The latest edition of TheCityUK’s London Employment Survey, shows that jobs in the capital’s financial and related professional services industry have reached an all-time high – 729,600 as at June 2015. The 2.2% hike in the first half of the year (H1) has been largely driven by strong growth (3.8%) in the professional services sector. TheCityUK expects this upward trend to continue to the end of 2015, forecasting an additional 7,300 jobs across the industry in H2 and a full-year rise in employment of 3.2%.
During H1, accounting and management consultancy saw the biggest increase in jobs, up 4.7% to 260,500, followed by strong growth in fund management (up 4.3% to 31,200) and insurance (up 2.1% to 81,700). The financial services sector as a whole saw a marginal increase in employment of less than 1%, with banking jobs falling slightly by 0.3% to 143,600. More than one in three (37%) respondents noted a year-on-year increase in full-time hires.
According to the Survey, while the majority of firms are optimistic about growth prospects, they cited emerging market volatility (39%) and economic weakness in the Eurozone (34%) as the two most pressing issues impacting their hiring decisions over the next six months. Nearly six in ten (57%) respondents also indicated that they are seeing a shortage of skilled staff, in particular in areas such as compliance and risk management.