eFinancialCareers Releases Financial Services Tech Job Repor
Demand for Technologists Increasing, London Remains Stable Barometer
CENTENNIAL, Colorado, Sept. 9, 2020 /PRNewswire/ -- DHI Group, Inc. (NYSE: DHX) announced today that eFinancialCareers, the trusted specialist financial services platform, has released The Financial Services Tech Job Report as it celebrates its 20-year anniversary. The report analyses tech job postings from the first seven months of 2020 for three global financial markets: United Kingdom, Singapore and United States. eFinancialCareers is proud to lead the finance-tech recruitment space by partnering with the world's most respected financial organisations to provide unique industry insights and efficiently place best-in-class professionals.
Financial services tech hiring was trending positively across the UK, Singapore and the US in January and February of 2020, compared to 2019. The pandemic put an abrupt end to this momentum as office closures in Singapore, the UK and US during February and March led to negative trends in each market, specifically:
- UK job postings are down 12% year-over-year, though job posting volumes have gradually increased from April to July, consistent with the UK's approach to reopening.
- Singapore job postings are down 11% year-over-year, though volumes between June and July show growth as a result of the city state's emerging from its 'circuit breaker' lockdown.
- While the US tech job posting volume within the financial services industry was relatively flat year-over-year (-5%), the country managed to gradually close the gap between monthly job posting levels in 2020 and 2019.
- For more US-specific data: Competition Intensifies for Tech Talent in US Financial Services Market
London's Stability Illustrated by Ongoing Demand for Roles & Flat Decline
The UK's stability is best represented by London, which was virtually flat (-2%) in 2020 compared to 2019. London showed impressive stability in uncertain times while also posting over 57% of overall tech job postings from financial services organisations.
The ongoing strong demand for technologists in London comes despite suggestions that banks would recruit more heavily outside the city to cut costs.
UK City by 2020 Job Posting Volume
Desired Occupations & Skills Speak to Upcoming Competition for Talent
In the UK, the overall top occupations include software engineer, data analyst, business analyst and project manager, a possible indicator that firms are refocusing efforts on new projects to capitalise on the market and address shifting industry needs.
"Among financial institutions in the U.K., some of the fastest growing skills are related to development, data, security and infrastructure. Employers don't appear to be in a defensive mode; they're actively courting technologists to innovate ahead their competitors. While mainstream skills are still top of mind, an increase in artificial intelligence and cloud technologies will likely further encourage an increase in competition for highly skilled technologists," shared Art Zeile, CEO of DHI Group, parent company of eFinancialCareers.
The fastest growing occupation was security management specialist, reflecting the growing emphasis on data security and fraud. Software engineer was the number one ranked occupation for volume and also registered year-over-year growth of 8%.
UK Occupations by Job Posting Growth
Security Management Specialist
Information Security Engineer
UK Skills by Job Posting Growth
Top Financial Giants Ranked by Job Posting Volume
The UK's top hiring financial institutions include giants in the industry: JPMorgan Chase, Citi, HSBC, Barclays and RBS. Deutsche Bank and Bloomberg both showed significant ranking increases from 2019 to 2020; Deutsche Bank improved its rank by 10, Bloomberg improved by eight spots.
UK Employer by 2020 Job Posting Volume
Change in Rank
Royal Bank of Scotland
Lloyds Banking Group
eFinancialCareers' Financial Services Tech Job Report focuses on the tech hiring activity within the financial services industry and reviews tech job posting volumes from the US, UK and Singapore (via Burning Glass Technologies). To add clarity, insurance organisations and professional services organisations such as the "Big 4" were removed. The data covers two primary datasets:
- Comparisons between January 1st – July 31st of 2020 and 2019 in the US, UK and Singapore
- Deep dives into the fastest growing locations, employers, occupations, and skills
Download The eFinancialCareers' Financial Services Report
eFinancialCareers, a DHI Group, Inc. brand, is the world's leading financial services careers website, and the place to go for financial careers and talent. eFinancialCareers provides finance and tech professionals with the latest job opportunities, career information and invaluable industry insights they need to maximise their potential. The site connects them to roles within many of the world's most respected financial organisations. Through its recruitment solutions, eFinancialCareers provides financial services recruiters a vital competitive edge by enabling them to source the highly qualified professionals they need to achieve their strategic ambitions - quickly and efficiently. eFinancialCareers offers local websites in 19 markets across North America, Europe, Asia-Pacific, and the financial centres of the Middle East.
About DHI Group, Inc.
DHI Group, Inc (NYSE: DHX) is a provider of software products, online tools and services to deliver career marketplaces to candidates and employers globally. DHI's three brands—Dice, ClearanceJobs and eFinancialCareers— enable recruiters and hiring managers to efficiently search, match and connect with highly skilled technologists in specialised fields, particularly technology, those with active government security clearances and in financial services. Professionals find ideal employment opportunities, relevant job advice and personalised data to best manage their whole technologist life. For nearly 30 years, we have leveraged the latest technology to foster career connections in multiple markets including North America, Europe, the Middle East and the Asia Pacific region. Find out more at www.dhigroupinc.com.
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