By Isabella Colletta
Applications to finance-specific jobs fell by 5.8% in August, a study by CV-Library, an independent UK job board, revealed this month. However, the number of jobs being advertised have increased by 2.8% month-on-month.
The research conducted by CV-Library analysed data from its site throughout August and compared findings with data from August 2019 and July 2020. The data aims to build an understanding of how the job market is currently fairing.
Job numbers are much lower than they were in 2019, the job board’s figures show, with finance roles dropping by 54.7% year-on-year. However, the amount of job applications submitted in August was 11% higher than in 2019, and the application to job ration has increased by 145.1% year-on-year.
In addition, data collected by CV-Library revealed that average salaries for new finance roles have risen by about 11.3% year-on-year, however month-on-month they have decreased by 0.5%.
CV-Library founder and CEO Lee Biggins said: “It’s surprising that applications have dropped so significantly; especially given that the government’s Job Retention Scheme is coming to an end in a matter of weeks now. However, it's important to remember that August is typically a slower month for hiring – even during a pandemic.
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“It’s vital that employers don’t lose faith in the job market. While applications have dropped on the previous month, businesses should continue with their hiring efforts throughout September, and we should see some improvement in the coming weeks.”