Even fewer jobs than there were before

13 November 2008

1 minute read

The financial services employment market is getting worse, not better. The latest figures from the predominantly middle and back-office recruitment firm Morgan McKinley show the number of new job vacancies falling 9% between September and October. October vacancies were down 48% on the same month in 2007.

Candidate vacancies fell at the same time (maybe because everyone's deciding to become a smallholder in the Outer Hebrides?), meaning competition for jobs hasn't intensified: there are now 1.7 candidates per vacancy, almost the same as last month.

Pay is falling: average salaries are down 4%. And there is no recovery in sight. This doesn't mean that finding a new job is impossible. It does mean that you'll have to be patient: the average job search now lasts 56 days. If you're looking for a job now, with (a lot of) luck, you'll be re-employed in early 2009.

AUTHORSarah Butcher

Global Editor

in
incredulous
14 November 2008
James - "deal flow remaining relatively strong"??
What sector do your clients work in?!
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Ja
James - Cobalt
14 November 2008
Sarah, you're absolutely right that the wider market is tightening but there has actually been an increase in hiring in a couple of sectors and whilst no-one predicts anything other than a tough 2009 certain firms are starting to hire to 1. take advantage of what the market has done or 2. compensate for the fact that very little hiring has been done in the snd half of 2008 despite deal-flow remaining relatively strong.
Things are and will remain tight but it's not as quiet a market as the majority think.
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Sa
Sam
14 November 2008
I think that figures from agencies should be taken with a pinch of salt...
There is more and more pressure on organisations to save money on recruitment and so there is the increasing trend for them to source candidates direct and cut out the recruitment agencies. Roles with agents will tend to be those that are 'tricky fills' or more senior roles
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Sa
Sarah, Editor. eFinancialCaree
14 November 2008
We have restrictions on the data we can print from our own site as we're part of a listed company (Dice Holdings Inc).
Wannabe, I've tried to get some figures for time out of the market for the front office from outplacement providers. So far, I've only got a figure of 12-13 weeks across the board for all roles from Fairplace. If you're over 45 and have worked at one company for more than 15 years they say it will take you anything from 6-12 months to get another job.
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IS
ISJS
13 November 2008
How about you get some numbers of job adverts by employers on this site...?that surely is more reliable....
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