Morgan McKinley London Employment Monitor - October 2011. Now with video commentary.
October 11 sees first rise in London financial services jobs for four months
Highlights:
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The Morgan McKinley London Employment Monitor registered a 0.4% increase in available jobs across London’s financial services sector in October 11 compared to September 11
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This represented a decrease of 22% from the same month last year
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The number of professionals entering the London financial services jobs market rose by 9% month-on-month in October 11
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Compared to October 10, this was an increase of 4% on the number of professionals looking for new roles
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The average salary for those taking up new positions in October 11 fell by 5% from September 11 to £52,601
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The time taken to fill new job roles decreased by 10 days to reach 53 days.
Financial services recruitment stabilises
The London financial services sector saw its first monthly increase in available job opportunities for four months in October 11. The number of roles rose by 0.4% from 3,843 to 3,859 month-on-month. Compared to the same month last year which registered 4,977 jobs coming onto the hiring market, this was a decrease of 22%.
The number of professionals looking for roles across financial services in London went up by 9% from 8,610 in September 11 to 9,427 in October 11. This was also a 4% rise from October 10 which registered 9,100 professionals new to the hiring market.
Andrew Evans, Chief Operations Officer, Morgan McKinley Financial Services commented:
“Although very modest, we have seen a slight month-on-month increase in the number of available jobs in the financial services hiring market across London in October 11. This reflects the continuation of the economic conditions around the world seen in September 11. Poorly performing financial markets, a relatively unchanged economic climate and no significant developments on the Greek debt crisis until the very end of the month all contributed to business confidence and sentiment in the hiring market remaining similar month-on-month.
“It is encouraging to see this slight increase in available roles in October 11 after four consecutive months of declining job availability across the sector. However, as this was only a nominal increase we remain extremely cautious about the outlook for hiring over the remainder of the quarter. Compared to this time last year, job availability is relatively limited, with 22% fewer roles coming on to the market than in October 10.
“October 11 also saw continued publicity of planned headcount reductions within the sector. Whilst the 9% increase in professionals entering the jobs market may be enhanced by recent redundancies, it also reflects the uncertainty hanging over the hiring market encouraging individuals to examine their options before the traditional slowdown in hiring that comes towards the end of the year.”
Hiring market shows sensitivity to change
The time taken to fill new roles in financial services dropped by 10 days in October 11, compared to the 63 days taken in September 11. The average salary for those starting new positions fell by 5% month-on-month to £52,601 – not a significant decrease as this was a similar level to both June 11 and August 11.
Andrew Evans continued:
“The increased pace with which professionals have recently secured new roles indicates that hiring activity in September 11 was affected by the slowdown from the summer holiday period. October 11 has seen a return to a more ‘normal’ pattern of recruitment activity, albeit at still very subdued levels.
“Looking ahead, November is likely to be fairly similar in some respects as the market conditions impacting hiring in September 11 and October 11 look set to continue. However it’s possible we may see more volatility as we progress towards a resolution of eurozone debt issues as well as entering the festive season. This could result in the hiring market moving very quickly in either direction. As we have noted in the past, financial services recruitment activity can change rapidly in response to shifts in market conditions and sentiment amongst employers and candidates. An illustration of this is the spike in hiring activity following the European bailout announcement which had a significant but short term positive effect on the hiring market.”
Chart 1: Financial services jobs new to the market
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Chart 2: Candidates available (both in and out of employment)
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Chart 3: Average salaries for new candidate placements
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-ENDS-
Further press information:
Alexandra Fleming
Tel: +44 (0) 207 092 0053
Email: afleming@morganmckinley.com
Alternatively, please contact the Press Office on +44(0)207 092 0260.
Note to editors:
Statistical methodology
Salaries
Annual salaries are based on confirmed placements by Morgan McKinley in a particular month. Salaries are segregated into three pay groups:
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Support and administration: Secretaries, receptionists, statistical assistants, administrative clerks, settlement clerks, fund administration, trade support, graduates, client services (salaries ranging from £20,000-£34,000)
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Middle market professionals: HR officers, junior analysts, project managers, financial controllers, product controllers, portfolio analysts, business analysts (salaries ranging from £34,001-£60,000)
- Directors and senior professionals: Corporate finance, bankers, fund managers, senior analysts (salaries ranging from £60,001+)
Monthly new jobs and new candidates
These are based on Morgan McKinley’s own weekly records of new permanent job vacancies and new candidates registering with the firm for permanent employment. Statistics for the full market are derived using Morgan McKinley’s market share.
About Morgan McKinley
Morgan McKinley is a global professional recruitment consultancy connecting specialist talent with leading employers across multiple industries and disciplines.
With 24 offices across the UK, Europe, the Middle East and Asia-Pacific, its professional recruitment expertise spans across Banking & Financial Services, Commerce & Industry and Professional Services. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors, as well as thousands of smaller local employers.
Morgan McKinley is a fully owned subsidiary of Premier Group which was recently named in the 50 Best Small and Medium Workplaces in Europe by the Great Places to Work Institute.