City jobs market expected to grow for rest of 2010

Almost half of City HR professionals expect hiring in the financial services sector to increase over the remainder of the year.

The London Employment Monitor survey of 194 HR and hiring managers by recruitment firm Morgan McKinley revealed that 47% expect City hiring levels to increase in the second half of the year, while 29% think they will stay the same.

However, 55% said finding candidates with the right skills and experience was more difficult than a year ago – up slightly from its survey at the start of 2010.

The main HR issues facing businesses were cited as: the structure of remuneration packages (42%); competitors poaching employees (41%); and talent shortages (30%).

Andrew Evans, managing director at Morgan McKinley Financial Services, said: “As anticipated at the start of the year, hiring in 2010 was expected to rise significantly compared to 2009 levels and this has proven to be the case. As we move into the second half of the year, however, our survey shows HR and hiring managers are split between anticipating a levelling-out of hiring versus continued rises.”

Other findings from the survey include:

  • When asked about the bonus element of compensation packages to attract talent in H2 2010, 71% expect the bonus component to stay the same, while only 17% expect it to rise.
  • The average salary for those who secured new jobs in the City was £53,231, a 4% decline from the previous month.
  • The City jobs market showed a slight 2% downward fluctuation in the number of newly available jobs, from 5,733 in May 10 to 5,645 in June.

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