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, showed that the number of permanent risk jobs in the City is up compared to the same period last year.
Employers favour permanent roles over contract
While employers continue to favour permanent roles, many are struggling to tempt professionals away from the higher rewards offered by contract positions.
“As pressure from regulators continues to increase, demand for risk professionals in the City has soared since the start of the year," said Rob Starkl, Manager for Risk recruitment at Robert Walters.
"Competition for top talent is fierce, particularly in light of the limited number of suitable candidates available within the local market.”
"In some instances, senior professionals on three month notice periods are actually resigning from their permanent roles to pursue lucrative contract assignments.”
Drop in candidates triggers skills shortage
The number of candidates seeking permanent roles fell by 10% however over the same period, leading to a skills shortage of 2.2 jobs per candidate. Professionals with a credit risk methodology background are in particularly high demand, as are 1st line of defence operational risk candidates.
To address the skills shortage long term, City employers are becoming more open to considering candidates from the international markets and those with transferable skills from other areas of the bank.
”To address the skills shortage long term, City employers are becoming more open to considering candidates from the international markets and those with transferable skills from other areas of the bank,” Rob Starkl continued.
Candidates are in a strong position with the job market firmly in their favour. Particularly promising candidates often have multiple offers to consider and employers are rarely in the position to cherry pick applicants who are an ideal fit for every role.
Candidates with valuable transferable skills along with the desire / aptitude to learn, are becoming more popular with hiring managers as the need to fill business critical positions becomes more acute.
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