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UK — Significant increase in financial services hiring expected in 2010

21 January 2010

A survey by recruitment firm Morgan McKinley among 124 Human Resources and line managers within London's financial services industry found that 82.9% of respondents believe that hiring across the sector will increase in 2010, while 16.2% thought hiring levels would stay the same as 2009.

Over half of those surveyed (52.2%) stated that it is more difficult to find good candidates with the right skills and experience compared to this time last year.

'Remuneration' (60.9%) and 'poaching of employees by competitors' (45.2%) were cited by respondents as the main personnel challenges that businesses will face this year.

Only 5.2% stated that handling redundancies would be one of the main personnel challenges in 2010.

Under half of respondents, 46.1% reported that the 50% tax levied on bonuses this year will make it more difficult to attract talent to the City.

Andrew Evans, Managing Director of Morgan McKinley's financial services division comments "these survey results reinforce the view that confidence continues to return to the City and in turn the jobs market, with 82.9% of hiring managers surveyed expecting recruitment volumes to be up on 2009 levels."

"Also, it is very telling that only 5.2% of respondents believe that handling redundancies will be the main personnel challenge for this year but 42.5% believe that competitors poaching staff will be a significant challenge."

"Our findings also highlight that over half of those surveyed are already finding it difficult to source professionals with the right skill set. This is particularly the case for those who are skilled in change and project management as businesses plan to place greater emphasis on organisational change this year."

"This insight from our survey provides a far more positive outlook for the financial services employment market in 2010 compared to this time last year and indicates that there is likely to be an upward trend in job vacancies throughout Q1 and potentially beyond."



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