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Monitoring the pulse of the City jobs market
April 11 sees financial services job opportunities remain level despite holiday period


The London Employment Monitor showed that new job opportunities in financial services remained at the same level month-on-month in April 11
This was however a 15% increase on the number of jobs available in April 10
The number of new professionals entering the jobs market in April 11 fell by 17%
Compared to the same time last year, this was a decrease of 8%
The average salary for those securing jobs in April 11 was 52,228 4% lower than salaries for those finding new roles in March 11
The time taken to fill financial services roles was 60 days, up from 51 days in March 11.

Financial services jobs market continues to hold up
The April 11 London Employment Monitor showed that job opportunities in the financial services sector remained at exactly the same level as March 11 both months showed 6,426 job opportunities new to the market.

The number of professionals entering the jobs market decreased by 17% from 13,110 in March 11 to 10,910 in April 11. Compared to April 10 which registered 11,910 professionals newly active in the financial services jobs market, there was a decrease of 8% in April 11.

Andrew Evans, Chief Operations Officer, Morgan McKinley Financial Services commented,
April 11 has been a month of two very different halves for the financial services jobs market. The overall volume of roles has remained the same month-on-month as a result of a strong start to the month and a less active second half. The first half was typical of hiring activity at the start of Q2 which generally shows an upward trend in jobs released. The second half of the month was inevitably affected by the reduced number of working days and City employees taking extended holidays. As a consequence the job sign-off process was disrupted and fewer roles were released to the hiring market. Similarly, its no surprise to see a decrease in the number of people entering the jobs market throughout April 11.

Given that the number of new roles available in April 11 has remained exactly the same as March 11, it is entirely likely that without the holidays, there would have been a continuation of the upward trend in job opportunities that we have seen since February 11. Whilst we would expect a rise, the exact amount would be in question as a result of the continued grey clouds of inconsistent economic data Q1 banking results were clearly very mixed and M&A activity has been varied. On a macroeconomic level, Sovereign debt, inflation and lack of consumer confidence, continue to have an impact on the global economy.

Average time to fill jobs rises by 9 days from March 11
The average time taken to fill jobs in April 11 was 60 days shorter than January 11 and February 11, which were 65 and 61 respectively, however longer than March 11 when it took an average of 51 days to complete the process of filling roles. It took 53 days on average at the same time last year.

Andrew Evans continued:
Following the short working month of April 11, all indicators point to an upward trend over May and June, although any increase in hiring is likely to be measured. The London Employment Monitor shows that the average time taken to fill new roles this month rose 9 days from March 11 to 60 days. This reflects current market conditions with hiring managers continuing to focus on sourcing the very best talent to suit the needs of their business.
As we reach the mid-point of Q2, interestingly we are in the unusual position where job vacancies are at their highest since August 08, although the longer time taken for professionals to secure new jobs represents some uncertainty and further lack of visibility in the hiring market. Although City hiring volumes have held up so far this year, this sluggish pace and pattern of jobs market recovery is likely to be a reflection of the slowdown seen in UK economic growth over the past two quarters.


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