The number of permanent finance jobs and contracting opportunities in the City has climbed by 15% compared to this time last year, the latest London Employment Monitor from Morgan McKinley reveals.
There was a sharp decrease of 17% between April and May this year, however, which is almost entirely attributable to the two bank holidays and to City workers taking annual leave to deal with the school half-term break. Even so, the number of people pursuing new roles fell by 11% on a year-by-year basis.
Umbrella Company Employees and other candidates with regulatory expertise have seen especially heightened demand, as City firms respond to criticisms from the Financial Reporting Council (FRC) for failing to undertake robust enough internal audits. There are, however, appreciable skills shortages in this area of expertise, which is driving companies to make comparatively massive pay increases for accounting and finance roles as they compete with each other to attract the best talent.
Conceding that City recruiters would need to look carefully at their own employer branding and the packages on offer to find the best talent, Morgan McKinley Financial Services operations director, Hakan Enver, nonetheless expressed optimism that overall job availability in financial services would continue its upward path.
Sounding a slightly more cautionary note, Mr Enver added: “The only real dark cloud is the burden of huge banking fines, which continue to increase at a rapid rate. While this is forcing firms to up their recruitment to ensure correct compliance, it could have a negative effect on hiring in other revenue and non-revenue generating business areas.”