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Morgan McKinley London Employment Monitor Shows Mixed Fortunes

Morgan McKinley London Employment Monitor Shows Mixed Fortunes

 “Monitoring the pulse of the City jobs market for eight years”

City hiring rises at start of Q4 in line with previous years

The Morgan McKinley London Employment Monitor recorded an 11% monthly rise in job opportunities across the London financial services market in October 12

Compared to October 11 however, job vacancy numbers dropped by 36%

There was a 17% increase in professionals entering the City hiring market from September 12 to October 12

The number of job seekers has however, dropped by 53% compared to October 11

The average salary change for financial services professionals in October 12 increased by 20%.

Fourth consecutive year of September to October job rises

Morgan McKinley’s London Employment Monitor has registered an 11% uplift in the number of available financial services jobs in London from 2,205 in September 12 to 2,457 in October 12. Compared to the same time last year, job opportunities were down 36% falling from 3,859.

The number of professionals looking for new roles in October 12 also increased month-on-month with a 17% rise from 3,799 in September 12 to 4,429. However, comparing October 11 to October 12 shows a drop in job seekers entering the hiring market of 53% from 9,427 to 4,429.

Hakan Enver, Operations Director, Morgan McKinley Financial Services commented:

“This 11% increase in job vacancies coming onto the City hiring market from September 12 to October 12 reflects the pattern of the previous three years. Typically at this time of year, hiring activity increases as managers are ensuring they utilise budget and get sign-off in time to add headcount before the year end.

“Whilst far from being stabilised, the economy is in better shape than earlier this year. Q3 saw the UK come out of recession and the Office for National Statistics reported that the economy grew by 1%. However, with economic growth coming off the back of the Olympic Games, it remains to be seen what will happen throughout the rest of Q4 when the economy returns to its normal pattern.

“Confidence from employers and job seekers is now marginally better than in Q3 but we are still in a market that has 36% fewer available job vacancies than a year ago. Whilst we are still seeing demand for individuals with risk expertise, we are also seeing interest in finance professionals, somewhat bucking the trend so far this year. In particular, employers are looking for those with a background in product control and valuations as well as management reporting with a focus on revenue analysis.

“Looking ahead, November is unlikely to see much change in job availability the first half of Q4 is traditionally the busiest period before year end. Job vacancy numbers may even fall back slightly from early November as employers look ahead to hiring in the New Year and professionals sit tight to either wait for their bonus payments or simply until job availability ramps up again.”

Compensation rises again as more job seekers enter the market

The average new salary offered by employers hiring in financial institutions was 20% higher than the average existing salary of job seekers in the market.

Hakan Enver continues:

“At this time of year, professionals actively entering the hiring market tend to fall into two distinct categories. Firstly, those who want a few possible job options once they are ready to move after the bonus payment period in the New Year. Secondly, professionals who are well aware that job opportunities and hiring activity in general will peter out in the six to seven weeks before year end, so they are currently in the last few weeks when they may be able to make progress with job interviews or even in securing a new role.

“Whereas July/August saw some successful applicants deciding at the last minute to stay put, candidates now seem more assured about making the move to a new organisation with cautious confidence filtering down from hiring managers. In addition, London has topped two polls recently the ZYen Global Financial Centres Index and PwC’s report, Cities of Opportunity 2012 which highlight London’s virtues as a leading financial city. Our Employment Monitor also shows average pay rising, underlining the need for City employers to continue offering competitive remuneration to attract the best talent in London.”


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