The coronavirus pandemic is forcing many employers to
suspend their hiring process and to even reduce the salary offered by 37%. New
data which has been recently released reports that the number of UK Finance professionals looking for
jobs has increased by 43% in the first quarter of the year.
The latest Morgan
McKinley London Employment monitor reveals that the financial industry in
the United Kingdom experienced a rapid slowdown in hiring in March. In January,
the number of available roles grew by 97%. However, this dropped by 38%,
month-on-month. This change is a result of two main factors: Brexit and the
current global crisis.
Thankfully, employers are working to ensure business
continuity and the safety of customers by introducing new measures. For instance,
they have enabled remote working. Additionally, a lot of banks, such as HSBC,
Barclays, Lloyds and Standard Chartered, have pledged not to cut any
jobs in 2020. This will reduce the financial troubles faced by their staff as
this pandemic is affecting the economy across the globe.
Moreover, in “a collective industry effort to avert the
potentially ‘dire circumstances’ the UK faced after its decision to exit the
European Union”, employers are honouring job offers made prior to the outbreak.
Nonetheless, it cannot be denied that the hiring
process has slowed down for most positions.
More
people are looking for jobs
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