Marketing in Finance – UK Finance Labour Market Trends Report, September 2023
Marketing recruitment surges as Banks digitise
Key findings include:
- Marketing constituting an 8.7% share of all vacancies in banking, up from 8.2% last year;
- Product Management sees a 25.3% increase, making it the second largest role area;
- The North East has a 25.5% increase in marketing vacancies compared to 2022;
- Lloyds Banking Group are ones to watch, with a 51.3% year-on-year surge.
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Looking back to 2019, the last pre-pandemic year, we observe a staggering 25% increase in marketing vacancies in 2023, with marketing constituting an 8.7% share of all professional vacancies in the sector, surpassing the 8.2% share observed in 2022. What this means is, not just is there a growth in marketing, but it is growing faster than almost any other area. This is according to the latest UK Finance Labour Market Trends report by Morgan Mckinley and market data analysts Vacancysoft.
Kay Fleming – Manager – Morgan Mckinley – Comments:
“Looking ahead we suspect marketing to continue to be prioritised as a key area for firms. For financial services, there has been a notable pivot to online as investment firms seek to meet the needs of their customers for easy-to-use investment apps and online services.”
Product Management is gaining prominence with a forecasted 25.3% increase in vacancies, making it the second-largest category in 2023. This resurgence marks its strongest presence since 2021, constituting a share of 10.7% of total Marketing in Finance vacancies.
Communications roles are expected to account for the third-largest share, with 549 jobs, despite a -15.9% year-on-year change. The role is poised to attain its highest share in recent years, reaching 7.9%.
London has long been the epicentre of banking in the UK, with the majority of the opportunities there as a result, Hence when looking at marketing specifically, in the Jan/Aug period, London recorded a substantial 2,544 vacancies, dwarfing the next largest region at just 323. However, a notable shift is on the horizon, as 2023 is forecasted to see a significant -35.1% drop in marketing vacancies compared to the previous year.
The North East region is poised for remarkable growth, with a projected 25.5% increase in marketing vacancies compared to the previous year. Indeed in a broader examination of the North, we see an increase in the share of vacancies across the region, encompassing the North West, Yorkshire, and the North East, rising from 8.7% in 2021 to 9.8% in 2023.
James Chaplin – CEO – Vacancysoft – Comments:
“There has been a clear pivot from recruiting in London to the regions and Northern England has been the biggest beneficiary of this. Looking ahead, we expect this trend to continue.”
By organisation, Lloyds Banking Group emerges as the front-runner in 2023, with an estimated 342 marketing vacancies, marking an impressive 51.3% year-on-year surge. This bold expansion underscores the company’s commitment to marketing excellence.
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