London city that is the heart of the financial business in Great Britain is seeing hard times. Quantity of vacancies there has fallen by two thirds within the previous 12 months, Financial Times report referring to Morgan McKinles, finance specialists recruitment company.
Number of job-searchers, in the meanwhile, has increased. 32% candidates more are searching for job. And that is not it, the experts forecast, since at the moment most specialists who may loose their jobs
in close future are holding to their jobs, being afraid to be kicked off to the job market of extreme volatility.
More vacancies are expected in the first quarter of 2009, since most companies have agreed their budgets, receive access to funds and are ready to implement their recruitment plans. Yet, in such a hard period, such increase of vacancies quantity will not be that considerable as during the previous years.
Recruitment activities of the financial companies have slowed down because of the finance crisis: more and more banks announce about their bankruptcy and more staff reductions. Centre for Economics and Business Research, CEBR claims about 62 thousands working places reductions.
Salary levels are not surprisingly high for the employees as well. Average salary in the London City constituted 49,98 pounds in January, that is 6% lower than a year before. It’s the most considerable salary cut since 2004 or even longer.
