London, 11 March 2011. The number of confirmed job offers within Financial Services increased by 7%, recent research has found. The study was commissioned by city pre‐ employment firm Powerchex, which looked at confirmed job offers made throughout February 2011 (see figure 1).
The gains were confined to just one industry sector, with Insurance firms ramping‐up their recruitment by a massive 58% in February, compared to the previous month. This increase was sufficient to halt 2 consecutive months of decreasing recruitment activity by Financial Services companies. However, Stockbrokers, Investment Banks, Hedge Funds, and Investment Management firms all made fewer job offers than in January, down 59%, 27%, 13% and 10% respectively. The number of confirmed appointments for IT contractors working within Financial Services rose marginally by 3%.
Alexandra Kelly is MD and founder of Powerchex and also MD of HireRight’s pre‐ employment screening operations in EMEA:
“I am encouraged by the overall recovery within financial services, even if this is down to increased hiring in just one industry sector. After a couple of months where our figures showed that fewer job offers were being made, it is nice to see that there are now more opportunities available within FS.
“Insurance firms seem to fluctuate their recruitment considerably from month to month,” continues Kelly, “but because they are such a big employer in the city this can have a big impact on the overall recruitment figures. However, we need to see more of an improvement across the other sectors before we can start talking about a hiring boom.
“We are also seeing some stabilisation in the number of confirmed appointments made to IT contractors working within FS, after an 80% drop in January. While this is good news for those looking for contracting opportunities, things have a way to go to recover in this area.”
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.