Now that all restrictions are lifted – a month earlier than planned – we can see if Boris’s bold announcement to the world that Britain is firmly over the pandemic hill has proven worthy as a catalyst to get the economy moving.
If hiring trends are anything to go by then we certainly are back in business – and have been for some time. In fact, 2021 was 114% up on 2020 job vacancy levels – that’s a 69% increase on a three-year average. January has remained true to that trend – with early signs illustrating this could be another record-breaking year.
Whilst London has grown in share of total hiring – now representing 44% of all job vacancies - the real jewel in the crown is The North, where the North West (+113%), North East (+128%), and Yorkshire (+126%) have all recorded record job vacancies as most firms removed geographical barriers amidst the tightest labour market seen in over 20 years.
Data reveals that the number of CFO’s living in The North increased by 11.1% - double what was recorded in London at 5.1%. Similar to the capital, Birmingham experienced a migration of finance talent out of the city to neighbouring areas such as Coventry and Nottingham.
Premiums do remain intact when working for a London-based business, however the rise in location agnostic hires has resulted in incremental salary increases across the whole of the UK.
Pre-pandemic Chief Execs would want their CFO to be based in the HQ with them at least four days a week, now it doesn’t matter if a CEO see’s their no.2 less than once a fortnight!
The primary challenge for businesses is that every sector – regardless of recovery stage - is now looking to recruit the same kind of talent. At the height of the pandemic businesses shed a layer of skin, with CFO’s now looking to replace that layer and bring that support back tenfold in the way of financial planners & analysts, governance & control experts, and specialists within commercial finance.
Attraction will all boil down to what a company has to offer – with the primary offering being:
|East of England||+3%|
Back-to-back lockdowns has seen spending at an all time low, and in-spite of the rising cost of living, the pandemic bought the UK’s net household debt down.
With that, and the lifting of all restrictions, analysts are predicting an explosion of consumer spending in the next 12 months and whilst there will no doubt be headwinds, the consumer goods & services industry will carry the economy once again.
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