Despite skills shortage concerns, the finance and insurance sector is set for a hiring surge, with new research revealing the industry has seen one of the largest growths in graduate recruitment.¹
The experts at money.co.uk business loans have analysed data to reveal which sectors have experienced the largest increase in graduate recruitment and provide tips on attracting new talent.
The UK industries with the biggest increase in graduates:
| Rank | Industry | 2020/2021 academic year | 2021/2022 academic year | Percent change |
| 1 | Electricity, gas, steam and air conditioning supply | 1,080 | 1,345 | 24.5% |
| 2 | Transportation and storage | 3,410 | 3,910 | 14.7% |
| 3 | Financial and insurance activities | 9,950 | 11,295 | 13.5% |
| 4 | Water supply, sewerage, waste management and remediation activities | 845 | 955 | 13.0% |
| 5 | Other service activities | 3,890 | 4,285 | 10.2% |
| 6 | Mining and quarrying | 650 | 710 | 9.2% |
| 7 | Arts, entertainment and recreation | 9,125 | 9,900 | 8.5% |
| 8 | Human health and social work activities | 52,100 | 56,410 | 8.3% |
| 9 | Public administration and defence; compulsory social security | 16,915 | 18,070 | 6.8% |
| 10 | Accommodation and food service activities | 10,255 | 10,905 | 6.3% |
Financial and insurance activities
Financial and insurance activities have also seen a substantial growth in graduate numbers, up by 13.5%. The sector also attracts people from diverse academic backgrounds, such as economics, mathematics, and engineering, reducing the risk of a skills shortage.
Kyle Eaton, money.co.uk business loans expert, offers his tips on how companies can prevent a skills gap with recruiting and training efforts:
- “Build a strong brand as an employer: Attracting top talent begins with establishing a reputation as a great place to work. This involves promoting company culture, values, and career development opportunities through various channels such as social media, job fairs, and industry events.
- “Develop apprenticeship and internship programs: Partner with educational institutions to create apprenticeship and internship programmes. These programmes help identify and nurture talent early, providing hands-on experience and a pipeline of skilled workers.
- “Enhance your onboarding process: Effective onboarding is crucial for integrating new hires quickly and effectively. A structured onboarding programme should include training on company policies, culture, and job-specific skills. Providing a mentor can also help new employees settle in faster.
“Investing in additional recruitment or staff training to address and prevent skills gaps may require businesses to explore financing options, such as responsible lending through a business loan. For example, these funds could be directed towards developing tailored training programs or enhancing recruitment processes.
“While a loan does not guarantee success in these areas, it offers the financial flexibility needed to invest in initiatives that could give a competitive edge in the marketplace. Integrating these strategic investments into a broader business strategy can help firms not only survive but thrive in competitive sectors.”
