June 15, 2018
A recent ManpowerGroup report found that hiring confidence in the UK's business and financial services sector sunk below zero for the first time in nearly a decade, suggesting job cuts may be on the way.
Automation bears much of the blame, according to James Hick, Managing Director for ManpowerGroup Enterprise. “Technological innovations mean banks are now more automated," Hick noted, "and we’ve already seen branch closures... which will cause significant job losses."
2018 is on track to be a downbeat year for hiring prospects generally in the UK, with ManpowerGroup's data showing that the net employment outlook for the third quarter this year dropped by two percentage points compared with data from this time last year. Hick said, “With the Brexit uncertainty, lower-than-expected economic growth and consumer confidence falling, it’s no surprise that hiring confidence is tapering off."
On the other hand: Nine out of ten UK employers are struggling to recruit skilled staff, per a separate survey by City & Guilds Group.