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The JM Index reveals candidate market more fluid than normal for this time of year

The JM Index reveals candidate market more fluid than normal for this time of year

The JM Group, one of the premier IT and business change recruiters, has revealed in its latest market report for the Investment Banking sector that increased numbers of City IT workers are looking for jobs than would normally be anticipated due to poor bonus expectations. 

Traditionally candidates wait to receive their bonuses before looking for work. JM believes that with many candidates having resigned themselves to less significant awards this year, there is little incentive in holding off their job search.

Dave Pye, CEO of JM, commented: “With bonuses expected to be insignificant for many, we’ve seen a 48% increase in the number of IT workers in investment banking jobs now applying for roles, compared to this time last year.”

JM is a niche provider of IT and business change specialists to clients in the consultancy, financial services and digital sectors. Entering its fourth decade of trading this year, JM’s clients include many of the UK’s biggest financial institutions.

Dave continued: “We’re expecting bonuses to be even less than when the market was at its worst straight after the collapse of Lehman Brothers. We believe some IT professionals won’t even receive a bonus and those lucky enough to get one to receive considerably less than before. The best bonuses will be around a third less than last year.”

The drop in bonuses is attributable to a number of factors including tightening legislation, poor financial performances and banks now paying higher remunerations to workers as compensation for lower bonuses. This was introduced after the credit crisis in 2008 as a means to attract the top talent whilst avoiding the headline grabbing bonuses.

The report also revealed that the drivers for moving roles are no longer mainly monetary, especially as the opportunities for this are now limited. Over the last 12 months JM has seen City IT workers’ salaries flat line due to the lack of movement in the market.

Martin Rennison, Head of Investment Banking for IT at JM, commented: “All the banks are facing challenging times, which is leaving candidates with even fewer places to go in order to get the bigger pay packages. As a result we’re finding that more and more candidates are now moving for career reasons. For example, candidates have moved to work on more exciting green field projects or to gain experience in a new skill or business area. We’ve even seen some candidates take a small reduction in salary just to gain new skills in an area of interest.”

Martin concluded: “With salaries and bonuses not expected to rise within the City for some time, job satisfaction and work/life balance are now being seen as the key reasons for job moves.” 

To download JM’s quarterly market report, please go to


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