How are vacancies faring amidst the challenging times in the economic landscape in England and Wales? What are the leading financial sectors and roles? Which regions have the highest activity, and which are the firms leading hiring?
Written in partnership with Morgan McKinley, this report analyses the recruitment of professionals within different sectors in the UK. It observes the trends of the annual and monthly total, compares the skills in demand, a regional breakdown of recruitment, and the hiring activity of top firms.
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UK’s Finance Labour Market in 2022,
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The deceleration of tech-centric sectors in London during 2023 mirrors the broader downturn experienced across the UK, with IT vacancies plummeting by 50.5% in the capital compared to 36.3% regionally. Hence the fact that demand for IT professionals has fallen 42.8% compared to the peaks seen in 2022, is a temporary blip.
At a time when the sector has been depressed by the cyclical downturn due to quantitative tightening, this has led to a drop of 34.8% in London and 19.4% regionally. Within law firms, real estate remains the top skill in demand, although its market share has slipped from 22% in 2022 to 18% in 2023. This is partly due to a hefty 37% fall in vacancies in this area in 2023 as the commercial property sector has slowed down.
The cyclical nature of Financial Services has meant that as interest rates rose, and the economy appeared on the edge of recession, recruitment slowed down significantly. All this has led to professional vacancies falling in 2023, with a 34% year-on-year decrease from 2022.