The Morgan McKinley London Employment Monitor has shown an increase in professional job opportunities across the London financial services sector in April 12.
Job vacancies rose by 19%.
Morgan McKinley London Employment Monitor
“Monitoring the pulse of the City jobs market for eight years”
April 12 sees highest number of financial services job availability in six months
London Employment Monitor April 12 Highlights
Job availability rises
The Morgan McKinley London Employment Monitor has shown an increase in professional job opportunities across the London financial services sector in April 12. Job vacancies rose by 19% month-on-month from 2,797 to 3,339. Compared to the same time last year, this was a decrease of 48% falling from 6,426 jobs in April 11.
The number of professionals new to the financial services jobs market in April 12 rose by 10% from 4,965 to 5,440. However this was significantly lower (50%) than April 11 which registered 10,910 financial services professionals starting their job search.
Andrew Evans, Chief Operations Officer, Morgan McKinley commented:
“To see the highest number of new jobs available since October 11 is of course a positive sign. However in current fluctuating market conditions positive indicators like this don’t necessarily mean an end to a volatile hiring market. Although we haven’t seen this for a while, an increase in the Spring months forms part of a fairly typical pattern in the traditional recruitment cycle. However, despite this 19% monthly rise in new vacancies, the key difference at the moment is that the overall level of job availability is significantly lower than previous years. For example, compared to April 11 the volume of roles released in April 12 was down by 48%.
“The relatively recent period of stability in the financial markets over the last few weeks has likely contributed to employers feeling more confident to release business critical roles to the market. However there is still potential for increased instability once again judging by current issues in the Eurozone arising as investors digest results of the elections in France and Greece.
“Employers continue to hire where there is a strong need for talent: risk, compliance, regulatory and change management roles are all areas of the market where we continue to see consistent levels of recruitment activity. Q1 performance analysis in financial institutions may also have provided some clarity on the need for business critical hiring and resourcing requirements for teams that performed relatively well.”
The time taken in April 12 for professionals to be placed into new roles was 47 days, down 20 days compared to March 12. The average salary of those placed into new roles over this month rose by 2% to reach £51,347 compared to the average for professionals securing new jobs in March 12.
Andrew Evans continued, “There is a slight feeling of improved sentiment across the market and anecdotally employers are currently more positive about further pick up in job availability in the second half of this year. The pace at which the recruitment process moves is also faster than it was earlier this year. There is however less movement in the candidate market than we would normally expect at this time for a variety of reasons. Most notably changes to the structure of bonuses have meant that there is less incentive to move roles.
“Having said that, the 10% increase in financial services job seekers entering the hiring market does echo the improved sentiment from hiring managers from a monthly perspective, but conversely highlights a much lower level of job hunting activity compared to last year. This suggests that professionals are taking a longer term approach to seeking new roles.
“Looking at the first four months of the year, and referring back to Mervyn King’s comments several months ago, the recruitment market is likely to be a bumpy road ahead. By the end of the year we may be able to point to a pattern of gradual improvement, but this is unlikely to come without further undulations in recruitment activity.”
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Notes to editors:
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.
Chart 3 shows the percentage change in job availability from one month compared to the same month in the previous year.
Chart 4 illustrates the average percentage change between original salary and new salary offer for professionals securing new roles each month.
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