Up to 265,000 new jobs could be created in the financial services sector by 2020

The financial services sector might create 265,000 more jobs across industries, including, and outside of, financial services, and lead to a GDP growth of 2-3 per cent in the UK by 2020, an analysis by the PwC revealed.

According to a report in the local media, PwC’s report takes into account two separate scenarios. In the first scenario, a robust regulatory regime helps FS sector growth with economic conditions which are also beneficial to the industry, leading to a more sustainable growth rate than it did before the 2007 crisis. In this scenario, a boost in this sector might lead to an increase in the Gross Domestic Product (GDP) of around 2 per cent to 3 per cent by 2020 if the contribution of the industry rises by £50bn, the analysis also found.

However, the second, more realistic scenario, sees the FS sector constrained by weaker economic conditions domestically and globally, as well as a regulatory environment which does less to help growth than specified in scenario one. In this scenario, the weaker contribution of the UK financial services industry to the wider economy could result in a much smaller GDP rise of 0.2 per cent and only an additional 12,000 jobs.

Regardless of the specific scenario taken into account, it’s quite clear that quite a large number of jobs will be created in this sector over the next 7 years and this is specifically where Time & Attendance UK can really put to work our extensive experience in designing and implementing complete smart card time and attendance systems that include European Working Time Directive checking and reporting, Access Control, Fire Roll Call, and also make good use of mobile and wireless technology so that your time and attendance information can be accessed from anywhere.

Smart card technology allows your employees to quickly clock in and out, with the time and attendance software accurately recording attendances. Plus, our all-in-one, Smart Card Time & Attendance recording workstation incorporates such features as job booking, job costing, labour hours analysis and security management.

Moreover, our specific position within this market segment, as well as proven experience in the field enables us to thoroughly customize our systems in order to meet all of your requirements, whether you’re an enterprise customer with multiple sites or a smaller business.

So, if you’re already planning to make an investment towards increasing your company’s overall productivity, please consider one of our Time and Attendance solutions and contact us for more information!