Morgan McKinley Monitoring the pulse of the City jobs market
Morgan McKinley “Monitoring the pulse of the City jobs market”
Job availability in the City falls by 5% in April 13
London Employment Monitor April 13 highlights:
Job opportunities in London’s financial services sector fell month-on-month by 5% in April 13
There was also a drop of 22% compared to the same time in the previous year
The number of job seekers entering the hiring market in April 13 rose by 5% month-on-month
There was a 5% decline in number of professionals entering the hiring market compared to April 12
The average change in salary was an increase of 13% in April 13.
Employment Monitor now tracks permanent and temporary City jobs*
Morgan McKinley’s London Employment Monitor has registered a 5% month-on-month decrease in the number of newly available financial services permanent and temporary jobs in the hiring market falling from 6,237 to 5,922 in April 13. This was also a drop of 22% from 7,661 permanent and temporary jobs on the market in April 12.
Job seeker numbers rose slightly over the same period, with a 5% monthly increase from 4,884 in March 13 to 5,146. Comparing April 13 to April 12, however there was a decline of 5% in number of professionals entering the market falling from 5,440 job seekers.
Hakan Enver, Operations Director, Morgan McKinley Financial Services commented:“It’s disappointing to see job opportunities fall back in April 13 particularly given the recent positive sentiment coming from the city following a series of positive results and indicators in Q1. However, recruitment activity can often be unpredictable at this time of year, especially when most businesses are heavily focused on financial year end activity which inevitably disrupts hiring processes. Just looking at the last few years of our data, this time of year illustrates there is no clear pattern of hiring activity.
“April 13 also saw a cautious rise in the number of job seekers entering the hiring market – a 5% increase compared to March 13. This modest rise is more likely an indication that some professionals, not particularly happy with their bonus, are starting to think about moving – our recent Bonus Satisfaction Survey found that 36% were not happy with their 2012/13 bonus payment. There is definitely less of a & lsquo;bonus culture’ in the City these days, so individuals were more passive about changing jobs in April 13. However, although many professionals are not actively job seeking, we do find that they are actually open to hearing about new opportunities from us.”
Salaries rise for those starting new jobs
The average salary for those starting new roles in April 13 rose once again by 13% compared to salaries in their previous jobs. This is slightly lower than April 12 which saw the average salary rise by 19% for those moving jobs.
Hakan Enver continues:“With London’s place as the leading global financial services centre being continually challenged by other cities such as New York and Hong Kong, it is useful to look at what employers are still willing to pay to secure the best talent to meet their team and organisational goals. Despite the fall in the average change in salary from March 13 to April 13, the 13% average increase in salary that professionals could secure by moving jobs still demonstrates that London remains a financially rewarding City to work in.
“Overall, the total number of newly available temporary and permanent jobs still remains subdued compared to previous years. Economic conditions are not yet strong enough to stop other factors significantly impacting hiring activity and we do expect to see further fluctuations in recruitment levels throughout the rest of the year. Based on strong Q1 results from some financial institutions, we hope to see a further uplift in the number of roles coming on to the market towards the start of the summer, although it is very likely most will still be replacement hiring.”