London firms compete to hire as skills shortage begins to bite

 
Chris Papadopoullos
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COMPETITION for talent in the City job market is intensifying, a new set of survey data shows.

The number of City vacancies rose by four per cent year-on-year in November, according to figures released today by recruiters Morgan McKinley. Month-on-month, the number of vacancies dipped by 0.8 per cent to 7,350.

Meanwhile, the number of professionals looking for a new job dropped by seven per cent month-on-month.

There were 8,321 profes­sionals looking for a new job in November. The competition for places was reflected in the pay increase of new recruits. Workers able to secure new positions saw salaries bumped up by an average of 18 per cent in Novem­ber. This is the same percent­age increase as in October.

“An element of lethargy tends to enter the market at the tail-end of the year,” said Hakan Enver, operations director, Morgan McKinley financial services. “Additionally, a positive year means bonuses for those in eligible fields, and postponing a move until the new year is a seasonal pattern.”

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