Press Release: London Employment Monitor - August 2013

Hakan Enver 09.08.2013

“Monitoring the pulse of the City jobs market”
Job availability in the City shows negligible fall of 3.5% in August but signs of an imminent bounceback.
London Employment Monitor August13 highlights:

  • Financial services job opportunities decreased by 3.5% from July 13 to August 13
  • The number of job seekers entering the hiring market decreased by 25% month-on-month
  • The number of professionals actively seeking new jobs increased by 35% compared with the same time last year
  • There was an average 20% rise in salaries for those securing new positions in August

Negligible fall in employment opportunities in August 2013

The August 13 London Employment Monitor registered a negligible decrease in job availability of 3.5% from 7,056 vacancies in July 13 to 6,804 – a very slight drop on last month’s figures. 
Professionals looking for new positions numbered 5,816 in August 13 from 7,752 in July 13 – a 25% decrease. In comparison, the year on year figure for those actively seeking new career opportunities shows an increase of 35%.
Hakan Enver, Operations Director, Morgan McKinley Financial Services commented:

"As we anticipated last month, the slight fall in August is not unexpected given the holiday season and we are experiencing all the signs of a bounce back of activity in September. All the macroeconomic signs are pointing to this. The OECD has raised its UK growth forecast and last week’s Purchasing Managers’ Index (PMI) revealed that the UK’s services industry grew at the fastest rate since 2006. There was also good news from the manufacturing and construction sectors and I am cautiously optimistic that this increased confidence will feed through into hiring figures during the final quarter of the year.”
"As financial institutions gear up for growth, we expect to see increased hiring activity in a number of key areas.  Compliance is obviously still very high on the agenda particularly within the anti-money laundering and financial crime arenas, and there is also a marked increase in requirements for audit specialists in the market risk and quant space. Operational and financial change is also a key area and we expect to see a surge in demand for contractors in this space as we get closer to regulatory deadlines.   
"While the number of financial services professionals seeking new opportunities has decreased by 25% compared to last month, this can largely be attributed to seasonal factors. However the year-on year increase of 35% is indicative of an overall confidence from job seekers. I expect this to continue as we are already seeing increasing numbers of candidates beginning to explore their next career opportunity.”

Upward pressure on salary levels continues

The average salary for those securing new jobs in August 13 rose again by 20% compared to a 17% increase the previous month.
Hakan Enver continued:

“With the available bonus pool having reduced in recent years, we are seeing banks restructuring remuneration packages in order to ensure that they remain competitive when seeking to attract top talent.  This has consequently led to some marked increases in base salaries.”
Chart 1: Financial services jobs new to the market: August 2013

 Chart 1: Financial services jobs new to the market: August 2013

Chart 2: Job seekers available (both in and out of employment): August  2013

 Chart 2: Job seekers available (both in and out of employment): August  2013

Chart 3: Average change in salary each month

 Chart 3: Average change in salary each month

- ENDS -

Further press information:

Stephanie King, BlueSky PR
Tel: +44 (0)1582 790700

Notes to editors:

Statistical methodology

Monthly new jobs and new candidates

*From May 2013, the London Employment Monitor now uses Morgan McKinley’s own weekly records of new permanent and temporary job vacancies and new candidates registering with the firm for employment. Statistics for the full market are derived using Morgan McKinley’s market share.

About Morgan McKinley

Morgan McKinley is a global professional services recruiter connecting specialist talent with leading employers across multiple industries and disciplines.

With offices across Ireland, the UK, EMEA, Asia and Australia, the company’s professional recruitment expertise spans banking & financial services; commerce & industry and professional services. Morgan McKinley is a preferred supplier to many of the major employers in its specialist sectors and thousands of smaller local firms.

In 2013 Morgan McKinley was ranked 39th out of 100 in Recruiter magazine’s Hot 100, which ranks recruitment companies in the UK.

In 2013, Morgan McKinley was recognised in the Irish Independent’s listing of Best SME Workplaces in Ireland. We are also proud to be ranked in Deloitte’s Top 20 Best Managed Companies in Ireland for 2013

Mon, 09/09/2013 - 10:41

Hakan Enver's picture
Managing Director