City sees salaries rise as skilled workers in short supply

A shortage of skilled candidates is driving up pay packets in the City of London, with average salaries increasing by 10% in the past 6 months.

Recruitment consultancy Morgan McKinley found that the average wage in the Capital’s financial centre now stands at £50,673.

The research shows that more jobs are coming on to the market and more remain unfilled than ever.

The number of new City jobs coming to the market reached around 6,174 in June,  compared with 5,733 new jobs recorded in January. The same period last year saw 2,520 new jobs coming on to the market in January 2004 and 5,166 new jobs in June 2004.

The number of outstanding vacancies in the City reached 12,978 this month. This compares to 10,836 recorded in June 2004.

Robert Thesiger, chief executive of Morgan McKinley, said: “The market during the first half of the year has become increasingly candidate-driven due to a shortage of good quality candidates.

“The appetite for hiring is expected to remain strong over the remainder of the year across most sectors within the financial services industry,” he said.

The research also found:

  • Senior professional salaries have increased over the last 6 months by 13% to £74,768

  • Middle market salaries have risen over the last 6 months by 6% to £46,827

  • Admin/support salaries have risen over the 6 months by 7% to £30,424

  • Up to 8,800 new candidates registered for employment in June, compared to 7,090 in January.


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