The financial jobs market in London’s City district began the first two months of 2014 strongly, although comparisons with a year earlier are less flattering.
February 2014 London Employment Monitor
, issued by recruitment consultancy Morgan McKinley Financial Services, recorded a 11% month on month increase in City jobs availability, from 7,623 vacancies in January 2014 to 8,442 in February 2014. On a year-on-year (YOY) basis, however, available positions were down by 6% on February 2013 figures.
The number of candidates actively seeking employment rose by 6% between January and February and salaries were 15% higher on average for those securing new positions in February. YOY data indicates a sharp jump of 68% in job seekers, as City workers continue to feel confident about the prospect of securing new roles.
“After a marked surge in City recruitment in January, this month’s monitor has continued to register an upward curve,” said Hakan Enver, Morgan McKinley’s operations director. “It’s evident that, on the whole, firms remain confident to hire and importantly, they are continuing to create new positions rather than simply taking on replacement hires.
“This confidence is in line with reports showing continued momentum behind the [UK’s] economic recovery. Markit, for example, recently announced that British manufacturing activity in February expanded faster than in all of its major European peers, while increasing numbers of manufacturers are bringing production back to the UK, attracted by Britain’s technical advantage.”
In terms of London’s financial sector, the improving initial public offering (IPO) market is one factor fuelling jobs growth, with many companies preparing for flotation on the London Stock Exchange (LSE) in recent weeks. This surge to capitalise on a buoyant equity market spells good news in terms of jobs creation.
The firm reported that elsewhere, operational risk also began the year with a strong appetite to hire and February continued this trend across both buy and sell side institutions. Many of its clients have been hiring at all levels, with the main requirements to bring on operational risk practitioners who have a mix of framework design and implementation, Internal Capital Adequacy Assessment Process (ICAAP) and Individual Liquidity Adequacy Assessment (ILAA) experience.
The requirement from UK financial regulators the Prudential Regulatory Authority (PRA) and Financial Conduct Authority (FCA) for firms to further develop their risk frameworks and make them more robust remains a priority, the firm notes.
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