City jobseekers looking to move as confidence returns, finds Morgan McKinley
14 April 2014
The number of City workers looking for a new job has almost doubled in the past 12 month, according to financial services recruiter Morgan McKinley.
Mon, 14 Apr 2014The number of City workers looking for a new job has almost doubled in the past 12 month, according to financial services recruiter Morgan McKinley.
Results from Morgan McKinley’s London Employment Monitor for March shows a 92% rise in the number of candidates actively seeking employment, indicating growing confidence in the jobs market.
Over the same period, the number of vacancies rose by only 2%, suggesting that on average more candidates are seeking each job.
The figures reveal, however, a better balance between job opportunities and candidates in recent months, with the number of job opportunities increasing by 10% between February 2014 and March 2014, and the number of candidates looking for employment up 6% in the same period.
Hakan Enver, operations director at Morgan McKinley Financial Services, says: “Hiring levels in the City have continued on an upward trajectory throughout March, with 9,261 available vacancies, further highlighting that employers remain confident to hire. This is in keeping with Deloitte’s recent finance director survey, which reveals that four-fifths of the UK’s largest businesses expect to increase investment and recruitment over the coming 12 months, the highest level for three years.
“The increased appetite of CFOs to take greater risks on their balance sheets in order to expand their businesses makes me confident that hiring activity within the City will remain buoyant as we progress through 2014.
“As we noted last month, the improving IPO (initial public offering) market also continues to positively impact the employment market.
“While much of the past year has seen demand within the contract jobs market, recent data shows that this is now beginning to stabilise. We are, however, seeing a few exceptions to the rule in areas that traditionally rely on flexible labour — IT, HR, compliance and risk, as well as office support functions.
“On the other hand, there has been a huge uplift in the permanent jobs market which is reflected not only in our 10% month-on-month jobs growth figure but also in the latest research from KPMG/REC. According to the report, demand for staff continued to rise at a marked pace in March, with the rate of expansion only just shy of January’s 15½-year high.
Results from Morgan McKinley’s London Employment Monitor for March shows a 92% rise in the number of candidates actively seeking employment, indicating growing confidence in the jobs market.
Over the same period, the number of vacancies rose by only 2%, suggesting that on average more candidates are seeking each job.
The figures reveal, however, a better balance between job opportunities and candidates in recent months, with the number of job opportunities increasing by 10% between February 2014 and March 2014, and the number of candidates looking for employment up 6% in the same period.
Hakan Enver, operations director at Morgan McKinley Financial Services, says: “Hiring levels in the City have continued on an upward trajectory throughout March, with 9,261 available vacancies, further highlighting that employers remain confident to hire. This is in keeping with Deloitte’s recent finance director survey, which reveals that four-fifths of the UK’s largest businesses expect to increase investment and recruitment over the coming 12 months, the highest level for three years.
“The increased appetite of CFOs to take greater risks on their balance sheets in order to expand their businesses makes me confident that hiring activity within the City will remain buoyant as we progress through 2014.
“As we noted last month, the improving IPO (initial public offering) market also continues to positively impact the employment market.
“While much of the past year has seen demand within the contract jobs market, recent data shows that this is now beginning to stabilise. We are, however, seeing a few exceptions to the rule in areas that traditionally rely on flexible labour — IT, HR, compliance and risk, as well as office support functions.
“On the other hand, there has been a huge uplift in the permanent jobs market which is reflected not only in our 10% month-on-month jobs growth figure but also in the latest research from KPMG/REC. According to the report, demand for staff continued to rise at a marked pace in March, with the rate of expansion only just shy of January’s 15½-year high.
