Having recently attended the Fiscal Forum Panel Review, the word naturally on everyone’s lips was Brexit. While there are many unknowns at the moment, what’s equally clear is that Jersey has a unique set of circumstances that could be used to our advantage.
Although our Island’s economic forecast is uncertain and we are obviously impacted by the UK’s decision to vote to leave the EU, it’s important to focus on the fact that Jersey’s job market remains stable even following the result of the referendum.
There are still plenty of opportunities out there for jobseekers and companies alike, with 2016 seeing an increase of new vacancies by approximately 50%, including a 20% uplift in comparison with the same period before June’s referendum. This shows that the job market is indeed buoyant in Jersey and that employers remain confident despite the Brexit uncertainty. This market resilience is something we’ve seen reflected in our current figures. We’ve seen a rise in the number of permanent roles, with 413 jobs currently available, from junior through to senior Director level, across a wide range of industries:
Graduate/school leavers – 28%
Funds – 25%
Company/Trust – 18%
Compliance/Risk – 7%
Business Analyst – 2%
Other (HR/IT/Legal) – 20%
The high number of permanent jobs in funds, trust, compliance and risk demonstrates the healthy state of recruitment as a whole, but especially for the finance industry – one of the Island’s main job providers. With employers investing more and more in training and study support, there are a number of excellent career options available to Islanders looking to begin a career in finance. This is a positive sign for things to come, especially for school leavers, graduates and those thinking of a career change.
Although employer confidence has remained, we have seen a 10% drop in the number of new jobseekers registering in comparison to 2015. This doesn’t necessarily have direct correlation with the current political situation – fluctuations do happen – but the lack of clarity may make some people think twice about applying for a new job. It’s therefore really important for us to highlight the positive trends we’ve seen in the Jersey recruitment market and assure potential jobseekers that employers are certainly still hiring and there are a number of excellent career opportunities to consider.
The knowledge alone that the market is healthy post-referendum could actually provide individual jobseekers with a distinct advantage. As demand for great candidates currently outweighs supply, now may be the perfect time to get ahead of the game with your job search. Research from the Bank of England revealed that two thirds of firms in the UK are continuing their hiring plans as normal despite Brexit and we’re seeing a similar trend in Jersey as things return to the norm. Autumn is also considered peak season for hiring and is a great time to be applying for new positions.
It remains to be seen what the full impact of Brexit will be for the Island’s job market. In the meantime, it’s encouraging to see a sustained level of confidence in Jersey at the moment and we hope to see it continue!