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Immigration changes could have negative impact on growing fintech market

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Morgan McKinley has emphasised that the sector, which includes many startup and growing businesses as well as established banks and financial services firms, was “looking for talent” not just in the UK but worldwide. This could be at risk if there is any tightening of immigration law after the election.

“More than any other are of the finance sector, fintech requires global hiring,” said Hakan Enver, operations director at Morgan McKinley Financial Services. “Immigration is becoming a theme in the UK election and any regulatory tightening could have a negative effect on the fintech sector and is a cause for concern to companies in London. There is a continual need to source talent from international markets, simply because demand outweighs supply.”

It came as Morgan McKinley said the employment market in London was “robust”, with financial professional job opportunities up by 19 per cent in the second quarter of the year.

Despite this, employees seemed reluctant to look for a new job with a 1 per cent fall in those looking to move on. Indeed, year-on-year figures showed that those seeking new roles was down by 4 per cent.

“With the double-digit increase in job openings month-on-month, we expect this to be the start of a positive trend that will continue through to April and May,” said Enver. “This should make the second quarter of 2015 a particularly good environment for those seeking new opportunities, mostly as the rate of growth in job availability is currently outpacing those pursuing new employment.”

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Enver said the flat number of professionals looking for new jobs was “seasonal and partly because of bonuses being paid out in March”. Enver added: “We expect that figure to increase in April as employees start looking for new positions. Despite contrary belief that the market is slowing down pre-election, general job availability is actually very good and people are much more confident in searching for new employment prospects.”

The group also found that pay was on the up with those securing new roles able to earn, on average, 18 per cent more on their base salary by moving from one organisation to another.

Image: Shutterstock

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