London, 16 December 2010. The number of job offers made within the Financial Services Sector rose 1% last month, a recent study has found. The news comes on the back of three consecutive months of declining recruitment activity.
The study was commissioned by city pre employment screening firm, Powerchex, which looked at confirmed employment offers made during November 2010. The figures showed that the number of offers increased marginally last month, after falls of 5% in October, 10% in August, and 4% in September (see figure 1).
Within financial services, the news was very mixed across sectors. Investment Managers, Insurance firms and Stockbrokers all made more offers than in the previous month, up 16%, 15% and 13%, respectively. However, Investment Banks made 15% fewer job offers than the previous month, Hedge Funds were down 22%, and opportunities for IT contractors working in the sector decreased 19%.
The figures come as the latest ONS figures show that UK unemployment increased to 2.5 million in the 3 months to October. The surprise increase was entirely down to public job losses, which pushed the unemployment rate up to 7.9%.
Powerchex MD Alexandra Kelly had this to say on the November figures:
“Financial Services has been suffering from a lack of confidence moving towards the end of 2010; many companies over hired post recession and started a lot of projects ahead of their true business need. In this context, a steady month in recruitment within FS is encouraging, even if the news for individual sectors is more mixed.
“There remains a lot of market turbulence at the moment, and this seems likely to continue with the ongoing Eurozone crisis and the coalition’s spending cuts. For jobseekers, it
is important to remember that opportunities are much more abundant than 12 months ago; the number of confirmed job offers was 23% higher last month than in November 2009 (see figure 2). While many vacancies are still heavily oversubscribed, there are certainly opportunities available, and it’s up to the very best candidates to make the role theirs.”
Powerchex is the UK’s premier pre employment screening firm for financial institutions. Based in the City of London, Powerchex checks the background, employment history, criminal records and professional qualifications of applicants on behalf of financial institutions. It sets the industry benchmark of 5 days for a background check. www.powerchex.co.uk. Powerchex is a HireRight Company.