“Monitoring the pulse of the City jobs market”
Job availability in the City up 30% as business confidence rises
Active jobseekers in the City up 122% year-on-year
London Employment Monitor November 2013 highlights:
Rising year on year job availability
The November 2013 London Employment Monitor registered a marginal 2.6% decrease in job availability – from 7,245 vacancies in October 2013 to 7,056 in November 2013. Despite this slight decrease, roles are up by 30% when compared to the same time last year.
Professionals seeking new positions numbered 8,623 in November 2013 up from 9,326 in October 2013. Additionally the number of candidate’s actively seeking new career opportunities has increased by 122% since November 2012.
Hakan Enver, Operations Director, Morgan McKinley Financial Services, commented:
“Despite a slight pre-Christmas dip in job availability, which we predicted last month, year-on-year there has been terrific growth in City hiring levels. The month-on-month decrease we have seen is indicative of organisations waiting until the New Year to begin the hiring process, namely within infrastructure and support functions where we expect there to be an increase in hiring from January onwards.
“The year-on-year job growth (30%) can be attributed to increased business optimism within the financial services sector as the UK economy continues its recovery. A recent report from accounting firm, BDO, for example, has shown that October signalled ten consecutive months of growing business confidence.
And this positive sentiment doesn’t just end there. In the last week, the Autumn Statement revealed the upgraded forecast for 2014 of 2.4% growth in the economy, compared with March's 1.8% prediction.
“This mirrors exactly what many of our clients have been saying, predicting higher job volumes next year. The feeling is that recruiting levels will be far over and beyond just replacement hiring, which has been much of the norm this year.
“There continues to be exceptionally strong demand in specific areas within the financial services sector. Much of the volume continues to be on the contract and temporary side, in particular within IT, Strategy, Projects and Change and more recently Accounting and Finance. We are also seeing continued requirements for business critical roles within the regulatory sphere in direct response to requirements dictated by the UK regulatory body. Compliance in particular, has seen a drive in Regulatory Affairs based positions as well as KYC (Know Your Client) / Onboarding.
“Despite this demand, however, the challenge we are facing is sourcing candidates that are less willing to move jobs in the run up to Christmas. This trend is illustrated in the month-on-month reduction in jobs seekers entering the market during November. With the continued drive in confidence, this has filtered through to the expectations of finance professionals during the next bonus round paid in Q1 2014. Many prefer to hold on as they expect to see an improved bonus pool compared to the previous year.
Skills shortage boosting salaries
The average salary increase for those securing new jobs in November 13 was 15%. This suggests that as we head towards the end of the year, business critical hires are being signed off, which at the more senior level, has resulted in this slight increase in average change in salary when changing jobs.
Chart 1: Financial Services jobs new to the market: November 2013
Chart 2: Job seekers available (both in and out of employment): November 2013
Chart 3: Average change in salary each month
- ENDS –
Further press information:
Stephanie King, BlueSky PR
Tel: +44 (0)1582 790700
Notes to editors:
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
Fri, 13/12/2013 - 15:02