Morgan McKinley London Employment Monitor - September 2011
Financial services jobs market sees further decline of 6% in September 11
Highlights:
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The Morgan McKinley London Employment Monitor registered a 6% month-on-month decrease in job opportunities new to the financial services hiring market in September 11 compared to August 11
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Compared to the same month last year this was a 19% decrease in the number of new roles coming onto the market
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The number of professionals entering the financial services jobs market in September 11 dropped by 16% month-on-month
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This was a 21% fall in new professionals entering the market compared to September 10
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The time taken to fill roles rose by 5 days from August 11
- The average salary for those taking up new roles this month increased by 6% compared to last month.
Financial market uncertainty continues to impact City hiring
The London financial services hiring market saw a further decline in September 11. The number of newly available job roles fell from 4,095 to 3,843, a 6% drop from the previous month and a new low for the year. This was also a decline of 19% from the level of newly available jobs in September 10, which registered 4,725.
The number of professionals entering the jobs market in September 11 fell to 8,610 from 10,291 – a decrease of 16% month-on-month. Compared to September 10, which registered 10,850 professionals looking for new roles, this was a decrease of 21%.
Andrew Evans, Chief Operations Officer, Morgan McKinley Financial Services commented:
“Typically, September is the month when there is a resurgence in recruitment activity after hiring managers and job seekers return from summer holidays. However, the fall in job opportunities this month illustrates that the hiring market across the City is now impacted predominantly by continuing economic and financial issues both in the UK and globally.
“It is unsurprising to see that the number of job opportunities has declined further in September 11 compared to both August 11 and the same month last year. Anecdotal evidence from the financial institutions that we work with as well as the drop in number of professionals entering the hiring market underlines that the sentiment across London’s financial services sector remains extremely cautious. Our colleagues across Europe, the Middle East and Asia Pacific have also identified similar challenges which are affecting financial services hiring around the world.
“Looking ahead, anticipating when business performance will improve remains difficult. However, regulatory developments and further quantitative easing may have a positive impact on the hiring market. From a global perspective, finding a solution to the debt crisis in Greece and other Euro zone countries will go some way to providing a clearer picture of the immediate future for industries and economies across Europe and beyond.”
Hiring decisions slow while salaries remain buoyant
The time taken to fill roles slowed down in September 11, taking on average five extra days compared to August 11. Salaries for those taking up new positions rose by 6% to an average of £55,607 compared to remuneration for those starting new roles the previous month.
Andrew Evans continued:
“Financial institutions are being incredibly wary about taking on new headcount until year end at least. Naturally, hiring decisions will slow down as resourcing requirements and recruitment budgets are managed very carefully. Despite this, remuneration levels remain steady, which highlights the fact that hiring has not stopped altogether. There is still demand for certain job roles and functions, which is keeping average remuneration stable across the sector as organisations compete only to invest in the best talent.”
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
-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:
• 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)
• 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.