According to the UK’s largest specialist provider, the financial services sector of the UK has stepped up its demand for the non EU works due to the shortage of local talent.
Over the previous one year, there were around 6,843 applications for the job permits in the financial service sector when compared to 6270 in the previous year. An increase of 9.1% and the maximum level since earlier than the recession.
This comes at the time when the employers of the financial services has expressed deep concerns about how immigration limit on non EU employees, which was hit for the initial time in the month of June and July this year, is making it difficult to hire globally.
The report also pointed out the London as international financial centre depends on the foreign employees and that demand mainly for the contractors with niche skills and among boutique finance companies is growing.
According to the specialist provider, the amount financial services contractors earning over 750 pounds every day has got doubled in the previous year from 6.3% to 11.6%, as the demand for the contract skills in the financial institutions increases.
Other indicators pointed to increasing the demand for contractors in the financial services. Unemployment among the contractors in the financial services sector continues to drop. Around 96.4% are presently in job, which has increased from 93.2% in the second quarter of the year 2014. The lengths of the contracts are also rising. Around 5.8% of the contracts are for the period of three months or less, when compared to 8.8% in the same period previous year.