City jobs market growing as recovery gathers pace
THE NUMBER of newly available financial services jobs jumped to its highest level in six months in April, recruitment industry data showed today, as the sector continued to recover from last autumn’s crunch in financial markets.
New City placements rose 19 per cent on the month, from 2,797 to 3,339 according to Morgan McKinley’s latest employment monitor.
The time taken to fill place professionals in new jobs fell from 67 days in March to 47 days, while the average salary for those who secured new jobs was up two per cent on the month to £51,347.
Meanwhile private sector firms across the country are increasingly positive on the immediate jobs outlook, with 65 per cent of employers planning to hire staff in the second quarter compared with 25 per cent planning on making redundancies in the three-month period, according to a new report from the Chartered Institute of Personnel and Development (CIPD).
In the finance, insurance and real estate sectors 74 per cent of firms plan to boost their workforce, while 77 per cent plan to do so in the voluntary and not-for-profit industries.
However, there is some cause for concern as the number of employers looking to move jobs offshore rose from six per cent in the autumn to eight per cent now, as productivity fails to grow.
And despite the growth in jobs in financial services, the number of new roles is still 48 per cent below April 2011’s level, with Morgan McKinley warning that continued growth in the sector is not guaranteed.
“To see the highest number of new jobs available since October 2011 is of course a positive sign,” said the firm’s Andrew Evans.
“The relatively recent period of stability in the financial markets over the last few weeks has likely contributed to employers feeling more confident to release business critical roles to the market.
“However there is still potential for increased instability once again judging by current issues in the Eurozone arising as investors digest results of the elections in France and Greece.”