City job vacancies jump 13% in May
With confidence high in the wake of the election, job vacancies in the City jumped by 13% in May.
Figures from the Robert Walters City Jobs Index showed that the trend towards permanent over contract hiring in financial services roles continued last month, while sales and marketing vacancies saw the most dramatic growth at 64%.
Sales and marketing professionals in demand
“This confident atmosphere has lead to a particular spike in the number of sales and marketing professionals being sought by City employers." said Chris Hickey, Robert Walters CEO – UK, Middle East & Africa.
"Senior managers recognise that the favourable economic outlook is presenting valuable opportunities to secure new business, creating significant demand for skilled sales and marketing professionals.”
City employers struggle with a candidate-short market
The results of the Index show that in May there were a total of 10,185 job opportunities available, up 13% from May 2014, and approximately 4,680 candidates job hunting across all professional sectors, down 7% from the same period last year. This equates to an average of 2.2 jobs available for every jobseeker.
Chris Hickey went on to say, “In the wake of the election, confidence has risen among business leaders, triggering the spike in hiring we are now seeing,"
"City employers wishing to expand their teams to take advantage of new opportunities are facing fierce competition from one another to secure the best professionals with employers pursuing aggressive policies to retain staff.”
“Counter offers are becoming increasingly common as a way to stop staff walking out the door. In addition more emphasis is being placed on staff morale and job satisfaction in an effort to retain key employees.”
Skills shortage being felt hardest in compliance and risk
In certain professions, the skills shortage was particularly acute. In compliance, there were 3 vacancies to every candidate while in risk the ratio of vacancies to candidates was 3.6.
Commenting on the skills shortage Chad Lawson, Associate Director, Robert Walters said, “A lack of recruitment at junior level during the recession means that, particularly for mid level roles, the candidate pool is extremely small.
"As a result, professionals in high-demand fields are able to command high salaries and generous benefits packages as employers look to bring them on board to support long term growth.”
About the index
The Robert Walters City Jobs Index uses figures from Robert Walters database of jobs and candidate registrations, extracted on a monthly basis. Statistics for the full market are derived using estimated market share.
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