London isn’t the only place to pursue a career in finance — far from it! Manchester is the fastest growing major city outside of London and represents a wealth of opportunities for professionals looking for top finance jobs.
A recent report by The Centre for Cities placed Manchester as number one for growth and jobs across England and Wales, boasting 84% job growth and 149% population growth. It’s thought that the abundance of knowledge-based businesses are behind Manchester’s economic growth. Although its industry was built on textiles, Manchester has successfully diversified and now has a thriving technology and financial sector, as well as playing home to Google, Kellogg’s and Siemens.
Whether you want to relocate, hope to secure better job opportunities or are planning to start a career in finance, here are some of the benefits you can expect to see when you live and work in Manchester.
The benefits of a finance job in Manchester
1. Less competition for top finance roles
An economic overview from Manchester council showed that, as of December 2017, professionals, managers and directors were the roles most commonly left vacant within businesses. A qualified or experienced professional looking for a finance job in Manchester may be able to negotiate a higher salary and could enjoy less competition for choice roles.
2. Excellent staff on-boarding programmes
According to research collected for the Robert Half Salary Guide 2018, 73% of companies in the North of the UK believe they have a strong staff on-boarding program, putting them in-line with London. Of all UK regions, companies in the North are able to on-board the fastest, with employees reaching proficiency after just three month’s employment.
3. Temporary and contract finance opportunities are growing
It’s not just permanent finance professionals that can enjoy the benefits of working in Manchester. The temporary and interim hiring market is also looking good. Research by Robert Half shows that 30% of businesses in the North have already allocated budget for temporary hiring this year.
4. Economic growth fuels demand for finance professionals
Manchester currently has 1.3 million people in employment and has a predicted annual economic growth of 2.4% and employment growth of 1.2% until 2020. With growth that large comes a wealth of new opportunity for finance professionals, both for graduates and those who are more experienced. With a talent shortage already gripping the finance industry, healthy periods of growth mean ample opportunity for those with the right qualifications.
5. High chance of job satisfaction
Research by Robert Half shows that companies in Manchester have some of the lowest voluntary employee turnover rates in the UK at just 9.33%, compared to London (16.59%) and Scotland (14.94%). It suggests that employees in this particular region are more satisfied at work than anywhere else in the UK—an excellent foundation for a career in finance!
6. The largest FPBS industry outside of London
Manchester’s finance, professional and business services sector has doubled in the last 10 years, and now employs 20,000 in the district of Spinningfields alone. It is one of the fastest growing sectors in Manchester, and provides a fast-paced, up-and-coming environment for aspirational professionals to carve out a career.
Contact the Robert Half Manchester team for more information on the benefits of working in Manchester and tips on how to build your finance career.