The number of vacancies in financial services in the City rose by 56% between May and June, according to Morgan McKinley’s London Employment Monitor.
The research also shows a 26% increase in professionals seeking new opportunities and that salaries increased by 19% on average for those securing news jobs in June.
“The growth in jobs and opportunities that we have been predicting throughout 2015 is back on track,” says Hakan Enver, Operations Director Morgan McKinley Financial Services. “As we expected, the April-May figures turned out to be an anomaly, due to the short working month and the distractions of the general election.”
In June, professional opportunities rose by 56% month-on-month, wiping out and surpassing the dip in the previous month’s figures. “Overall, the first half of 2015 has been on a positive trend and we are seeing a huge appetite to recruit,” says Enver.
Professionals seeking new positions rose 26% month-on-month and the year-on-year figures showed a significant increase of 120%. “There is a renewed confidence in looking for new opportunities and these were clearly on offer,” says Enver. “All the data we are seeing shows that there is a robust market for financial services jobs in the City. It’s an assertive market.”
Wages have increased as a result of bonuses being paid out and a general increase in wages supported by low inflation. New bonus clawback rules are likely to change the payment structure and bonus culture of the industry. “Clawback regulations will push up basic pay,” says Enver. “They are a challenge to banks as they increase costs and the industry is going to have to become more innovative about how it attracts and compensates new talent.”
Morgan McKinsey says finding skilled employees is becoming more and more challenging. Finance and IT are thought to be some of the sectors with the most acute skills shortages and Morgan McKinley says those with the necessary skill set “can literally name their price”.