City sees new jobs almost double in past year

Almost twice as many City jobs were created in March 2006 compared with the same time last year, according to recruitment consultants Morgan McKinley.

A total of 7,686 new financial services jobs were created in London’s Square Mile in March, a 2,709 increase from the 4,977 jobs that were created in March 2005, the report showed.

The results indicate robust employment growth in the City over the past year and show a widening gap between the number of vacancies and candidates.

Around 8,580 new jobs were created in January 2006 – traditionally one of the busiest recruitment times of the year – compared with 8,568 prospective candidates. In February 2006, there were 8,001 jobs created, compared with 8,090 candidates.

Robert Thesiger, chief executive of Morgan McKinley, said the report showed an increasingly candidate-driven market.

“People are in no hurry to move as salaries are up and bonuses have only just hit their bank accounts,” he said.

“Employees are likely to be more selective at present and some will still be enjoying the rewards of their past year’s work. Therefore, financial institutions will have to become more sophisticated in their recruitment methodologies while the ‘war for talent’ continues.”

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