City employers scramble for top talent with 2.3 jobs per candidate
As City employers seek to secure top talent to take advantage of the growing economy, jobseekers enjoy a strong employment market with 2.3 roles per candidate.
The results of the Robert Walters City Jobs Index, which tracks the number of jobs available and candidates seeking jobs in the City of London month-by-month, show that in July there were a total of 9,585 job opportunities available, up 4% from June 2015, and approximately 4,125 candidates job hunting across all professional sectors, down 22% from the same period last year. This equates to an average of 2.3 jobs available for every jobseeker in July.
The findings show that in July 2015 the demand for risk professionals was particularly high. The number of vacancies has shown significant growth while suitable candidates remain scarce. As pressure from regulators remains strong, the number of vacancies rose 39% year-on-year while the number of jobseekers fell 15%.
Chris Hickey, Robert Walters CEO, UK, Middle East and Africa, comments, “July has bucked the trend of a traditionally sluggish summer jobs market, with vacancies continuing to rise. Employers are in a challenging position as they seek to expand their teams to meet pressure from regulators. Candidates are still available, but employers have to compete to secure the best talent.”
The figures also revealed that employers continue to favour permanent hires over short term contractors in financial services roles. Permanent financial services vacancies were up 13% year-on-year, while the number of candidates fell by 17%, leading to a ratio of 2.7 jobs to every candidate.
Regulatory change has also triggered demand for projects specialists to grow, with the number of vacancies up 10% year-on-year, while the number of candidates fell 38% over the same period.
On the struggle employers face to fill risk and change roles, Chris Hickey comments, “Financial services professionals from other backgrounds frequently have transferable skills that can be applied to roles in risk or to enable them to take on projects roles. Employers who are prepared to invest in upskilling such professionals stand to secure talented workers for much needed roles.”
Sales and marketing professionals in high demand
July also saw the high demand for sales and marketing professionals continue with the number of roles up 3% compared to June. Vacancies also rose year-on-year by 19%, while the number of candidates fell 12% over the same period.
Hickey continues, “With employers increasingly confident of a sustained economic recovery, many are looking to expand their sales and marketing teams to drive the growth of their business. Professionals with relevant skills and experience are ideally suited to take advantage of this situation, having a strong hand when it comes to negotiating salary and benefits with employers.”