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The Morgan McKinley London Employment Monitor has shown an increase in professional job opportunities across the London financial services sector in April. Job vacancies rose by 19% month-on-month from 2,797 to 3,339. Compared to the same time last year this was a decrease of 48%, falling from 6,426 jobs in April 2011. The number of professionals new to the financial services jobs market in April rose by 10% from 4,965 to 5,440. However this was significantly lower (50%) than April last year, which registered 10,910 financial services professionals starting their job search. Andrew Evans, chief operations officer at Morgan McKinley, commented: “To see the highest number of new jobs available since October 2011 is of course a positive sign. However, with the current fluctuating market conditions, positive indicators like this don’t necessarily mean an end to a volatile hiring market. Although we haven’t seen this for a while, an increase in the spring months forms part of a fairly typical pattern in the traditional recruitment cycle. But despite this 19% monthly rise in new vacancies, the key difference at the moment is that the overall level of job availability is significantly lower than previous years. “The relatively recent period of stability in the financial markets 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.” The time taken in April for professionals to be placed into new roles was 47 days, down 20 days compared to March. The average salary of those placed into new roles over this month rose by 2% to reach £51,347 compared to the average for professionals securing new jobs in March. Andrew continued: “There is a slight feeling of improved sentiment across the market, and anecdotally employers are currently more positive about further pick-up in job availability in the second half of this year. The pace at which the recruitment process moves is also faster than it was earlier this year. There is, however, less movement in the candidate market than we would normally expect at this time for a variety of reasons. Most notably changes to the structure of bonuses have meant that there is less incentive to move roles. “Having said that, the 10% increase in financial services job seekers entering the hiring market does echo the improved sentiment from hiring managers from a monthly perspective, but conversely highlights a much lower level of job hunting activity compared to last year. This suggests that professionals are taking a longer-term approach to seeking new roles.” Other Business Money News
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