The financial services sector has shown signs of recovery in early 2024 after a challenging previous year.
- New research from the Association of Professional Staffing Companies (APSCo) highlights the industry’s uphill battle throughout 2023.
- There was a notable 38% drop in available jobs in the sector over the past year, largely due to regulatory challenges.
- January 2024 showed a promising start with a 7% increase in job listings compared to late 2023.
- Applications for financial services roles have surged, with rising salaries indicating competition for talent.
The financial services sector, after a tumultuous year marked by hiring difficulties, is displaying encouraging signs of recovery as 2024 begins. As detailed in a recent report by the Association of Professional Staffing Companies (APSCo), the industry faced substantial setbacks throughout 2023 due to significant regulatory changes that affected hiring activities.
In 2023, the sector experienced a significant downturn, with the number of jobs declining by 38%. This decline was particularly pronounced in the second half of the year, as organisations navigated complex regulatory landscapes, resulting in reduced hiring for permanent and contract positions.
However, the dawn of 2024 has seen a positive shift. January data indicated a 7% rise in new job listings compared to November of the previous year. This uptick suggests an initial recovery phase for the financial services market, fostering optimism for future growth.
Alongside the rise in job listings, there has been an increase in applications for financial roles. This trend reflects a competitive landscape where companies are enhancing salary packages to attract the required talent, addressing the ongoing skills shortage in the sector.”The financial services sector has faced some notable challenges over the past 12 months with major regulatory overhauls impacting many organisations’ hiring activities,” commented Ann Swain, Global CEO of APSCo. She expressed cautious optimism about the sector’s prospects as 2024 unfolds, highlighting the potential for evolution in market dynamics.
The recent data underscores a cautious yet promising beginning for the financial sector in 2024, with increased job opportunities and heightened employer efforts to secure top talent. The evolving regulatory environment continues to pose challenges, but early signs of a rebound are evident.
Despite ongoing challenges, the financial services sector is showing early signs of recovery as 2024 progresses.
