Londons financial services hiring market
Londons financial services hiring market shows general pattern of growth in 2009
November 09 financial services hiring levels remained relatively steady on the previous month, decreasing by 1%. Despite the slight dip, this is in line with the general pattern of growth see over the year
Compared to the same month the previous year (November 08), the number of new job vacancies in the month rose by 15%
November 09 is the first time in two years that there has been an increase in job volumes compared to the corresponding month of the previous year
The number of individuals looking for new career opportunities rose 7% in November 09 versus October 08 but there was no movement on the same month the previous year (-0.1%)
The time taken to find a new role increased by four days to 59 from the previous month (October 09)
The average salary in the City stayed relatively steady on the month with November 09 seeing a minimal rise of 0.3%.
Hiring levels in November 09 hold firm on the previous month
November 09 saw the number of new job vacancies coming on to Londons financial services market remain relatively steady compared to the previous month but showed a marked improvement on November 08 figures. New job opportunities declined by only 1% in November 09 with a total of 4,347 vacancies compared to 4,410 in October 09 and an increase from 3,780 in November 08. November 09 is also the first month in two years that there has been an increase in job vacancies compared to the same month the previous year, suggesting improving confidence levels amongst City institutions is reflected in the jobs market.
The number of financial services professionals looking for new jobs increased by 7% compared to last month (October 09) from 7,210 to 7,690, showing the fourth consecutive month of rises following the seasonal dip over the summer holiday period. While the average time taken to find a new role in November 09 increased by four days to 59, this figure remained below the year-to-date average of 64 days.
Andrew Evans, Managing Director of Morgan McKinleys financial services division comments: As expected, hiring activity in November remained consistent with the previous month. New vacancies were at their second highest level recorded this year, showing confidence in the financial services sector is filtering through to the jobs market. This confidence is also impacting the flow of candidates, with four months of rises recorded. Those financial services professionals in employment may now be more prepared to make the move to develop their careers after sitting tight to ride out the storm. Having said that, we are unlikely to see a great deal of movement before bonuses are confirmed in Q1 2010.
As we close the year, inevitably seasonal factors have an influence over both the number of new jobs available and the number of financial services professionals looking to move. However, November figures have held up well and not succumbed to the traditional end of year slowdown. The levels of hiring we are now seeing are still far removed from what they were two years ago, prior to the collapse of Lehman Brothers, and the Government bailout of RBS, Lloyds TSB and HBOS. Nevertheless as we look back over 2009 there has definitely been a slow but steady upward growth trend in recruitment activity. The next key indicator of how market confidence will impact hiring will be the mid-point of Q1 2010.
Average City salary
The average City salary rose slightly, up 0.31% from 51,350 (October 09) to 51,512 (November 09).