Recruiters are warning that the current slump in the number of jobs available could be a longer-term trend, with the latest figures showing that new job creation in the City plummeted in March.
New jobs within London's Square Mile - which is often used as an informal yardstick of wider economic success due to its position within the financial and commercial sector - dropped by fifteen per cent in March compared to the previous month, could this signal a prolonged dip.
A Significant Drop in Job Creation
The firm estimated that 2,190 new jobs were created in March, which represents a worrying 31pc of activity compared to the same period in 2012. Last March, around 3,180 new appointments were advertised. And the kinds of new roles available are changing too, with many of those advertised being limited to compliance teams and specialist firms as the burden of government-led regulations and reporting requirements grows across the financial sector.
Risk-Management Roles Still in Demand
Practitioners in the field of risk management are still very much in demand in the City, along with IT specialists who provide a vital link between front-line technology and senior management teams, helping business leaders to understand the vital platforms that their trading and sales staff are using and therefore have more confidence in managing them.
Impact of FSA Abolition
The recent abolition of the FSA, which has been replaced by the new Financial Conduct Authority and the BoE's new Prudential Regulation Authority, is leading many city firms to look more closely at their reporting, compliance and regulatory systems, along with risk management and business continuity. This suggests that those staff working in regulatory-compliance roles or system-driven IT roles will continue to find good opportunities. However, traders, support staff, mid-level management and sales professionals may struggle to find the opportunities that were available at this time last year.
How to Stay Ahead
Those candidates seeking work in the City will need to ensure that they stand out from the competition by leveraging their contact, employing advanced targeted promotion techniques, using the services of a specialist recruiter and ensuring that they provide a valuable skills and experience profile to their next targeted employer. With competition intensifying in this market, especially at mid-level roles, every advantage will need to be capitalised upon for those wishing to progress their careers.
