APSCo figures show strong demand for finance professionals

The latest figures from the Association of Professional Staffing Companies (APSCo) have shown demand for finance professionals was strong in January.

The figures, which focus on professional recruitment, showed a strong demand for permanent staff, with a 0.3 per cent rise in permanent vacancies. This follows recent figures from the Office for National Statistics, which showed employment has reached a record high of 75.3 per cent.

Resilient

While overall demand for permanent workers continued to be resilient, finance saw a particularly strong increase in demand for permanent professionals. APSCo’s figures showing a year-on-year rise of 16 per cent. 

Finance was also shown to be the only one out of the association’s core sectors to see an increase in temporary roles, with a 2 per cent increase in demand for contractors.

The number of professionals in permanent placements increased in January, with a year-on-year rise of 10 per cent. Salaries in the financial services sector rose by 1.8 per cent over the same period.

The data showed a decrease in contractors out on assignment, with a year-on-year drop of 16 per cent, whilst the number of contractor vacancies decreased by 9 per cent.

Confidence

APSCo Chief Executive Ann Swain observed that while the market for permanent positions was strong across many sectors at the beginning of the year, the demand for financial services was far ahead of other industries in terms of need and positions.

Reflecting on business decisions such as the Bank of America’s commitment to extending its lease in London for another ten years, Swain commented that confidence in the UK’s post-Brexit future is strong, motivating these long-term decisions to hiring in the financial sector. She concluded by stating: “Looking forward, with recent research suggesting that financial services is one of the sectors that will be impacted least by Brexit, we expect this positivity to continue.”