Jobseekers in the City are enjoying a strong summer jobs market, as employers seek to secure top talent to take advantage of the growing economy.
Bucking the usual trend towards sluggish summer growth, the number of vacancies rose by 4% compared to June.
“July has bucked the trend of a traditionally sluggish summer jobs market, with vacancies continuing to rise. Employers are in a challenging position as they seek to expand their teams to meet pressure from regulators.Candidates are still available, but employers have to compete to secure the best talent," said Chris Hickey, Robert Walters CEO - UK, Middle-East and Africa.
The results of the Robert Walters City Jobs Index, which tracks the number of jobs available and candidates seeking jobs in the City of London month-by-month, also show that in July:
- There were a total of 9,585 job opportunities available.
- Approximately 4,125 candidates job hunting across all professional sectors, down 22% from the same period last year.
- This equates to an average of 2.3 jobs available for every jobseeker in July.
Permanent financial services vacancies were up 13% year-on-year, while the number of candidates fell by 17%, leading to a ratio of 2.7 jobs to every candidate.
The findings also revealed a particularly attractive job market for risk professionals in July with the number of vacancies growing significantly while suitable candidates remain scarce. As pressure from regulators remains strong, the number of vacancies rose 39% year-on-year while the number of jobseekers fell 15%.
The figures also showed that employers are continuing to seek permanent hires over short term contractors in financial services roles. Permanent financial services vacancies were up 13% year-on-year, while the number of candidates fell by 17%, leading to a ratio of 2.7 jobs to every candidate.
Pressure from regulators drives demand for projects professionals
A series of regulatory changes has created the need for professionals to oversee change projects, triggering demand for projects specialists. In July 2015 the number of vacancies was up 10% year-on-year, while the number of candidates fell 38% over the same period.
“Financial services professionals from other backgrounds frequently have transferable skills that can be applied to roles in risk or to enable them to take on projects roles. Employers who are prepared to invest in upskilling such professionals stand to secure talented workers for much needed roles,” Chris Hickey went on to say.
Sales and marketing professionals in high demand
July also saw high demand for sales and marketing professionals continue with roles up 3% compared to June. Vacancies also rose year-on-year by 19%, while the number of candidates fell 12% over the same period.
“With employers increasingly confident of a sustained economic recovery, many are looking to expand their sales and marketing teams to drive the growth of their business. Professionals with relevant skills and experience are ideally suited to take advantage of this situation, having a strong hand when it comes to negotiating salary and benefits with employers.” Chris Hickey concluded.