City of London ‘jobs spurt’ despite Brexit uncertainty
Fears over Brexit and the likelihood of offices relocating to other cities in Europe have done nothing to dampen the jobs market in London’s financial sector, according to an employment report.
Getting back to business
“Businesses are done trying to read the tea leaves to see what lies ahead, and they’re getting back to the business of hiring talent,” he said.“As London continues to attract investors from across the globe, institutions are grappling with the need to maintain access to the common European market, as well as the wealth of investors and economic productivity in and around London.“Instead of relocating to Europe, therefore, financial services are increasingly looking for the best of both worlds by keeping their foothold in London, and expanding operations in or to other European financial hubs.”Related news:
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Increase in salaries
Publication of the monitor followed a report from the Recruitment & Employment Confederation (REC) showing that employers were increasingly having to increase the salaries on offer to new recruits to secure the skills needed in the face of a tightening labour market.A survey of 600 companies found that more than 40 per cent of employers experiencing difficulties in recruiting suitably talented candidates were increasing the pay on offer. Almost half of firms surveyed said they expected to encounter skills shortages when hiring permanent staff over the coming months with construction, engineering and care sectors facing the most acute shortages.Kevin Green, REC chief executive, said, “Throwing money at the problem isn’t a long-term solution for employers, as they compete with each other for the available talent.“We need to train people up by embedding employability skills in schools, providing effective careers guidance and promoting apprenticeships. Employers should take responsibility for investing in training – it will help them retain staff and grow their own talent.”The survey found that hiring intentions remained strong, with 34 per cent of employers saying they would need to add new staff to grow their businesses, while another 46 per cent had “just a little” capacity and would have to add more staff if workloads increased significantly.©2024 Re:locate magazine, published by Profile Locations, Spray Hill, Hastings Road, Lamberhurst, Kent TN3 8JB. All rights reserved. This publication (or any part thereof) may not be reproduced in any form without the prior written permission of Profile Locations. Profile Locations accepts no liability for the accuracy of the contents or any opinions expressed herein.