Press Release: London Employment Monitor - December 2013

Hakan Enver 27.12.2013

“Monitoring the pulse of the City jobs market”
 
Job availability in the City up 51% year-on-year as 2013 drew to a close
 
Active jobseekers in the City up 45% year-on-year
 
London Employment Monitor December 2013 highlights:

  • Financial services job opportunities dropped 42% from November 2013 to December 2013.
  • The number of candidates actively seeking employment fell 51% between November 2013 and December 2013, however year-on-year growth remains very positive.
  • Salaries were up 27% on average for those securing new positions in December, pointing to an increase in senior level recruitment.

 Despite Christmas shutdown City employment market continues to move in positive direction
 
The December 2013 London Employment Monitor recorded a 42% decrease in City job availability – from 7,056 vacancies in November 2013 to 4,095 in December 2013.  Despite this, however, the year-on-year statistics paint a more positive picture, with new roles up by 51% compared to the same month in 2012.
 
Professionals actively searching for new career opportunities fell to 4,214 in December 2013, from 8,623 in November 2013, signifying a 51% month-on-month decrease.  Year-on-year data points to continued optimism amongst City job seekers, as the number of candidates pursuing new roles was up 45% on December 2012 figures.
 
Hakan Enver, Operations Director, Morgan McKinley Financial Services, commented:
 
“As we predicted in last month’s monitor, City recruitment is always faced with a number of challenges during December.  There are typically only three weeks of core business before organisations start to shut down for the Christmas break and few candidates are willing to move jobs in the run up to the holiday.  This December, the situation was further exacerbated by the fact that certain institutions were encouraging their contractor population to take extended days leave in order to maintain their cost base.  In addition, while some organisations had budgets signed off in December, many have waited until the New Year to release vacancies. 
 
“Despite these short-term issues, year-on-year the statistics for both hiring and active job seekers are still very encouraging, with levels up 51% and 45% respectively.  Moreover, historically we see a massive boost in City recruitment come January and 2014 looks to be no different. 
 
“Looking specifically at the types of placements being made in December, the volume came largely once again from governance related positions – which are plentiful given the on-going regulatory changes – as well as roles across support, finance, IT and change management. 
 
“Looking ahead into 2014, we predict continued optimism in the City.  With the EU also improving - in particular Ireland exiting the international bailout programme and returning back to the bond markets, and Greece taking better control of its finances and its economy stabilising – there is certain to be a positive knock-on effect on City employment.
 
“Without wanting to sound negative however, the one word of warning I would make in terms of 2014, is that the optimism could be short-lived if more banks continue to face hefty fines for various trading irregularities or misleading of clients.  Any fines will bite into their profit margins and ultimately this could have a negative impact on hiring.”
 
Salary average boosted by senior level hiring
 
The average salary increase for those securing new jobs in December 2013 was 27%, compared to 15% in November 2013.
 
Enver continued:
 
“One significant figure which stood out in December was the 27% increase in average salaries.  There were only two other occasions throughout 2013 when average salary increases exceeded 20% - January and August.  These shorter and often considered quieter trading months, point to more senior level, niche recruitment taking place.”
 
Chart 1: Financial Services jobs new to the market December 2013

 Chart 1: Financial Services jobs new to the market December 2013

Chart 2: Job seekers available both in and out of employment December 2013

Chart 2: Job seekers available both in and out of employment December 2013

Chart 3: Average change in salary each month December 13

 Chart 3: Average change in salary each month December 13

Further press information:
Stephanie King, BlueSky PR                                                                                      
Tel: +44 (0)1582 790700                                                                        
Email: stephanie@bluesky-pr.com                                                                 
 
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.
 
www.morganmckinley.co.uk

Mon, 27/01/2014 - 13:36

Hakan Enver's picture
Managing Director
henver@morganmckinley.com