Cautious London finance clerks pause job looking till bonuses are paid

Cautious London finance clerks pause job hunting until bonuses are paid

(Bloomberg) – Finance workers in the City of London are putting their job searches on hold while waiting for bonuses before deciding to make the move.

According to Morgan McKinley’s Autumn London Employment Monitor, released on Monday, there has been a 23% drop in jobseekers for finance jobs in the last three months of 2022.

“As expected during the quarter, the number of jobseekers has slowed,” said Hakan Enver, managing director of Morgan McKinley UK. “Professionals have become more cautious, waiting for bonuses before considering a move.”

According to the report, there was a 36% increase in job seekers for 2022 compared to 2021, equivalent to around 95,000 skilled workers. This compares to a 16% increase in vacancies for 2022 compared to 2021.

Rising living costs and the emergence of flexible working have prompted many professionals to look for new jobs with higher salaries and a better work-life balance. The results showed that in the fourth quarter there was an average salary change of 21% moving from one job to another.

The UK has seen a shrinking labor force since the pandemic, driven by early retirement and long-term illnesses pulling workers out of the way, leaving unemployment near record lows.

©2023 Bloomberg LP


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