City job vacancies grow as employers try to tempt wary workers to new jobs with higher salaries

 
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Workers in London have been wary of moving jobs over the past year (Source: Getty)

The number of available jobs in the City rose last month as firms in the Square Mile continue to offer higher salaries to try to tempt wary workers to move jobs.

Vacancies for City jobs rose by five per cent during November, according to data from recruitment firm Morgan McKinley.

The November bump comes after a three per cent decline in the number of financial services jobs new to the market over the last year, but amid a tight labour market City salaries have continued to rise as the number of people looking to move jobs falls.

Read more: London job market hits six-month high – but headhunters warn on bad news

The number of professionals looking to move jobs has fallen by 37 per cent over the year, with an eight per cent fall in the number of workers on the lookout for a new role during November, Morgan McKinley said.

The shortage of candidates for City jobs has led to strong wage increases for new hires. Employers offered a salary bump of 16 per cent for those moving jobs, equivalent to £8,017 on average, Morgan McKinley reported.

Many City firms are still nervously awaiting signs of how financial services will be able to services clients in the EU during the Brexit process, but new regulation in particular has meant business cannot put off hiring essential employees.

Hakan Enver, operations director at Morgan McKinley Financial Services, said: “Despite the ongoing questions raised around the future of the City, organisations are still going out of their way to make sure that they are offering high premiums and a competitive salary to attract talented individuals.”

Read more: City job vacancies jumped by a third in October

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