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18% MoM increase in available jobs, reports Morgan McKinley London

Morgan McKinley has released its London Employment Monitor for June 2016. Despite Brexit and its immediate aftershocks, June saw a total of 9,060 available jobs, an increase of 18% from May. There was also a 19% increase month-on-month for job seekers.

Year-on-year there was a 30% decrease in available jobs and a 28% increase for job seekers.

The average salary for those professionals moving from one organisation to another was 13% in June 2016. This was a considerable drop from 23% in May.  Morgan McKinley claim that what was apparent was less opportunistic hiring along with more junior to mid-level hires being made. Both indicative of the concerns around investing during the lead up to the referendum.

Hakan Enver, operations director at Morgan McKinley Financial Services, said, “Considering, we entered the month with a degree of uncertainty, it was a surprise to see so many jobs released.

“A good portion of the jobs available came in during the last week of June, indicating that financial institutions held off on hiring until the referendum results were out.

“We expected to see those looking for new roles holding back because of Brexit, but the 19% increase shows that professionals are also thinking about their next steps.

“It’s encouraging to see that businesses are still investing in staff, and it’s a relief that the markets have largely absorbed the initial referendum results”.

Since the referendum was first announced, there have been mounting concerns about City jobs moving to mainland Europe, the company reports.

Enver stated, “So far, talk of an exodus has been just that: talk.

“London remains an incredibly attractive city for investors and the UK will obviously remain a strong trading partner with EU, so people expect London to remain the leading finance centre of the world.

“The bigger concern now is a political one.

“With the resignation of Prime Minister: David Cameron and leadership fights across the political spectrum, it remains unclear if Britain will trigger Article 50, hold a second referendum, or work to renegotiate the terms of British EU membership. Investors are likely to hold off on making any significant decisions until they see what course of action the next government will pursue. The longer this period of uncertainty lasts, the greater its potential impact on employment”.

According to a new report from EY, the attractiveness of the UK’s financial services market has brought foreign direct investment to levels not seen since 2006. The growth is largely attributed to the fintech services offered, but also to the confidence of investors in the UK financial services sector to continue delivering growth.

Omar Ali, UK financial services leader at EY, commented, "Investors are optimistic about the UK’s strong domestic market, our commitment to maintaining an environment where businesses can grow and develop, and our burgeoning fintech industry.”

Chart 1: Financial services jobs new to the market June ‘16

Chart 2: Professionals seeking new roles June ‘16

Chart 3: Average change in salary each month June ‘16

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