The number of temporary/contracting and permanent vacancies in the City of London’s financial sector expanded in May by 20% on April’s total, climbing from 5,355 to 6,426.
Umbrella Company Employees and other temporary workers specialising in finance appear to have done particularly well, according to the figures contained in the latest London Employment Monitor from Morgan McKinley. The company’s financial services operations director, Hakan Enver, remarked: “An increase of 20% in new job availability is certainly a good sign, indicating cautious confidence from hiring managers across the City in growth potential for their business areas. Much of this is on the temporary and contract side of the recruitment market, which was also the case 12 months previously.”
The findings are in line with the trend for increased hiring identified by the latest REC/KPMG Report on Jobs, he said, with Morgan McKinley’s data suggesting that the volatility which has beset the financial markets in recent months may be calming as we approach mid-year point.
Mr Enver also noted that feedback from jobseekers in the finance sector indicates that job insecurity is now less of a concern, with people who took up new roles in 2010 beginning to feel a degree of restlessness in their current roles. With hiring confidence returning, many of these will be actively looking for “new, challenging opportunities”, he said.
While average pay rates increased, at 8% they grew less than in April this year or May last year, when they climbed by 12%. A modest recovery and some welcome stability, however, appear to be emerging.