job listings showing a 7% increase over November’s figures.
Throughout 2023, the sector experienced a significant 38% decline in job opportunities. This downturn was especially notable in the latter half of the year, attributed largely to substantial regulatory changes impacting hiring decisions.
Despite these challenges, the start of 2024 provides a glimmer of hope as the sector records an uptick in job listings. The increase in postings suggests that the market sentiment might be shifting favourably.
Additionally, there is an observed rise in job applications. Employers are reportedly raising salaries to secure skilled candidates in a market still grappling with a talent shortage.
Ann Swain, Global CEO of APSCo, remarks on the challenges faced due to major regulatory overhauls, which affected both permanent and contract hiring in the previous year. Her outlook for the beginning of 2024 is cautiously optimistic, noting the sector’s potential for recovery.
The current trends indicate a positive trajectory for financial services hiring as the industry adapts to new challenges.
