For those of us in the world of contracting, there really is only one big story at the moment – other than Brexit of course – and that it is the potential roll out of the intermediaries legislation to the private sector. To date, contractors have made up a significant portion of the workforce at larger financial services organisations. According to Contractor Calculator, they estimate there are approximately 300,000 PSCs operating in the UK.
2019 was a turbulent year for businesses, with hiring across many industries suffering at the hands of Brexit. Despite all the political and economic turbulence, some professions – Tax, Public Practice, Risk, Investment Management and Legal – remained largely resilient, with vacancy numbers and salaries relatively similar to previous years.
Banks increased their recruitment of temporary Accounting & Finance professionals across both Regulatory Reporting and Product Control as the summer hiring lull ended. A number of external factors have played a key role so far this year, not least Brexit uncertainty and the impact of IR35 on longer term contract opportunities.
The Hiring Plans of Finance Professionals in the UK Banking Sector Held up in 2018 Despite Brexit Unpredictability
Brexit looms large over all aspects of the UK’s banking sector, including hiring plans. Continued uncertainty about what direction the UK/EU divorce proceedings will go (if they go at all) has organisations on edge, but that didn’t stop them from hiring last year, research shows. Retaining existing top-notch talent was a priority, but attracting new, highly skilled professionals was also a common goal, with UK banks topping the hiring charts.
Financial-technology development is full of promise but is lacking one thing: talent, especially female talent. Few young women are jumping on the fintech bandwagon as a career option. There are many reasons for this reluctance, from stereotyping in elementary school to viewing a tech career as “too male”, but efforts are underway to change this attitude and bring gender diversity to one of today’s most pivotal fields of influence.