The employment figures released recently by the Office of National Statistics has raised concern with the Financial Services – particularly with regard with the high number of people dependent on part time jobs.
Edward Winterton, Bibby Financial Services recruitment finance specialist said:
“It’s concerning that the number of part-time workers in the UK has risen to 7.82 million, the highest figure since records began in 1992, making up more than a quarter of the total workforce. Despite the slight fall in overall unemployment, which has declined by 34,000 to reach 2.47 million, it is apparent that more and more people are being forced to take part-time jobs, rather than facing the prospect of having no job at all.
“The recent emergency Budget, which outlined significant cuts to the public sector, has had an effect on unemployment levels, increasing competition between candidates to land jobs and placing further pressure on recruitment agencies to place more people in fewer positions. There is now more than ever a need for growth within the private sector in order to increase hiring and counterbalance the job cuts happening in the public sector.
“The likelihood is that the situation will get worse before it gets betters as cuts happen progressively across the sectors. It is therefore vital that recruiters are confident in their financial management and are in a strong position to overcome any difficulties throughout the remainder of the year and into 2011.
“Alternative cash flow funding solutions, such as invoice finance, can enable recruitment firms to do this by providing an immediate injection of cash into the business against the value of outstanding customer invoices. This access to finance enables recruitment bosses to meet any unexpected demands that come their way and provide their business with the opportunity to move forward.”