Confidence in the City is high as job volumes rise by nearly a fifth after June's General Election

Rebecca Smith
Job volumes are up in the City
Job volumes are up in the City (Source: Getty)

Confidence in the City has bounced back after the snap General Election, with the number of jobs rising 17 per cent in June compared to the same time last year, according to the new Robert Walters City Job Index.

The figures out today found that there were more roles available in the City than this time last year.

Chris Hickey, Robert Walters' chief executive for UK, Middle East and Africa, said City hiring levels were affected June last year by the European Union referendum, and this year by the General Election called by Theresa May back in April.

Read more: Treasury watchdog Nicky Morgan wants jobs prioritised in Brexit talks

He said:

Therefore, it is extremely encouraging to see that the number of roles has risen following the election, as has the number of jobseeking professionals, suggesting an increase in confidence among both candidates and employers.

“Regulatory pressure continues to be a key factor in driving recruitment, but we are also seeing more projects focused roles appearing across finance and operations functions, suggesting that employers are not being driven solely by a need to ensure regulatory compliance."

However, the outlook wasn't entirely sunny, with employers still facing a number of headaches surrounding a significant skills shortage. Despite a slight rise in the number of jobseekers compared to the same time last year, up three per cent, businesses were still battling skills shortages with 1.4 roles per jobseeking candidate.

"Despite measured confidence among professionals, it is still noticeable that many are taking a discerning attitude when looking for a new opportunity, being highly selective when considering moving to a new role," Hickey added. "This is further compounding the existing skills shortage, much of which has been driven by increased demand for regulatory specialists in compliance and risk.”

Because of this, employers are having to tweak their strategies to win top talent. Hickey noted that as well as competitive salaries and structured career progression, it was also important for businesses to ensure hiring processes were "rapid and efficient to avoid losing candidates to rivals.”

The boost on the job fronts in the City also comes at an uncertain time with Brexit looming, and question marks over potential job moves, notably among banks, out of the capital to other cities.

Read more: More than just a pretty place? Inside the Paris Brexit bid for City jobs

Related articles