Competition for City jobs at its highest for two years, say recruitment firm
News Article - 07 December 2011
Category:
Business
The number of qualified staff applying for each vacancy in the
City of London has reached its highest point for two years,
according to a financial services recruitment firm.
Astbury Marsden noted that five qualified candidates applied for
each available position last month, significantly more than the
average of 1.7 candidates per job at the turn of the year.
The recruitment group believe the increasing competition for
jobs is due to the reduced number of positions available. In
November, Astbury Marsden said there were 2,670 new vacancies in
the City - a figure smaller than the previous month.
The weak UK economy and the worsening Eurozone debt
crisis has led to banks cutting jobs, with both The Royal Bank of
Scotland and Lloyds Banking Group each cutting 27,500 jobs since
the dawn of the financial crisis.
Subsequently an increasing number of investment bank staff are
scouring the jobs market for new positions elsewhere.
Mark Cameron, chief operating officer at Astbury Marsden, said:
"It means they are being pitted against more intense competition
than they may have faced for years.
"However, this is the silver lining for those few institutions
or departments looking to hire; they should be able to pick a
higher calibre of candidate from a wider pool."
Banking and financial services account for around 10 per cent of
the UK's total income, according to the City of London Corporation
and the few financial departments that are hiring should ensure
their recruitment methods are up to scratch to take advantage of
the widening talent pool.
HR software is
becoming increasingly important for businesses and decision-makers
to manage and execute effective recruitment campaigns to attract
the best available applicants.
Ultimately a streamlined HR solution will improve communication,
collection and analysis of applicant information, enabling HR
departments to make better-informed decisions.
Article keywords:
recruitment, jobs, london, financial services
Globalisation, graduates, the abolition of the DRA, not to mention the recession... all these factors have created an increasingly competitive job market with the corresponding applications, admin and processing costs. This handy guide explains how HR systems can streamline the entire recruitment process and provides ten key ways you can save time and money getting the right people into the right roles.
Find out more »
More industry news
Back to news home page »
Blog
RSS
Twitter 
LinkedIn