The latest London Employment Monitor from Morgan McKinley reveals that new temporary/contracting and permanent jobs in the City fell in April by 5%, dropping from 6,237 in March to 5,922. This takes April’s total to 22% below that recorded at the same time last year, when new jobs totalled 7,661.
The recruiter’s financial services operations director, Hakan Enver, conceded that the findings were “disappointing”. He speculated that recruitment had suffered because of the April focus on end of financial year activity, which “inevitably disrupts hiring processes.”
There was a small rise in job seekers, Mr Enver continued; however, the rise is still 5% below that seen in April 2012, suggesting that most City workers are passive about new job prospects in April 2013.
On a somewhat more positive note, average pay rates rose by 13% in April. Even though this is below the 19% rise seen in April 2012, Mr Enver believes it demonstrates that London remains a rewarding centre for finance professionals to work in, given the fierce competition from other global financial hubs such as New York and Hong Kong.
He continued: “Economic conditions are not yet strong enough to stop other factors significantly impacting hiring activity and we do expect to see further fluctuations in recruitment levels throughout the rest of the year. Based on strong Q1 results from some financial institutions, we hope to see a further uplift in the number of roles coming on to the market towards the start of the summer, although it is very likely most will still be replacement hiring.”