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“Monitoring the pulse of the City jobs market”

Job opportunities in London’s financial services sector show healthy rise in May 13

London Employment Monitor May 13 highlights:

Job opportunities in London’s financial services sector rose from April 13 to May 13 by 20%

Compared to the same time last year, this was a drop in job opportunities of 59% compared to May 12

The number of job seekers entering the hiring market increased by 7% month-on-month in

May 13

Job seeker numbers comparing May 12 to May 13 dropped by 15%

The average salary change for those moving to new jobs was an 8% increase.

Hiring activity rises from April 13 to May 13

Morgan McKinley’s London Employment Monitor in May 13 registered a month-on-month increase in the number of available permanent and temporary jobs coming onto the City hiring market, rising by 20% from 5,355 up to 6,426.  However, in comparison to May 12, there were fewer new roles released by hiring managers with a drop of 59% from 15,498 to 6,426 permanent and temporary positions.

The number of job seekers interested in new permanent or temporary job opportunities rose from 5,146 in April 13 to 5,487 in May 13 – an increase of 7%.  Compared to May 12 (6,419), there were 15% fewer professionals in the hiring market in May 13.

Hakan Enver, Operations Director, Morgan McKinley Financial Services commented:“An increase of 20% in new job availability is certainly a good sign, indicating cautious confidence from hiring managers across the City in growth potential for their business areas.  Much of this is on the temporary and contract side of the recruitment market, which was also the case twelve months previously.

“The REC/KPMG May 13 Report on Jobshas noted a trend for increased hiring in recent months and our City hiring data is in line with this, underlining that as we approach the mid-year point, we have seen less volatility both in the financial markets and also in the wider global economy.   Although the market remains highly sensitive to macroeconomic issues, sentiment has slowly been improving since the start of the year.  With many institutions now working more efficiently following major cost drives, and with them investing in areas they deem more profitable, the positive announcements made in Q1 has encouraged further hiring to support additional trading activity. This is on top of continued plans to bolster their change and governance related functions.

“From recent conversations with job seekers, there is definitely a feeling that job insecurity is less of a concern individuals are more comfortable with the idea of looking around. In addition, people who took up new roles in 2010, when the City experienced a partial recovery at that time, will now be particularly interested to seek out new, challenging opportunities. For many ambitious professionals, the 2-3 year cycle of moving jobs is typical, so we anticipate increased interest from job seekers as they show some restlessness with their current jobs.”

Salary offers rise modestly

The average salary for those securing new jobs in May 13 once again increased with an 8% rise.  This compares to an increase of 12% in both April 13 and May 12. 

Hakan Enver continued:“The average level of pay that professionals can expect to receive upon joining a new company has fluctuated since the start of the year, without returning to the same high level seen in January 13. The start of Q1 is always a time when employers are on the lookout for talent and they have new recruitment budgets with which to secure the best people.  With the increased confidence in the market from April 13 to May 13 and with more job seekers becoming available, it’s likely that hiring managers now feel less pressure to offer very substantial remuneration packages to attract individuals.  The 8% average change in salary for May 13 was slightly distorted by a number of candidates being placed into positions having recent redundancies. There was a noticeable trend of new employers matching the last salary or even offering less than what the candidate was earning previously, thus pushing down the average rate. However, we do not expect this trend to continue moving forward.”


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