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Morgan McKinley - London financial services job opportunities rise at end of Q2

Morgan McKinley - London financial services job opportunities rise at end of Q2

London Employment Monitor June 13 highlights:

Financial services job opportunities increased by 21% from May 13 to June 13

Compared to the same time last year, this was a 22% drop in new roles coming onto the market

Over H1 2013 compared to H1 2012 there was a 9% decrease in newly available jobs

The number of professionals actively seeking new jobs rose by 31% month-on-month in June 13

This also marked a rise in active job seekers of 15% compared to June 12

The average change in salary for those securing jobs in June 13 was a 15% rise.

 

Positive hiring activity in Q2

The June 13 London Employment Monitor registered an increase in job availability of 21% from 6,426 in May 13 to 7,749 – the highest number of available jobs overall in Q2.  In comparison to the number of new jobs being released to the market in the same month of last year however, this was a decrease, falling by 22% from 9,954.

Across the entire half year, the London Employment Monitor has registered 45,675 jobs, whilst during H1 12 there were 50,337 jobs new to the market a decrease of 9%.

Professionals looking for new positions numbered 7,203 in June 13 from 5,487 in May 13 – a 31% increase.  Also June 13 compared to June 12 has seen a 15% increase in those actively interested in new career opportunities, rising from 6,251 to 7,203.

Hakan Enver, Operations Director, Morgan McKinley Financial Services commented:“After a quieter period over Easter, Q2 has seen a gradual rise in job availability, with three consecutive months of increasing numbers of new jobs being released.  This is a positive sign, although tempered by the lower level of hiring compared to June 12. 

“The compliance and audit markets continue to be active as we have mentioned previously.  In addition, demand is also coming from certain infrastructure functions within the asset management industry, for example within the marketing world, investment communications opportunities are back in favour as well as an increase in demand for investment writer and RFP roles. The impact of the Retail Distribution Review has led to a greater appetite from investors and intermediaries seeking information from their money managers and this is something we expect to continue. 

“Another noticeable trend is the increase in active job hunting from senior professionals across the City. Since launching our new website in February this year, there has been a marked increase in senior professionals looking for advice and insight on the financial services sector and discussing their career aspirations with us.

“Overall in H1 13, there have been 9% fewer jobs coming onto the market indicating that there is still scope for further market recovery over the remainder of the year. However, this is very much dependent on macroeconomic factors stabilising.  Our advice to hiring managers is to keep one eye on these issues and their possible impact whilst ensuring adequate resource planning for the second half of the year.”

Successful job seekers see pay increase

The average salary for those securing new jobs in June 13 rose once again, by 15%, compared to an 8% increase the previous month and a 12% rise a year ago, in June 12.

Hakan Enver continued:“This 15% increase for those accepting new permanent salaried roles tells us something about employers’ approach to seeking new talent: a competitive compensation structure is still regarded as the main motivating factor for those moving from one organisation to another. 

“A trend over the last 12-24 months in City hiring shows financial institutions’ interest in direct recruitment and internal mobility – for obvious cost-saving reasons.  However, these healthy pay increases show that financial services employers still need support from recruiters in externally sourcing a strong calibre of individuals who may not all be actively looking.”

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