London bankers struck by abnormal apprehension & anticipation
London bankers have had their most fearful quarter for job seeking in years, an employment report has revealed.
The report, authored by recruitment consultancy Morgan McKinley, found that there was a 23% reduction in financial services professionals looking for new roles between the third and fourth quarters of 2022.
Although a reduction in financial services jobseekers is standard in the fourth quarter, mostly due to bonuses being announced around January of the next year, the fall reported in 2022 was the biggest since the COVID pandemic started. In 2021, the number of jobseekers fell by only around 12%. In 2020, the number actually increased slightly.
Jobseekers sat tight despite higher pay for moving. Morgan McKinley said the average salary change for a finance professional moving role was 21%, a slight increase on the 19% seen in 2021. Hakan Enver, managing director of Morgan McKinley UK, said that “the overall wage inflation is likely to continue into 2023, particularly if that glimmer of a quicker recovery continues.”
Candidates' reticence meant it should have been easier to find a new finance job in Q4 than Q3: applicants per job fell, but were still higher than earlier in the year. The number of job postings fell, but not by enough to counter the fall in applicants.
Morgan McKinley didn't comment on why finance professionals' willingness to look for new jobs fell more than usual in Q4. However, with job cuts increasing apprehension about being first in first out was a likely factor, alongside anticipation of 2022 bonuses - even if they have been mostly disappointing.
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