Contrary to recent reports suggesting that hiring has been slowing in the City, new data from the latest Morgan McKinley London Employment Monitor suggests that recruitment in the UK’s finance hub is in rude health.
The Monitor recorded a 10% month-on-month hike in jobs and contracting opportunities in July, with openings jumping from 8,490 to 9,315 ‒ a rise of 32% on the same time last year when the vacancy total was 7,953; in addition, candidates who secured permanent and contractor roles in July enjoyed pay rates an average of 20% higher than in June.
People also seem more willing than ever to take the plunge and seek new positions. The July figures for candidate availability reflect a massive 40% rise between June and July, leaping from 5,662 to 7,953. Remarkably, this surge has occurred during a month when hiring and job hunting is traditionally quiet.
Morgan McKinley’s financial services operations director, Hakan Enver, said that July saw huge demand arising in the HR, IT and accounting & finance arenas, with demand for both permanent and contracting roles remaining robust throughout the month.
Mr Enver added: “From a finance perspective, there has been a considerable uplift in product control and regulatory reporting roles at AVP and VP levels across the permanent and contract space. Regulation continues to drive this type of skill set in this area. IT, on the contract side especially, is still buoyant. Organisational change and the need to address compliance and regulatory issues drove further demand, with a focus on mobile and digital technologies, user experience, data management, analytics and IT security.”