ManagementHiring may pick up in London's finance industry in 2010
Majority of HR managers in financial institutions across London expect hiring in the city to rise significantly in 2010, a survey by global professional recruiter Morgan McKinley says.
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According to the hiring market outlook survey of 124 HR and line managers within London"s financial services industry, the number of new job vacancies in the city rose by 24 per cent in December, 2009.
The survey found that respondents expect the recruitment levels to rise this year.
Of those surveyed, as much as 82.9 per cent stated hiring volumes will also rise and 90 per cent feel business activity will increase in the City throughout 2010, the report noted.
"These survey results reinforce the view that confidence continues to return to the City and in turn the jobs market, with 82.9 per cent of hiring managers surveyed expecting recruitment volumes to be up on 2009 levels," Morgan McKinley Managing Director(financial services) Andrew Evans said.
Also, only 5.2 per cent of respondents believe that handling redundancies will be the main personnel challenge for this year, but 42.5 per cent believe that competitors poaching staff will be a significant challenge
Meanwhile, as anticipated financial services hiring levels in London fell 48 per cent in December, 2009, compared to same month in previous year, mainly due to end of year holiday period.
The survey also revealed that over half (52.2 per cent) of those surveyed admitted that it is now more difficult to find good candidates with the right skills and experience compared to a year-ago.
Although less than a quarter (23.5 per cent) identified talent shortages as the main personnel challenge for 2010, remuneration (60.9 per cent) and the poaching of staff by competing financial institutions (42.5 per cent) were the two most popular responses, the survey added.
Moreover, as a number of institutions are due to announce bonuses this week, close to half (46.1 per cent) of respondents expect the 50 per cent tax on bonuses to make it slightly more difficult (38.1 per cent) or much more difficult (8 per cent) to attract or retain talent, underpinning some of compensation and reward issues hiring managers cited that they would face in 2010.