Is Brexit taking its toll on the job market?

Is Brexit taking its toll on the job market?

September saw 19 percent fewer people looking for jobs month-on-month with Brexit cited as a main cause

Is Brexit taking its toll on the job market?

Despite a two percent drop overall in the number of jobs last month, technical accounting professionals are among the few that are high in demand.

According to professional services recruiter Morgan McKinley, September saw 19 percent fewer people seeking jobs. The research revealed a 35 percent decrease in professionals job searching year-on-year.

The month also saw two percent fewer jobs available. With September a traditionally busy month for hiring managers, Brexit is thought to be a culprit.

Morgan McKinley found that, in a survey of over 7,000 workers in May this year, 58 percent of respondents wanted a second referendum, nine percent were unsure, and a third remained against it. The uncertainty of Brexit is making people sit tight.

Citing the possibility that staff could be moved from the UK elsewhere in the EU after Brexit, Hakan Enver, managing director at Morgan McKinley said: “Very few people are going to be looking for new jobs if they think they may be having to file expensive visa applications six months down the road”.

The rising demand for technical accountants has been put down to changes in financial reporting standards, namely IFRS 9/15 as well as clients requesting tighter financial controls.

Enver added: “Institutions that are moving operations to Dublin and Frankfurt are hiring in spades for stakeholder relationship management, control budgeting, and forecasting.”

Banks, contrast, are said to struggling as Brexit looms because of mounting competition from innovative start-ups, giving anyone with applicable digital expertise the power when it comes to salary discussions.

The average salary change when an employee moved from one firm to another in September was 20 percent.

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