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Contractors facing increasing competition for financial services roles

Limited company contractors looking for contracts in the UK financial services sector are facing an increasing level of competition for placements in the industry.

This is the finding of a new report from Morgan McKinley, which reveals that there has been a 15 per cent rise in the number of permanent and temporary staff seeking out new opportunities in the financial sector over the last 12 months.

What's more, a nine per cent increase in jobseekers has been recorded in the industry over the last four weeks alone, which suggests that organisations are looking to tighten their operations as the government's triggering of Article 50 to start the process of Britain leaving the European Union draws ever nearer.

Overall, Morgan McKinley's September 2016 London Employment Monitor showed that there were a total of 8,400 jobs available in the capital's financial sector last month, providing contractors with plenty of opportunities, but with an increasing level of competition.

Since the result of June's EU referendum was announced, hiring in the financial services sector has gone through an uncertain patch, but the number of newly-advertised jobs in the market increased by one per cent between August and September, marking a positive upswing.

Back in July this year, Morgan McKinley recorded a significant decrease in the number of roles advertised and the volume of people looking for them, with falls of 27 per cent and 13 per cent respectively.

Hakan Enver, operations director at Morgan McKinley Financial Services, commented: "Clearly there's an ongoing appetite to recruit. Given the volatility that we have been facing, two months of positive growth is welcome news."

In addition, the latest edition of the Employment Monitor showed that contractors and other workers embarking on new contracts last month got an average 18 per cent pay rate increase. This indicates that companies are willing to pay lucratively for access to skills that will add value to their operations.

Although some uncertainty still surrounds Brexit and the impact it will have on hiring in the London financial services sector - and indeed around the rest of the country - Mr Enver stated: "Stability is the foundation of business growth, so hopefully the government will right this course."


Image: GordonBellPhotography via iStock

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