Financial services companies bringing jobs back to UK
Companies in the financial services sector are bringing jobs back to the UK as offshore regions face rising prices and skills shortages, according to research from recruitment company Robert Half Financial Services.
The research showed an increase in the level of onshoring amongst financial services executives, with 59 per cent of businesses transferring their offshored business operations back to the UK, which could result in a jobs boost in the financial services sector.
The main reasons for businesses increasing their level of onshoring were revealed in the research, with service quality complaints being cited as the main driver at 64 per cent. This was followed by an increase in costs (54 per cent) and a shortage of skills (53 per cent). A lack of efficiency in offshored regions was also found to be a top reason, with this being cited by 37 per cent of financial services executives.
The benefits of onshoring were also highlighted in the study, with 44 per cent of financial services executives saying that moving their operations back to the UK has helped to increase service quality and 42 per cent saying that it has helped to increase customer responsiveness.
An increased focus on core business and innovation were also revealed to be top benefits of returning business activities to the UK, with these being cited by 41 per cent and 38 per cent respectively.
Following recent economic and political repercussions in the wake of Brexit, financial services companies in London are under increasing pressure to remain competitive by maximising performance and decreasing costs.
In light of this, Robert Half UK Director Matt Weston commented: “In order to achieve this and offer a premium service, many firms are bringing key business operations back to the UK and creating ‘centres of excellence’ by creating jobs and career development opportunities for local talent.”