Since the onset of Covid-19, the world has changed significantly.
The pandemic has caused devastation to the lives of the families it has touched, and the damage that it has created may take years to recover from.
But this is not the case across the board.
Despite the recent headlines tending to focus on the negatives caused by Covid-19, there are opportunities and positives to be seen, if you look for them.
While it is true that we can’t be sure of the extent of the changes the pandemic has caused, what we do know is that things will recover and that the recovery is already happening.
In the finance sector, there is hopeful optimism and reasons for this. The has been a recent ‘surge’ in business activity, and finance job vacancies are increasing month on month.
However, many of the candidates I have spoken to recently have mentioned their uncertainty over the future, and this has lead to career fears. Some people have put their job searches on hold; some are unsure if the career they had planned is even a reality anymore.
Looking at the positives in the financial sector, recent data on jobs and recruitment, and the general way the economy is recovering – there are lots to feel positive about.
1. Economic Progress
It was announced on August 12th 2020 that the UK was officially in recession for the first time in 11 years.
While this is a great attention-grabbing headline, the reality of what this means isn’t very dramatic at all.
The UK has fallen into a recession because, for the first time in history, the majority of the service industry and significant parts of other sectors were forcibly shut down to control the virus.
Yes, GDP has decreased, but this was always an inevitability after the unprecedented events.
On the same day that the recession was announced, the FTSE and the pound were barely affected, showing that all-important confidence in the recovery of the market remains high.
Russ Mould, investment director at AJ Bell, told iNews “Continuing hopes for a vaccine and the prospect of a big stimulus package in the US are enabling investors to look past the global coronavirus crisis to the sunny uplands of recovery.”
The economy is recovering, slowly but surely, and this is great news for UK businesses and finance roles within them.
2. Growth in a Variety Areas
The woes of specific industries throughout Covid, such as hospitality and some retail, have been widely publicised.
However, a cluster of businesses has done very well out of Covid. These are the ones who have adapted their business plan, diversified their products and approaches to their customer market, which has meant that they have prospered.
Many of my finance professional friends and peers are increasingly busy in the wake of Covid – it is becoming more apparent by the day that the devastation to jobs and industry that the media warned was going to happen has not materialised.
Some sectors have never been more prosperous, which is great news for finance professionals looking for a role within an industry that is currently enjoying massive growth.
Ecommerce, property and conveyancing, consumer goods and businesses with online capabilities such as home entertainment, have all benefitted from the pandemic.
Online sales grew by 76% in June – and while this was due to lockdown until there is a widely available vaccine, people are still choosing to shop from home rather than venture out.
I’m busy recruiting in my sector, and I know this is the case for many other recruiters. Let me share some positive facts about the growth in employment opportunities.
3. Recruitment Opportunities
On the jobs front, the Financial Times reported earlier this month that a record jump in job vacancies signals hope that the sector is recovering.
APSCo, the Association of Professional Staffing Companies also recently shared employment data up to August this year. The figures were promising, with growth reported in the number of vacancies, interviews and placements happening across the board.
Perhaps the most significant jump was in permanent placements, up 53% from the start of July to the end of the same month.
Ann Swain, CEO of APSCo, said: “As more of the UK aims to get back to work, it’s encouraging to see recruitment activity and placements continuing to grow month on month.”
An increase in job vacancies is an incredibly positive sign and one which should alleviate finance candidates’ career fears.
Yes, the pandemic has had a negative impact on 2020, but there are increasing opportunities available for finance candidates as we move into the business recovery stage.
Looking for your New Finance Role Now
If you were thinking of looking for a new finance role before the pandemic but have been thinking that now isn’t the ‘right’ time, I hope this article will have helped you to realise that the reality of the situation is very different from the sensationalist headlines.
About Rebus Financial Recruitment
Rebus Financial Recruitment provides a specialist and focused recruitment service to its customers, which historically range from a wide variety of organisations including SME’s to large PLCs.
We strive to offer both the client and candidate a seamless recruitment experience. Using our expertise, we get to the heart of employer and employee needs; and, in doing so, we match the two perfectly. To find out more, get in contact with one of our team today, or you can call us on 01282 930930.