Number of City job seekers surges in February, but more needed to support business growth
The findings of the February 2015 City Jobs Index, launched today by specialist recruiter Robert Walters, also reveals there are 10,560 job opportunities available, an increase of 12% on February 2014 and 8% on January 2015.
The Index, which tracks the number of jobs available and candidates seeking jobs in the City month-by-month, showed there were 1.7 job vacancies for each candidate in February, highlighting growing talent shortages.
At the same time, the growing number of job opportunities also points to rising business confidence.
Chris Hickey, CEO, Robert Walters UK, commented, “Only recently have we started to see the impact of the economic recovery feeding through to candidate confidence, which is great news for talent-seeking City organisations as they set their sights on business growth. Candidates have been reticent about moving jobs in the last few years, fearing the & lsquo;last in, first out’ culture that previously dominated in the City, however, we expect the market to open up more throughout the year, particularly once bonus season has run its course.”
“Notwithstanding the Eurozone uncertainty, the market feels more bullish and we are seeing pre-crisis confidence levels return. Rather than just existing demand across regulatory functions we are seeing much more optimism across corporate finance, capital markets and throughout the front office.”
Permanent financial services jobs on the rise
In financial services, the Index shows that in February there were more than two permanent jobs available per candidate, with 3,915 live jobs and 1,680 candidates registered a trend that has continued from January. Contract positions in the financial services industry are also suffering a candidate shortage, with 1.7 jobs per candidate.
Pressure on to find the right candidates for roles in risk and compliance
Risk is a very candidate short profession, with flat growth year-on-year in candidate availability alongside a 45% jump in live jobs, representing approximately 1,110 vacancies in February and 1.4 jobs to every candidate. There are also acute shortages in compliance, with 1,020 jobs to 405 candidates - a ratio of 2.5 jobs for each job seeker.
Hickey added, “Against the background of a UK-wide skills shortage, technical City jobs are proving much harder to fill, though this should ease in time as companies increasingly recruit and develop graduate trainees, making up the shortfall after years of underinvestment. Professionals are also recognising the wealth of available jobs in these candidate-short areas and are re-training to take advantage of these opportunities.”