London Employment Monitor October 13 highlights:
– Financial services job opportunities dipped just 1.7% from September 13 to October 13
– The number of job seekers entering the hiring market rose by 32% month on month
– The number of professionals actively seeking new jobs increased by 110% compared with the same time last year
– There was an average 12% rise in salaries for those securing new positions in October
Stability in employment opportunities in October 2013
The October 13 London Employment Monitor registered a marginal 1.7%decrease in job availability – from 7,371 vacancies in September 13 to 7,245 in October 13.
Professionals looking for new positions numbered 9,326 in October 13 from 7,082 in September 13 – a 32% increase. Additionally, the year on year figure for those actively seeking new career opportunities shows an increase of 110%.
Hakan Enver, Operations Director, Morgan McKinley Financial Services commented:
"Employment in the City remains strong. In fact, according to a recent survey by Deloitte, London employs more highly skilled people than any other city in the world, with 1.5m people working within sectors such as banking, legal services and software development.
"Despite the fact that vacancy levels have dipped slightly since September 2013, job numbers largely remain on an upward trajectory with levels still sitting above those recorded in Q2. We do not anticipate a sharp drop in vacancies during the latter months of the year as we experienced in 2012.
"Within accountancy and finance, professionals with experience in regulatory reporting of liquidity and capital are currently in particular demand. This is a direct result of the Basel III requirement to ensure that banks' liquidity buffers are in place and that they hold enough capital to hedge against their risk weighted assets on the balance sheet. Similarly, candidates with a background in valuations and IPV – particularly those who have experience working with exotic and structured products – are also highly sought after to ensure that banks have the required levels of technical expertise to accurately value higher risk portfolios.The main challenge for banks is attracting the right level of technical candidates, as required by the UK regulatory bodies, whilst managing their cost base to keep profitability high.
"From an IT perspective, digital is a rapidly growing market, with mobile banking showing high demand for User Experience and Digital Design professionals. With two of the largest retail banks grappling to capture UK online and mobile banking market share, we have so far seen significant investment this year and next year looks very promising too.
"Whereas historically professionals working across financial services could move between very similar structured roles, we are increasingly finding that new positions are likely to consist of a combination of diverse responsibilities. This consolidation of roles can be attributed to the fact that organisations are looking to cut costs via efficient internal structuring. As a result, flexible candidates with a vast array of skills and experience are being snapped up.
"The notable rise in active jobseekers may be explained by greater confidence in the market generally, coupled with the fact that candidates traditionally look to secure new roles in time for year-end.
"Moving forward, we expect to see this level of stability continuing, with vacancy levels hovering around the 7,000 mark throughout the rest of 2013 and into 2014".
Successful job seekers see pay increase
The average salary increase for those securing new jobs in October 13 was 12%.
Hakan Enver continued:
"Although this figure represents fall of 3% from September, the hiring trends of many major institutions remain at AVP and VP level. At this stage of the year, those with one month notice periods tend to be more active; this is somewhat evident in the increased numbers of job seekers entering the hiring market in October 13.There is time for those contemplating a move to consider their options. Job volumes remained steady which further highlights the continued drive to hire until the end of the year."