Other key trends emerging include:
– Hiring in Banking for front and middle office roles is now in decline, arguably as a result of Brexit, although fintech does have a role to play in this.
– With the Technology sector growing 2.6 times faster than the rest of the economy, it is not surprising that TMT is now the largest industry in terms of professional vacancies.
– The charity sector is also one of the fastest growing in the UK. A sign of increased professionalization within the sector or a function of a greater need due to austerity?
Other key takeaways include:
– A central plank of the London job market is the technology sector, which was up 12.8% on 2016, with major IT companies committing to expanding within the capital.
– The immediate impact of the referendum can be seen through hiring for banking professionals, where the hiring freeze in the second half of 2016 meant that in 2017, vacancies rose by over 36%.
– When analysing by hiring companies, three of the top five are banks, with Barclays specifically increasing activity year on year significantly.
The number of vacancies across all industries in Greater London in the 12-month period ended 31 May 2017 was 3.4% lower than in the previous 12-month period.
The three months from March to May 2017 saw a 10.0% rise in vacancy volume compared to the previous three-month period and 2.6% more than the corresponding period in 2016.
April 2017 had 23.5% fewer new openings than March 2017, which was by some margin the largest month-to-month fall in the period under review, and 8.7% fewer than April 2016.