Employment in the financial sector of economy: features and trends

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The significant transformation of employment in terms of its quantitative and qualitative characteristics is a hallmark of the current labor market. Some labor market segments differ in the market condition, growth rates, and the mechanisms of adaptation to change. This article aims at analyzing employment trends in the domestic financial sector in the context of global labor market trends. The research is based on methodological approaches to the employment study of the International Labor Organization and the information of the State Statistics Service of Ukraine. The study found out that in the pre-crisis period, employment in financial activities increased at a faster rate than other types of economic activity. However, after 2008, the trend has reversed. The concentration ratio of employees of the financial and insurance activities in the capital and in economically developed regions is moderate and steadily increasing. A decrease in the intensity of vocational training and advanced training is the negative aspect of the crisis processes in the Ukrainian financial sector.

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    • Figure 1. Trends in the number of people employed in the financial sector and economy of Ukraine** in 2010–2018, ths
    • Figure 2. Basic rate of decrease in the number of employed by types of economic activity in 2018, %
    • Figure 3. Personnel training and upgrading in Financial Activity* in 2006–2012 according to KVED-2005, ths people
    • Table 1. Quantitative employment characteristics of Financial and Insurance Activities in 2013–2018
    • Table 2. Employee turnover in Financial and Insurance Activities in 2013–2018 (as of the year-end)
    • Table 3. Number and structure of payroll employees in Financial and Insurance Activities (by regions for the period 2013–2017)
    • Table 4. TOP-5 Ukraine’s regions by the share of the number of employees in Financial and Insurance Activities for 2013–2017
    • Table 5. Characteristics of employee concentration in Financial and Insurance Activities by region for 2013–2018
    • Table 6. Characteristics of vocational and advanced training of employees in Financial and Insurance Activities* in 2013–2014