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MORGAN McKINLEY LONDON EMPLOYMENT MONITOR February 11

MORGAN McKINLEY LONDON EMPLOYMENT MONITOR February 11
 
Monitoring the pulse of the City jobs market
 
Financial services hiring activity remains stable in February 11
 
Highlights
 
February 11 saw a 2% dip from January 11 in job opportunities registered across the financial services sector in London
 
At the same time, there was an 11% increase in the number of  job vacancies compared to February 10
The number of professionals starting their job search in February 11 remained stable, rising by only 0.1% on the January 11 figure
 
Compared to the same time last year, there was a 27% increase in professionals new to the jobs market in February 11
 
The average salary for those securing roles was an 8% increase on January 11
 
The time taken to fill new job roles in February 11 was on average 61 days four days less than the previous month
 
Month-on-month stability in the financial services jobs market
 
The February 11 London Employment Monitor shows financial services job opportunities remained at a relatively stable level with a 2% decrease month-on-month falling from 5,935 in January 11 to 5,796. Compared to the 5,245 jobs registered in February 10, this represented an increase of 11% in the volume of roles across the sector.
 
The number of professionals entering the City jobs market also remained stable with a 0.1% increase in those starting their job search from 11,060 in January 11 to 11,070 in February 11. However compared to the 8,740 new job seekers at the same time last year, there was a 27% increase in February 11.
 
Andrew Evans, Chief Operations Officer, Morgan McKinley Financial Services commented:
After a significant rise in financial services job opportunities in the first month of the year, February 11 saw hiring activity settle down with both job opportunities and the number of new professionals entering the jobs market remaining stable month-on-month.  
 
An upward trend in hiring activity in Q1 is typical, however looking at February 11 compared to a year ago, job opportunities rose by a healthy 11% and the number of available roles was the second highest in the past six months.  Compared to the outlook of two years ago a time when the Bank of England cut interest rates to a record low and economic output was at its lowest the volume of jobs in the London financial services sector increased by 84% a strong sign of market and UK economic recovery.
 
The plateau in hiring levels in February 11 is due partly to the significant increase in recruitment in January 11 compared to the previous month, resulting in HR and line managers taking a brief pause to review headcount and further hiring plans. In addition, February 11 has seen some uncertainty across the sector fuelled by international political instability and rising oil prices. February hiring is also traditionally impacted by bonus payments some professionals will choose to move on once their bonus is paid and managers will wait to see what this shift in staff numbers looks like before confirming additional headcount sign-off.
 
Salaries continue to fluctuate
 
The average salary for those securing roles in February 11 rose by 8% to 56,208 compared to the previous month and was a 12% increase on salary levels for those taking up new roles in February 10.
 
This month, the time taken to fill new job roles was 61 days down four days from January 11 and three days less than February 10.
 
Andrew Evans continued:
 
Salaries for new joiners across the financial services sector have fluctuated over the past year reflecting the continuing dialogue on remuneration in financial services. This month-on-month rise may not be indicative of any real trend, however its fair to say continuing market recovery is likely to push up salaries in specific areas functions and specialisms where demand is greatest. Plus, sustained pressure on financial services employers to review the structure of bonus payments may also be reflected in the average salary rise as managers look for ways to continue rewarding team and individual performance.

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